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I wonder if anyone is making a living giving such astute advice! State what everyone already knows and cash a check. New mantra for writers. Mike
Once again politicians manipulating the tax code to cater to voting blocks. Why not just a equal tax for every US citizen? Everyone pays the same amount regardless of income, purchases, retirment planning, number of children, school status, marital status, age, race, religion, contributions to organizations, etc.
Equal amount for every US citizen and adjust government spending to live within the generated revenue.
If the revenue isn't enough cut those things not explicitly called for my the constitution. If still not enough raise the tax on everyone equally.
I agree 100% with somebody else here, to ABOLISH the IRS, period. We must remember the mantra "tax without representation", today probably we will be better under the Crown that under the tyranny of Washington. British enjoy an excellent health care system. We are an over taxed nation, sadly to empower a monster dedicated to foreign wars, without benefit for the majority.
Retirement should not be taxed, we pay already in our labor days taxes to the monster. A flat rate of 10% will be enough for those working.
Actually, if one were to interpret the income tax laws, you would come to the conclusion there is no tax on your labor.
The Federal government has and continues to perpetrate this fraud on all of us since 1913. When it comes to the US government ,the word fraudulent would be an accurate description .
401(k)'s and IRA's that defer taxation until you reach 70 1/2 (at which time RMD requirements force you to sell them and pay tax on 100% of the revenues) sounded pretty good at the time.you made the tax-free investment. However, two problems arise:
1) Up to 80% of your social security benefits will be taxed at your highest marginal rate (after taking your taxable RMD revenues into consideration as well as any other income.).
2) No one anticipated the huge Budget Deficits and insane growth in the National Debt which will no doubt result in substantial increases in tax rates.
The federal government says: "Pay me now or pay me later." Run the numbers for your own particular situation, and consider investments in Roth's.
Funny, to listen to people so blind. If you think your IRA or 401k is going to be there for you when you retire, you aren't paying attention. The grand imperial federal government will begin raiding your pensions and retirement plans very soon. Think I'm crazy? Just look around at how our governments, at every level, are grossly outspending our country's income. Where do you think all the money is going to come from to pay the debt and fund future spending??? We're already numerous trillions in the red. One source will be YOUR retirement funds. Still think I'm crazy? Just google "government raiding 401k" or similar. It IS coming. And with a government, from both sides of the aisle, who view all income and assets as their's, and only allow you to keep what they think you need, WHY WOULDN'T THEY COME AFTER YOUR RETIREMENT PLAN?? They will start by "taxing" your retirement plan assets. The softer, gentler approach that will fool enough people and quell any rebellion. Later, outright confiscation will ensue.
Yeah, laugh at me now. Remember where you heard it when it happens.
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