Posted on 08/10/2021 3:36:00 PM PDT by NohSpinZone
Not sure what accounts you are talking about?
Non-Roth IRA withdrawals are taxed at income rates currently.
I have a newsflash for you, they’ve discussed this once before in the house. Their intention is to take the private savings accounts, 401(k)s and other retirement income from ordinary citizens once this economy begins to collapse. And in return for that they will guarantee you an income.
This is nonsense.
What the feral government spends has absolutely nothing to do with tax revenue.
Their only desire is to buy votes with government money, and tax the bazooka out of the people whose votes they can’t buy.
The very definition of anarcho-tyranny.
Dave would be incensed. He certainly is one of those Americans with at least $5M in retirement accounts, if not $25M. And he always recommends investing in Roth accounts, which means the government shouldn’t be able to tax these at all unless they change the laws, of course.
So much has been stolen to buy votes, not much left.
Landlords property has been turned over to deadbeats, which in turn cuts the value of the property if and when you need to sell.
Closing millions of businesses and forcing the workers to sit home having their job stolen from them.
Inflation? Coming soon, big time to eat anything you have left.
If a joint session of congress was swallowed by the earth, I would not be bothered in the least.
Agreed and same with my kids same age will need more due to inflation alone and that was before our current hyperinflation but what I was questioning were these numbers from the write up :
“ hundreds of Americans have IRAs worth more than $25 million, and nearly 30,000 have accounts with balances topping $5 million.” ”
Seems too low - lot of wealth out there and I’ve heard the numbers you quoted from financial publications before.
I thought the plan was to kill them with obamacare related health issues and then confiscate their estates.
If I remember right IRA’s haven’t been round that long. Began with $2k limit yearly. How does one end up with that much? Pretty smart and legal. No one else is entitled to mine. Most of it came as 401k b4 a rollover in retirement. A $100k with drawl(TAX FREE) would show the rest how it’s done.
IRAs started in 74, so 50 yrs old in 2024.
The “savings” will be taxed when they are withdrawn. What’s the big deal?
THIEVES! LOOTERS!
"When you see that in order to produce, you need to obtain permission from men who produce nothing – When you see that money is flowing to those who deal, not in goods, but in favors – When you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you – When you see corruption being rewarded and honesty becoming a self-sacrifice – You may know that your society is doomed."Then you will see the rise of the double standard—the men who live by force, yet count on those who live by trade to create the value of their looted money—the men who are the hitchhikers of virtue.
In a moral society, these are the criminals, and the statutes are written to protect you against them. But when a society establishes criminals-by-right and looters-by-law, men who use force to seize the wealth of disarmed victims, then money becomes its creators’ avenger. Such looters believe it safe to rob defenseless men, once they’ve passed a law to disarm them. But their loot becomes the magnet for other looters, who get it from them as they got it. Then the race goes, not to the ablest at production, but to those most ruthless at brutality.
According to Democrats, ALL money belongs to the government (them). They’re just nice and let us have some of it. (That’s why they use the term “tax expenditure” whenever a tax cut is enacted.)
With $70k in 1987, it as grown into over $ 5mil.
Fortunately I am going to be 59 in two months
$5 million doesn’t put one in the realm of the “mega-rich”. Heck, it would be a stretch to maintain a private airplane (something relatively new) on that.
$5,000,000 is a lot of money to put away in a retirement account while working. They cap the maximum that can be put in an IRA is $6k or $7k after 50. For a 401K it is $19k or $26k. That’s for today. It was much lower years ago when most established their accounts.
Very few employees can afford to top out a 401K the average income for an earner is about $45k.
They really want to go after the accounts with between $500k - $1.5M. That is a lot of the accounts out there.
Not relying on a government hand-out for your retirement check scares the bejeesus out of them.
It’s the taking of savings.
“some folks “have little to no retirement savings” — also surely the fault of those who work hard and save their money over the course of their lives.”
The dems will say they want those who worked and saved (successful) to subsidize those who didn’t save (losers). But then they will just spend it on climate change and other nonsense to win votes. Thus I see no winners here.
Time and compound interest are the reason. The vast majority of retirement account funds are due to growth and not direct contributions. I recall someone saying that (80% of retirement savings funds are due to growth).
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