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Your Tax-Free Nest Egg May Not Be Tax-Free After All
IBD Editorials ^
| April 23, 2012
Posted on 04/23/2012 4:52:06 PM PDT by Kaslin
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1
posted on
04/23/2012 4:52:06 PM PDT
by
Kaslin
To: Kaslin
gosh who could have seen that coming...!
2
posted on
04/23/2012 4:53:10 PM PDT
by
Mr. K
(If Romney wins the primary, I am writing-in PALIN)
To: Kaslin
So, I and millions of others will no longer place a portion of our income in IRA.s or 401K’s, and will rush to withdraw what we have there as quickly as possible. That should work out GREAT for the market...... / sarc
3
posted on
04/23/2012 4:55:12 PM PDT
by
Kozak
("It's not an Election it's a Restraining Order" .....PJ O'Rourke)
To: Kaslin
So, I and millions of others will no longer place a portion of our income in IRA.s or 401K’s, and will rush to withdraw what we have there as quickly as possible. That should work out GREAT for the market...... / sarc
4
posted on
04/23/2012 4:55:15 PM PDT
by
Kozak
("It's not an Election it's a Restraining Order" .....PJ O'Rourke)
To: Kaslin
I’m glad I’m an old fart but I fear for my grandchildren. Maybe I can figure out a way to leave them something without the damn Democrats getting their filthy paws on it.
5
posted on
04/23/2012 4:55:17 PM PDT
by
Past Your Eyes
(You knew the job was dangerous when you took it.)
To: Kaslin
Actually 401Ks are probably fuelling the stock market bubble. Maybe it’s not such a bad thing to pop it after all. :P
To: Kaslin
The 401k was NEVER a Tax-free investment It is a Tax deferred investment. The genius of this is that you pay tax on the money when you retire and you have very little tax deductions (no mortgage interest) so your tax rate goes UP! Nice deal for the IRS, bad deal for the taxpayer.
It is much better to pay tax today and have tax free income later. The Roth IRA does this, at least for now.
7
posted on
04/23/2012 4:59:42 PM PDT
by
UnRuley1
To: Kaslin
They should do this right after they slash all government pensions ( except for military). / sarc
8
posted on
04/23/2012 5:00:34 PM PDT
by
Kozak
("It's not an Election it's a Restraining Order" .....PJ O'Rourke)
To: Kaslin; SunkenCiv; neverdem
If this happens, a lot of people may pull their money out of their retirement plans. How will that effect the economy and tax receipts?
9
posted on
04/23/2012 5:02:56 PM PDT
by
Clintonfatigued
(A liberal's compassion is limited to the size of other peoples' paychecks)
To: Kaslin
Eventually they'll be no such thing as retirement. It'll be work till you drop then you get to face the death panels.
In all seriousness for someone in an office type situation working to 70 may be an option, but for those of us who work in construction, retail , food service etc working into a ripe old age may not be an option.
To: Kozak
They should do this right after they slash all government pensions ( except for military). / sarcSadly, military pensions are the first ones they'll slash. Why? Simple, the military isn't unionized and they don't (as a rule) vote Democrat.
To: Kaslin
The day they try to pull this is the day Lurker becomes a very, very dangerous man to certain people.
12
posted on
04/23/2012 5:06:35 PM PDT
by
Lurker
(The avalanche has begun. The pebbles no longer have a vote.)
To: Past Your Eyes
There is always the good old banking action, i.e., put it in the mattress.
13
posted on
04/23/2012 5:09:51 PM PDT
by
ProudFossil
(" I never did give anyone hell. I just told the truth and they thought it was hell." Harry Truman)
To: Past Your Eyes
You can leave some funds for your Grandkids, it is called INSURANCE proceeds. No, I don't sell insurance, I do have a life insurance license and have done my homework and have come to the realization that insurance proceeds are not taxable as they are not income, for now. If you have time, get some insurance and name the kids as beneficiaries. Then you don't have to worry about the stock market.
14
posted on
04/23/2012 5:10:51 PM PDT
by
UnRuley1
To: Kaslin
Before people rush to say that people will withdraw their 401k’s and tank the market, 401k withdrawals are taxed already and withdrawing now would be pointless. Eliminating the 401k deduction would be negative for certain market segments but might be positive for others. For example royalty trusts would become a royal pain outside of an IRA or 401k and lead to complicated and increased taxes. But people might still be inclined to invest in yield or growth stocks if there is still a somewhat favorable tax treatment.
15
posted on
04/23/2012 5:11:32 PM PDT
by
palmer
(Before reading this post, please send me $2.50)
To: Lurker
Pulling their money out of 401k accounts is EXACTLY what the IRS wants. That way the Feds can collect those juicy taxes PLUS 10% penalty!! Anyway you slice it the taxpayer gets screwed.
16
posted on
04/23/2012 5:13:31 PM PDT
by
UnRuley1
To: Lurker
Pulling their money out of 401k accounts is EXACTLY what the IRS wants. That way the Feds can collect those juicy taxes PLUS 10% penalty!! Anyway you slice it the taxpayer gets screwed.
17
posted on
04/23/2012 5:14:19 PM PDT
by
UnRuley1
To: Lurker
Pulling their money out of 401k accounts is EXACTLY what the IRS wants. That way the Feds can collect those juicy taxes PLUS 10% penalty!! Anyway you slice it the taxpayer gets screwed.
18
posted on
04/23/2012 5:14:38 PM PDT
by
UnRuley1
To: UnRuley1
Sorry for the multiple posts, I don’t know what happened.
19
posted on
04/23/2012 5:16:17 PM PDT
by
UnRuley1
To: YankeeReb
Eventually they'll be no such thing as retirement. It'll be work till you drop then you get to face the death panels.Totalitarians have many tactics. Plunder and death are their stock and trade. Witness history and current events.
20
posted on
04/23/2012 5:16:45 PM PDT
by
PGalt
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