Fair? What? You do realize that the money in these IRA's and 401K's BELONGS to the people who own them and NOT the government. The government gets it's part when they tax your income from these funds. Passing legislation which essentially assumes any sort of control over these funds by the government is out and out theft of personal property. You call this fair?
They don’t even need to take your retirement accounts; they’ll just prorate your Social Security to adjust for your careful planning (penalizing you). If you recall the parable of the ants and the grasshoppers (where the former carefully stored food while the latter played around instead, and later went hungry), just imagine the grasshoppers controlling the government - the ants would end up with nothing.
“You do realize that the money in these IRA’s and 401K’s BELONGS to the people who own them and NOT the government.”
In non-Roth retirement accounts, money has never been taxed.
Part of the value belongs to the government, which will collect their share when you withdraw it, at current tax rates.
It comes out as ordinary income.
You don’t even get to benefit from lower capital gains rates.
Temporary tax breaks are deceptive.
Wealth is preserved with permanent tax breaks.
Yes, your income. When it goes to another person (not a wife), then it should be as if it were income to them - which it is. To continue the tax deferred accumulation is just a dodge.
we agree