[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. ;)

[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.

[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.

[uglybiker]

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

[LibertarianInExile]

I don’t believe that 401Ks will always be untaxed. Nor do I buy that Americans will meekly accept insane tax rates. Many of us will leave first.