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#2
posted to rec.boats
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the success of the bush tax cuts
On 14/06/2011 9:32 AM, I_am_Tosk wrote:
In , says... On Mon, 13 Jun 2011 23:56:30 -0600, wrote: On 13/06/2011 5:33 PM, wrote: I did hear one idea on capital gains that sounded interesting. Tie the tax discount more closely to how long the investment was held. They already do in the USA for cash accounts. 40k/IRA get the full hit on withdrawal. Explain the "cash account" thing? I agree 401ks are a time bomb and I think we ain't seen nothin yet on those taxes. You wouldn't get the full tax break until it was held 5 years and make it a higher percentage ending at the regular income rate at 1 or 2 years. Fast way to scare off investment. In todays market, 5 years is not even calculated. Too many changes coming for a commitment that long without some guarantees no one will or can make. A huge part of our problem is that businesses work in 90 day windows while out competition in China looks at decades at a time. For example, if you give me a 20 year tax rate guarantee for property and income tax that I like, I would buy a Florida property tomorrow morning. But with the debts out of control, I will hold off and decline thank you. No sense in moving to the taxed poor districts of USA. And Florida is one of the better places. There is no income tax in Florida and we have SOH limits on property taxes. That may actually be a bad thing because if we get a round of massive inflation, the local communities may go broke. They were certainly fat during the housing boom because the property taxes were pegged to the sale prices and they were fantasy. The smart communities like mine banked that excess money. although we did let the school board get out of control ($20k per student kind of out of control) I was wondering why the democrat pundit was pushing 401's as the "safest" way to go right now... "FREE MONEY" he said, "from your employer". I guess it makes sense now, then they can tax the crap out of you and your employer...  As of last year I ceased contributing to tax deferred funds. As the fleabaggers look with envy and greed at those fat juicy taxable 401K/IRA (RRSP/LIRA for Canada). The idea is I want my money liquid and free to move fast without tax issues if the governments don't fix their fraud and misbehavior. Study of why Roman Empire fell is a good read, just government greed and corruption. -- Government isn't the solution to the bad economy, it is the problem. |
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#3
posted to rec.boats
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the success of the bush tax cuts
In article ,
says... On Tue, 14 Jun 2011 11:32:43 -0400, I_am_Tosk wrote: In article , says... On Mon, 13 Jun 2011 23:56:30 -0600, Canuck57 wrote: On 13/06/2011 5:33 PM, wrote: I did hear one idea on capital gains that sounded interesting. Tie the tax discount more closely to how long the investment was held. They already do in the USA for cash accounts. 40k/IRA get the full hit on withdrawal. Explain the "cash account" thing? I agree 401ks are a time bomb and I think we ain't seen nothin yet on those taxes. You wouldn't get the full tax break until it was held 5 years and make it a higher percentage ending at the regular income rate at 1 or 2 years. Fast way to scare off investment. In todays market, 5 years is not even calculated. Too many changes coming for a commitment that long without some guarantees no one will or can make. A huge part of our problem is that businesses work in 90 day windows while out competition in China looks at decades at a time. For example, if you give me a 20 year tax rate guarantee for property and income tax that I like, I would buy a Florida property tomorrow morning. But with the debts out of control, I will hold off and decline thank you. No sense in moving to the taxed poor districts of USA. And Florida is one of the better places. There is no income tax in Florida and we have SOH limits on property taxes. That may actually be a bad thing because if we get a round of massive inflation, the local communities may go broke. They were certainly fat during the housing boom because the property taxes were pegged to the sale prices and they were fantasy. The smart communities like mine banked that excess money. although we did let the school board get out of control ($20k per student kind of out of control) I was wondering why the democrat pundit was pushing 401's as the "safest" way to go right now... "FREE MONEY" he said, "from your employer". I guess it makes sense now, then they can tax the crap out of you and your employer... The employer is not going to be taxed but I bet those people taking their 401k money out in the future will get their ass kicked on it. Right now a worker would be paying a very minimal tax on this money but I bet those numbers will go up sharply as we try to dig our way out of crushing debt. That's the point... Get you to put as much of your savings into one account (to be taxed later, big time) and get your company to match the money going in... Then when they do hit you with taxes they get to tax all of your savings, basically twice as they collect on what the company put in too  -- Team Rowdy Mouse, Banned from the Mall for life! |
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#4
posted to rec.boats
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the success of the bush tax cuts
On 14/06/2011 2:42 PM, I_am_Tosk wrote:
In , says... On Tue, 14 Jun 2011 11:32:43 -0400, I_am_Tosk wrote: In , says... On Mon, 13 Jun 2011 23:56:30 -0600, wrote: On 13/06/2011 5:33 PM, wrote: I did hear one idea on capital gains that sounded interesting. Tie the tax discount more closely to how long the investment was held. They already do in the USA for cash accounts. 40k/IRA get the full hit on withdrawal. Explain the "cash account" thing? I agree 401ks are a time bomb and I think we ain't seen nothin yet on those taxes. You wouldn't get the full tax break until it was held 5 years and make it a higher percentage ending at the regular income rate at 1 or 2 years. Fast way to scare off investment. In todays market, 5 years is not even calculated. Too many changes coming for a commitment that long without some guarantees no one will or can make. A huge part of our problem is that businesses work in 90 day windows while out competition in China looks at decades at a time. For example, if you give me a 20 year tax rate guarantee for property and income tax that I like, I would buy a Florida property tomorrow morning. But with the debts out of control, I will hold off and decline thank you. No sense in moving to the taxed poor districts of USA. And Florida is one of the better places. There is no income tax in Florida and we have SOH limits on property taxes. That may actually be a bad thing because if we get a round of massive inflation, the local communities may go broke. They were certainly fat during the housing boom because the property taxes were pegged to the sale prices and they were fantasy. The smart communities like mine banked that excess money. although we did let the school board get out of control ($20k per student kind of out of control) I was wondering why the democrat pundit was pushing 401's as the "safest" way to go right now... "FREE MONEY" he said, "from your employer". I guess it makes sense now, then they can tax the crap out of you and your employer... The employer is not going to be taxed but I bet those people taking their 401k money out in the future will get their ass kicked on it. Right now a worker would be paying a very minimal tax on this money but I bet those numbers will go up sharply as we try to dig our way out of crushing debt. That's the point... Get you to put as much of your savings into one account (to be taxed later, big time) and get your company to match the money going in... Then when they do hit you with taxes they get to tax all of your savings, basically twice as they collect on what the company put in too Not only that, the serices you get cost more because they have to pay taxes. Taxation as inflation. A real concept actually. How a 1% increase in taxes can cause 4% of inflation if the right circumstances exist. And they often do. -- Government isn't the solution to the bad economy, it is the problem. |
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#5
posted to rec.boats
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the success of the bush tax cuts
On Tue, 14 Jun 2011 15:36:06 -0400, wrote:
On Tue, 14 Jun 2011 11:32:43 -0400, I_am_Tosk wrote: In article , says... On Mon, 13 Jun 2011 23:56:30 -0600, Canuck57 wrote: On 13/06/2011 5:33 PM, wrote: I did hear one idea on capital gains that sounded interesting. Tie the tax discount more closely to how long the investment was held. They already do in the USA for cash accounts. 40k/IRA get the full hit on withdrawal. Explain the "cash account" thing? I agree 401ks are a time bomb and I think we ain't seen nothin yet on those taxes. You wouldn't get the full tax break until it was held 5 years and make it a higher percentage ending at the regular income rate at 1 or 2 years. Fast way to scare off investment. In todays market, 5 years is not even calculated. Too many changes coming for a commitment that long without some guarantees no one will or can make. A huge part of our problem is that businesses work in 90 day windows while out competition in China looks at decades at a time. For example, if you give me a 20 year tax rate guarantee for property and income tax that I like, I would buy a Florida property tomorrow morning. But with the debts out of control, I will hold off and decline thank you. No sense in moving to the taxed poor districts of USA. And Florida is one of the better places. There is no income tax in Florida and we have SOH limits on property taxes. That may actually be a bad thing because if we get a round of massive inflation, the local communities may go broke. They were certainly fat during the housing boom because the property taxes were pegged to the sale prices and they were fantasy. The smart communities like mine banked that excess money. although we did let the school board get out of control ($20k per student kind of out of control) I was wondering why the democrat pundit was pushing 401's as the "safest" way to go right now... "FREE MONEY" he said, "from your employer". I guess it makes sense now, then they can tax the crap out of you and your employer... The employer is not going to be taxed but I bet those people taking their 401k money out in the future will get their ass kicked on it. Right now a worker would be paying a very minimal tax on this money but I bet those numbers will go up sharply as we try to dig our way out of crushing debt. 401Ks are taxed as regular income if you're over the line. Is this new? No. Taxes will go up. Some should consider converting to Roths. |
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#6
posted to rec.boats
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the success of the bush tax cuts
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#7
posted to rec.boats
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the success of the bush tax cuts
In article ,
says... In article , says... The employer is not going to be taxed but I bet those people taking their 401k money out in the future will get their ass kicked on it. Tax-sheltered retirement income is taxed as ordinary income when distributed. Always was, is, always will be. It's expected that your income will be less when you retire. You might be able to use Roth IRA's to some extent if you think working vs. retirement yaxes will flip on you. Normally it doesn't work that way. Basically you've said if you're outside when it rains you'll get wet. Right now a worker would be paying a very minimal tax on this money but I bet those numbers will go up sharply as we try to dig our way out of crushing debt. Depends on income, but you have a point there. Low income workers could lose by saving. Here's the bright side. Low income worker don't have any ****ing money to save. What if everyone thinks the current tax on 401's is ok, tolerable so they pump them up, and then "somebody" decides to say, triple the tax on the 401's???? -- Team Rowdy Mouse, Banned from the Mall for life! |
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#8
posted to rec.boats
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the success of the bush tax cuts
On 6/14/11 5:05 PM, I_am_Tosk wrote:
In , says... In , says... The employer is not going to be taxed but I bet those people taking their 401k money out in the future will get their ass kicked on it. Tax-sheltered retirement income is taxed as ordinary income when distributed. Always was, is, always will be. It's expected that your income will be less when you retire. You might be able to use Roth IRA's to some extent if you think working vs. retirement yaxes will flip on you. Normally it doesn't work that way. Basically you've said if you're outside when it rains you'll get wet. Right now a worker would be paying a very minimal tax on this money but I bet those numbers will go up sharply as we try to dig our way out of crushing debt. Depends on income, but you have a point there. Low income workers could lose by saving. Here's the bright side. Low income worker don't have any ****ing money to save. What if everyone thinks the current tax on 401's is ok, tolerable so they pump them up, and then "somebody" decides to say, triple the tax on the 401's???? Why would that concern you? You spend you kid's college fund on motorbike parts. -- Want to discuss recreational boating and fishing in a forum where personal insults are not allowed? http://groups.google.com/group/rec-boating-fishing |
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#9
posted to rec.boats
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the success of the bush tax cuts
In article , payer33859
@mypacks.net says... On 6/14/11 5:05 PM, I_am_Tosk wrote: In , says... In , says... The employer is not going to be taxed but I bet those people taking their 401k money out in the future will get their ass kicked on it. Tax-sheltered retirement income is taxed as ordinary income when distributed. Always was, is, always will be. It's expected that your income will be less when you retire. You might be able to use Roth IRA's to some extent if you think working vs. retirement yaxes will flip on you. Normally it doesn't work that way. Basically you've said if you're outside when it rains you'll get wet. Right now a worker would be paying a very minimal tax on this money but I bet those numbers will go up sharply as we try to dig our way out of crushing debt. Depends on income, but you have a point there. Low income workers could lose by saving. Here's the bright side. Low income worker don't have any ****ing money to save. What if everyone thinks the current tax on 401's is ok, tolerable so they pump them up, and then "somebody" decides to say, triple the tax on the 401's???? Why would that concern you? You spend you kid's college fund on motorbike parts. Do you have any proof of that, or just another lie? |
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#10
posted to rec.boats
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the success of the bush tax cuts
On 14/06/2011 3:05 PM, I_am_Tosk wrote:
In , says... In , says... The employer is not going to be taxed but I bet those people taking their 401k money out in the future will get their ass kicked on it. Tax-sheltered retirement income is taxed as ordinary income when distributed. Always was, is, always will be. It's expected that your income will be less when you retire. You might be able to use Roth IRA's to some extent if you think working vs. retirement yaxes will flip on you. Normally it doesn't work that way. Basically you've said if you're outside when it rains you'll get wet. Right now a worker would be paying a very minimal tax on this money but I bet those numbers will go up sharply as we try to dig our way out of crushing debt. Depends on income, but you have a point there. Low income workers could lose by saving. Here's the bright side. Low income worker don't have any ****ing money to save. What if everyone thinks the current tax on 401's is ok, tolerable so they pump them up, and then "somebody" decides to say, triple the tax on the 401's???? That is why I recommend a blended approach. Save inside and outside of the 401K/IRA. So if you have a good investment year with gains, you haul out less on the 401K. If you have a low year, haul out to the lower tax rates. That is, use the 401K to control your total taxable income. If you are low income low tax already, unless the employer matches it, you better of in a ROTH than 401K/IRA as you want only the high taxed dollars into the 401K/IRA. That is, get a 30% deduction in, and withdraw at 10% out. -- Government isn't the solution to the bad economy, it is the problem. |
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