On 8/12/2014 9:12 AM, True North wrote:
On Tuesday, 12 August 2014 11:33:16 UTC-3, wrote:
On Tue, 12 Aug 2014 07:59:23 -0500, amdx wrote:





Just a note:

Many accountants think that tax rates will be higher in the future

because of the huge debt we have. Because of this they are suggesting

Roth IRAs instead of the traditional tax deductible IRA.

Mikek



That assumes the government would not change the tax code on a Roth. I

am old enough to remember when they said Social Security would never

be taxed ... because you already paid taxes on that money ... just

like a Roth.

When it comes to the government ****ing you, just plan on it.

Wow!
We pay both federal and provincial income tax on anything over our basic exemption, which is around 11k and another $2K if on pension plus I get another $7K because I turn 65 this month.
After that everything is taxed at the rate of the income category you fall in... and yes that's all pensions, interest received on investments, monies taken out of RRSPs etc.

Y'all have been spoiled down there and the chickens are coming home to roost.


No one is forcing you to stay there.

--
"I predict future happiness for Americans if they can prevent the
government from wasting the labors of the people under the pretense of
taking care of them".
Thomas Jefferson

True North wrote:
On Tuesday, 12 August 2014 11:33:16 UTC-3, wrote:
On Tue, 12 Aug 2014 07:59:23 -0500, amdx wrote:





Just a note:

Many accountants think that tax rates will be higher in the future

because of the huge debt we have. Because of this they are suggesting

Roth IRAs instead of the traditional tax deductible IRA.

Mikek



That assumes the government would not change the tax code on a Roth. I

am old enough to remember when they said Social Security would never

be taxed ... because you already paid taxes on that money ... just

like a Roth.

When it comes to the government ****ing you, just plan on it.

Wow!
We pay both federal and provincial income tax on anything over our basic
exemption, which is around 11k and another $2K if on pension plus I get
another $7K because I turn 65 this month.
After that everything is taxed at the rate of the income category you
fall in... and yes that's all pensions, interest received on investments,
monies taken out of RRSPs etc.

Y'all have been spoiled down there and the chickens are coming home to roost.

You get something for it. We get military spending. ðŸ˜*
--
Posted from my iPhone

True North wrote:
On Tuesday, 12 August 2014 11:33:16 UTC-3, wrote:
On Tue, 12 Aug 2014 07:59:23 -0500, amdx wrote:





Just a note:

Many accountants think that tax rates will be higher in the future

because of the huge debt we have. Because of this they are suggesting

Roth IRAs instead of the traditional tax deductible IRA.

Mikek



That assumes the government would not change the tax code on a Roth. I

am old enough to remember when they said Social Security would never

be taxed ... because you already paid taxes on that money ... just

like a Roth.

When it comes to the government ****ing you, just plan on it.

Wow!
We pay both federal and provincial income tax on anything over our basic
exemption, which is around 11k and another $2K if on pension plus I get
another $7K because I turn 65 this month.
After that everything is taxed at the rate of the income category you
fall in... and yes that's all pensions, interest received on investments,
monies taken out of RRSPs etc.

Y'all have been spoiled down there and the chickens are coming home to roost.

No, you have been screwed up there. Those 18-25% VAT taxes, etc. to pay
for a crappy single payer health system, plus social programs. How much do
you think your health care costs you a year?

True North wrote:
On Tuesday, 12 August 2014 11:33:16 UTC-3, wrote:
On Tue, 12 Aug 2014 07:59:23 -0500, amdx wrote:





Just a note:
Many accountants think that tax rates will be higher in the future
because of the huge debt we have. Because of this they are suggesting
Roth IRAs instead of the traditional tax deductible IRA.
Mikek


That assumes the government would not change the tax code on a Roth. I

am old enough to remember when they said Social Security would never

be taxed ... because you already paid taxes on that money ... just

like a Roth.

When it comes to the government ****ing you, just plan on it.
Wow!
We pay both federal and provincial income tax on anything over our basic exemption, which is around 11k and another $2K if on pension plus I get another $7K because I turn 65 this month.
After that everything is taxed at the rate of the income category you fall in... and yes that's all pensions, interest received on investments, monies taken out of RRSPs etc.

Y'all have been spoiled down there and the chickens are coming home to roost.

An IRA is not a pension. It's money we paid for our retirement because
we can't count on our government to keep the money we paid into SS in
the "lockbox".

On Tuesday, 12 August 2014 12:30:11 UTC-3, wrote:
On Tue, 12 Aug 2014 08:12:35 -0700 (PDT), True North

wrote:



On Tuesday, 12 August 2014 11:33:16 UTC-3, wrote:

On Tue, 12 Aug 2014 07:59:23 -0500, amdx wrote:











Just a note:



Many accountants think that tax rates will be higher in the future



because of the huge debt we have. Because of this they are suggesting



Roth IRAs instead of the traditional tax deductible IRA.



Mikek







That assumes the government would not change the tax code on a Roth. I



am old enough to remember when they said Social Security would never



be taxed ... because you already paid taxes on that money ... just



like a Roth.



When it comes to the government ****ing you, just plan on it.



Wow!

We pay both federal and provincial income tax on anything over our basic exemption, which is around 11k and another $2K if on pension plus I get another $7K because I turn 65 this month.

After that everything is taxed at the rate of the income category you fall in... and yes that's all pensions, interest received on investments, monies taken out of RRSPs etc.



Y'all have been spoiled down there and the chickens are coming home to roost.



It sounds like you guys have as many debt problems as we do



http://www.fraserinstitute.org/resea...ent-Debt-2014/

Don't know how much I'd trust that 'right wing think tank'.. but yes, our federal and provincial governments have been spending like drunken sailors, and not properly addressing liabilities in public servant pensions.

On Sun, 10 Aug 2014 21:22:22 -0400, BAR wrote:

That equates to
70,000,000 people with nothing else to do by yell and scream and vote to
keept the SS retirement they earned

===

As well they should.

Wayne.B wrote:
On Sun, 10 Aug 2014 21:22:22 -0400, BAR wrote:

That equates to
70,000,000 people with nothing else to do by yell and scream and vote to
keept the SS retirement they earned

===

As well they should.

But a lot of those SS people did not put in anywhere enough to pay for an
insurance and annuity policy. Was not the national retirement act. Was
the widows and children's act. To keep them from starving. Was LBJ who
raised the vig and the payouts to pay for an unfunded war. So we are still
paying for SEA.

On Sun, 10 Aug 2014 23:03:33 -0400, wrote:

On Sun, 10 Aug 2014 22:12:56 -0400, Wayne.B
wrote:

On Sun, 10 Aug 2014 21:22:22 -0400, BAR wrote:

That equates to
70,000,000 people with nothing else to do by yell and scream and vote to
keept the SS retirement they earned

===

As well they should.

That didn't stop congress from taxing social security in the 80s

That is the second time that money was taxed. You paid on it when they
collected it too.

I still think we ain't seen nothin yet. As the Ponzi character of
SS/Medicare starts becoming obvious to even the most rabid of bleeding
heart liberals, they will take it out on anyone they think does not
"need" it, no matter how much we put in.
I bet a couple making anywhere near $100k in retirement will have most
if not all of their SS completely taxed away.

===

We'll see.

There are a lot more senior citizens now than there were in the 80s,
and we are organized, and we vote. I think it would be political
suicide for anyone trying to increase SS taxes beyond today's onerous
levels.

At least I don't have New York and New Jersey reaching into my pocket
anymore, and our property taxes are only 25% of what we used to pay in
the NY 'burbs. Dockage is cheaper also. :-)

On Sun, 10 Aug 2014 23:36:29 -0400, wrote:

On Sun, 10 Aug 2014 23:24:15 -0400, Wayne.B
wrote:

We'll see.

There are a lot more senior citizens now than there were in the 80s,
and we are organized, and we vote. I think it would be political
suicide for anyone trying to increase SS taxes beyond today's onerous
levels.

At least I don't have New York and New Jersey reaching into my pocket
anymore, and our property taxes are only 25% of what we used to pay in
the NY 'burbs. Dockage is cheaper also. :-)

It all depends on whether the kids start voting their interests.
When their FICA taxes start being more than their income tax, they
might wake up. For some it is more now, they just don't know because
Sammy takes it before they see their check.

===

Isn't it true that the people with good jobs are very much a minority?

The government will eventually "fix" social security by either
fudging the cost of living calculations or eliminating COLA entirely.
That will be followed by a round of hyper inflation. The "official"
rate of inflation is already being fudged a great deal, and hyper
inflation with a weak dollar is the inevitable consequence of long
term defecit spending.

On Mon, 11 Aug 2014 09:06:51 -0400, wrote:

The housing bubble and the dot com bubble were just a sneak peak at
the debt and phony money bubble we have coming. It might happen as
soon as Warren Buffett dies and they try to liquidate Berkshire
Hathaway for charity as he promised.

===

The charities will not "liquidate" Berkshire Hathaway by selling off
the holdings. They will divvy up the stock shares and keep most of
them for the income stream, just like Warren does. The stocks are not
just paper, they represent actual ownership of some darn good
companies and a claim on their earnings and free cash flow.