Taxes You Pay Now May Represent The 'Good Old Days'

Newhouse News ^ | 2/28/2008 | Katherine Reynolds Lewis

[Incorrigible]

 

Our legislators continue refusing to learn the lesson of The Little Red Hen.  Though here is a link to the modern version which may be what they are thinking:

The Modern Little Red Hen

The problem with all the saving mentioned in this article is that at some point, taxing income will not be enough.  If I save and prepare for my golden years now, I will have that savings striped from me as it will go to finance those that did not prepare.

Nothing in this article addresses that aspect of the future.

 

[cinives]

If the government thinks the middle class, who can’t now keep up with inflation, will absorb 50% tax increases, then they haven’t read history.

The incentive will be for all to go on welfare.

Financial literacy is at an all-time low in our ruling elite.

[Incorrigible]

We know who will pay for the old boomers don’t we?

[businessprofessor]

You have discovered the rat plan. It is much worse than anyone can envision. Higher tax rates will confiscate your hard earned retirement savings. Tax rates are reasonably predictable compared to the impact of these higher rates. No one can make any reasonable predictions about the impact of higher tax rates on economic growth (or lack of growth), value of the currency, inflation, and stock and bond markets. If the tax rates do not get you, the impact of these tax rates may sink your retirement earnings. In addition, the rats have many other tricks. They intend to partially nationalize many industries, create monstrous new entitlements, flood us with a horde of welfare seeking immigrants, and choke our consumption with global warming restrictions. I wish that I could be optimistic but I cannot be at this point. The tragic element is that every part of this mess is self inflicted.

[Mr. Jeeves]

I can afford to withhold my skills from the market, make less money, pay less tax, and still live well enough.

But the government can't afford to have me do that. ;)

[Incorrigible]

Thanks! I feel so much better now! :-)

[qam1]

Xer Ping

Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations are doing that Gen-X and Y will end up paying for.

Freep mail me to be added or dropped. See my home page for details and previous articles.

[AngelesCrestHighway]

The tragic element is that every part of this mess is self inflicted.

Self inflicted by short sighted politicians in government who have never had an ounce of fiscal responsibility for us, the taxpayer. It’s a discrace to America!

[AngelesCrestHighway]

The rat bastards are in permanent spend mode and their damn answer is to raise taxes to cover their incompetence! Crap on all of them!

[businessprofessor]

According to the rats, much higher levels of taxes (on the rich of course) and rat control of private enterprise will bring us to economic utopia. Perhaps my pessimism is misfounded.

[rabscuttle385]

Higher taxes will accelerate the brain drain and dramatically reduce the competitive advantage of the United States, relative to other nations.

There is an old story about taxes. It's well worth the read.

[Just another Joe]

I can afford to withhold my skills from the market, make less money, pay less tax, and still live well enough.

Bingo!

I can live on rice, mangos, and fish in the Philippines if I have to.

[Sig Sauer P220]

I believe 20 years (or less) down the road, they will change the rules of the game, and tax Roth IRA’s as they are being withdrawn. The miserable bastards.

[oh8eleven]

Many financial advisers predict that tax rates are going to rise to cover the escalating burden of an aging population
Oh sure, blame the old timers. Yeah, the greedy "Gray Panthers" are still out there, but the illegals and "entitled" takers of society are killing us.
You don't want to vote McCain, okay, then just wait and see what Hitlery or Obama force on America next.
Remember it was the Dems who gave us Social Security, Medicare, Medicaid and my favorite - midnight basketball.

[PogySailor]

Contribute the maximum to your 401(k) or other tax-deferred retirement plan, said Kevin Mahn, chief investment officer for Hennion and Walsh in Parsippany, N.J.

Good idea, until the looters decide that it's "not fair" you have accumulated a nice nest egg while "the poor" haven't. I am really worried that some Dem will come after 401(k) and IRA holdings to fund their spending.

[Richard Kimball]

If you're eligible, open a Roth IRA or Roth 401(k) account. You'll pay taxes on contributions now. But your investment earnings will be tax-free when you withdraw them in retirement.

I'm betting the Roths will get taxed, too.

[Corporate Law]

Maybe then people will finally wake up. I think I am expecting (hoping) too much though.

[cinives]

Oh, they will try, but you all are forgetting that seniors have the time and intelligence to vote.

Just as SS has been the “third rail” of politics and no politician will face reality and get dumped out of office by speaking the truth, so will any changes in the tax structure of retirement accounts cause massive outcries. Again, craven politicians and voting seniors will try to stick it to the young and productive as they’ve done so far.

No, I see age warfare continuing at the ballotbox near you.

[AngelesCrestHighway]

until the looters decide that it’s “not fair” you have accumulated a nice nest egg while “the poor” haven’t.

....And you can bet the farm that’s coming! The politicians will rob every business and individual!

[uglybiker]

Looks like I’ll have to take another look at that piece of property down in Belieze...