Originally Posted by
tsquare
I don't itemize. I have zero deductions.
Most of what you said is true. No military retirement. All my 402k contributions from here on are ROTH. I'll believe the PBGC if I start cashing checks. Democrats cannot do math, and the physics of what they are doing will not stop because they feel bad about it. One way or another, they are coming after our retirement monies....
We'll see. On one hand, I think you are right, because these clowns won't have anywhere else to get the money from. On the other though, If I don't take it out, they won't tax me on it, and the Mrs and I really aren't big consumers. (I STILL don't have a smart phone)....
The discussion is interesting, and has got me thinking about reevalutaing my strategy...
Strategy: Non-leveraged tax deductible assets that provide income and depreciation for a long time...They make your taxable income smaller, but more than pay for themselves (the best are the ones that pay for themselves in depreciation (appraisal or leveraged value) alone)...car washes, rentals, store fronts, farms, office space, Laundromats, trailer parks, etc.
Outright ownership is the way to go with these. There is work involved, but the tax savings/income potential is great. DYODD.
In several years, I think the gold bugs will have been proven right also.
Bottom line, staying liquid
can put your assets in Pelosi's hand.