Pilot killing taxes?
02-22-2019, 11:20 AM
#101
Gets Weekend Reserve
Joined APC: Jul 2007
Posts: 3,582
Originally Posted by jcountry
Not just Roths.
A Clinton operative floated the idea of a “one-time 15% surcharge” on all retirement accounts.... To help those “less fortunate.” (Yeah. Less-fortunate meaning didn’t save a dime for retirement.)
If they pull that trick, I will find another country to bug out to. It’s all downhill from the day they get away with that.
A Clinton operative floated the idea of a “one-time 15% surcharge” on all retirement accounts.... To help those “less fortunate.” (Yeah. Less-fortunate meaning didn’t save a dime for retirement.)
If they pull that trick, I will find another country to bug out to. It’s all downhill from the day they get away with that.
Yep, and that’s what you’re suggesting too.
02-22-2019, 11:22 AM
#102
Gets Weekends Off
Joined APC: May 2014
Posts: 1,681
Originally Posted by RJSAviator76
Dude..... seriously, where do you get this notion that the rich don’t pay?
Neither does anyone with more than about 10 million invested and any sense at all.
When you have that kind of coin, you can have a nice lifestyle from dividends and interest and never touch the principal.
They do pay capital gains, but it’s not earned income, so they pay no income taxes, no social security or Medicaid or other payroll taxes.
People in that boat get away with paying a tiny fraction of what working slobs like us pay.
It’s a serious problem. Low capital gains taxes encourage investment, but you shouldn’t be able to get away with that scheme if you have no other primary income
02-22-2019, 11:35 AM
#104
Gets Weekend Reserve
Joined APC: Jul 2007
Posts: 3,582
Your beef seems to be “the rich” living off of dividends and capital gains... what do you think grows your Roth 401k? How many times should you get taxed to have paid your “fair share”? Also, how is that not theft and penalty for being successful?
A wise man once said that the road to hell is paved with best intentions... and we’re hauling a$$ down that road and speeding up.
A wise man once said that the road to hell is paved with best intentions... and we’re hauling a$$ down that road and speeding up.
02-22-2019, 11:41 AM
#105
Gets Weekends Off
Joined APC: Dec 2007
Position: Retired
Posts: 404
Does anyone remember when the junior Senator from New York, Kirsten Gillibrand, was in Congress during the 2008 recession that she was the poster child for the government taking over all 401(K) accounts and guaranteeing a 4% return? When you have just taken a 20-30% hit (on paper anyway) a lot of people thought this was a pretty good idea. Can you imagine what would have happened to those funds with no payout due on the vast majority for 20 to 30 years? I guarantee this thought process is still alive and well in a lot of minds in Washington.
02-22-2019, 12:09 PM
#106
Strike averted!
Joined APC: Mar 2015
Position: B737
Posts: 3,638
Ocassional Cortex is advocating for establishing morality limits for wealth. I wouldn’t be a bit surprised if the confiscation of retirement accounts would be on the table with the communists. Oh sorry I meant “democratic socialists.” Yeah that’s the ticket.
02-22-2019, 12:19 PM
#107
Banned
Joined APC: Apr 2011
Posts: 1,473
Originally Posted by at6d
Ocassional Cortex is advocating for establishing morality limits for wealth. I wouldn’t be a bit surprised if the confiscation of retirement accounts would be on the table with the communists. Oh sorry I meant “democratic socialists.” Yeah that’s the ticket.
02-22-2019, 02:07 PM
#108
Gets Weekends Off
Joined APC: May 2010
Position: Baja Vermont
Posts: 5,172
They do pay capital gains, but it’s not earned income, so they pay no income taxes, no social security or Medicaid or other payroll taxes.
GF
02-22-2019, 03:05 PM
#109
Gets Weekends Off
Joined APC: Jul 2008
Posts: 854
Interest, dividends, and short-term capital gains are taxed as ordinary income.
Long-term capital gains (held over one-year) is taxed at the capital gains rate of 0%, 15%, or 20%, depending on their income.(1)
Other specific types of capital gains can be subject to tax at 25% or 28%.(1)
Income from certain kinds of investments can also be subject to the net investment income tax (NIIT) of 3.8%(1)
The top 1% of taxpayers account for more income taxes paid than the bottom 90% of taxpayers combined.(2)
(1) https://www.bankrate.com/investing/l...tal-gains-tax/
(2) https://taxfoundation.org/summary-la...a-2016-update/
Long-term capital gains (held over one-year) is taxed at the capital gains rate of 0%, 15%, or 20%, depending on their income.(1)
Other specific types of capital gains can be subject to tax at 25% or 28%.(1)
Income from certain kinds of investments can also be subject to the net investment income tax (NIIT) of 3.8%(1)
The top 1% of taxpayers account for more income taxes paid than the bottom 90% of taxpayers combined.(2)
(1) https://www.bankrate.com/investing/l...tal-gains-tax/
(2) https://taxfoundation.org/summary-la...a-2016-update/
02-22-2019, 03:07 PM
#110
Gets Weekends Off
Joined APC: May 2014
Posts: 1,681
Originally Posted by RJSAviator76
Your beef seems to be “the rich” living off of dividends and capital gains... what do you think grows your Roth 401k? How many times should you get taxed to have paid your “fair share”? Also, how is that not theft and penalty for being successful?
A wise man once said that the road to hell is paved with best intentions... and we’re hauling a$$ down that road and speeding up.
A wise man once said that the road to hell is paved with best intentions... and we’re hauling a$$ down that road and speeding up.
About half of everything I make.
That amount makes a significant difference to me.
Guys like Buffet pay effectively nothing. Literally zero income tax, and capital gains is a pittance.
Before anyone talks about jacking my taxes up even more, I would like equity.
If the stupid ass, wasteful as hell govt gets half of what I bring home, it damned sure should take half of Buffet’s dividend and interest earnings.
Our economy has evolved way beyond the point that investors need special treatment.
Income is income, and capital gains income should be treated no differently.
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