Ima, your rants get weirder every day. Obama living under a bridge? Obama tells us every week that he’s one of the people who will pay higher taxes. He sells a lot of books, and he knows that it’s his patriotic duty to actually support the country he loves. Why are taxes that are LOWER THAN REAGAN’S suddenly anti American? The reason you are losing the argument in the country is because your arguments literally do not make any sense, they do not stand up to even simple math. Paying taxes is doubtless the only patriotic thing you’ve actually done.
“You are correct, this will punishe the large majoirty if Middle Class Retirees who put money in 401K’s and IRA’s, also their Pensions ate also considered investment Income, so this Large increase in the Capital Gains Taxes punishes the Middle Class Retires more, and this is what Obama said he would not do, yet this is what he wants to do.
There is a very Lagre population of Middle Class Retirees who make less that this tax will hit hard"-Tigger, income INSIDE an IRA/401(k)/403(b) is not taxed at all no matter if it is dividend, capital gains or anything.-When incomes OUT of an IRA, it is taxed as ORDINARY INCOME regardless of how it was earned inside the IRA.-So changes to the dividend or capital gains rate has ZERO effect on income derived from and IRA or 401(k) or 403(b). It has ZERO effect on middle class retirees who get all of their income from an IRA.-Is this concept so DIFFICULT to grasp?
“40K palns are not taxed at all the Tax is deferred until the individual must start withdrawn funds from the account at age 71, then the Tax is the Capital Gains Tax Rate”-This is absolutely wrong. But don’t let that sway your opinion.
A couple other people made this point, but let me put it in bold simple terms that tigger & lma can understand:When you reach retirement and start to draw money from a standard IRA or 401k, the income is taxed as ordinary income. It is NOT subject to any capital gains tax.This is the situation for just about all middle class retirees. Your comments about the increase on capital gains tax hurting retirees are misleading at best, but continuing to make those claims is an outright lie.I’ve been fortunate to have enough money to make investments outside of my 401k that will be subject to capital gains. If my retirement income is large enough that I wind up paying taxes on those gains, I’ll be thrilled.
More accurately, you’ve already paid tax on any money that you put in a Roth IRA or 401k. The upside is that you don’t pay any tax on the earnings. When you retire & start withdrawing from a Roth IRA or 401k, all of that cash is tax exempt.
You certainly have no idea what you are talking about.What do you think IRAs and other retirement investment instruments derive their income from?If I have a Personal Retirement Account that I manage, and it has more then $200K in it from saving for over 30 or 40 years I rich?You most definitely have no idea what you are talking about and should really spend a little more time thinking about your future retirement, unless you are like so many here and expect to be supported by the government in your old age.Good luck with that by the way.
If there is no deal reached before January 1st, yes, all of the Bush tax cuts expire. Obama has made it clear that he does not want that.Meanwhile, the Republicans are bickering among themselves about whether they should extend the cuts that everyone agrees on now, or if they should hold their breath until their faces turn blue. All in the name of protecting the least vulnerable.I’ve asked you & others to put forth a specific proposal on spending cuts. Obama has asked the Republicans for the same thing. We’re both still waiting.
King of Me detailed exactly how IRAs & 401ks are taxed. You were spreading a falsehood about how they would be taxed at the capital gains rate. He might be a CPA. You clearly are not.Just be a man & admit you had that part wrong.
SClark55 Premium Member over 11 years ago
Maybe I missed it, but did the Prez quit smoking?
ARodney over 11 years ago
Ima, your rants get weirder every day. Obama living under a bridge? Obama tells us every week that he’s one of the people who will pay higher taxes. He sells a lot of books, and he knows that it’s his patriotic duty to actually support the country he loves. Why are taxes that are LOWER THAN REAGAN’S suddenly anti American? The reason you are losing the argument in the country is because your arguments literally do not make any sense, they do not stand up to even simple math. Paying taxes is doubtless the only patriotic thing you’ve actually done.
braindead Premium Member over 11 years ago
“I’m waiting for O to become a leader. I fear it isn’t going to happen”-What, exaclty, would you consider leadership on the part of the president?
braindead Premium Member over 11 years ago
“You are correct, this will punishe the large majoirty if Middle Class Retirees who put money in 401K’s and IRA’s, also their Pensions ate also considered investment Income, so this Large increase in the Capital Gains Taxes punishes the Middle Class Retires more, and this is what Obama said he would not do, yet this is what he wants to do.
There is a very Lagre population of Middle Class Retirees who make less that this tax will hit hard"-Tigger, income INSIDE an IRA/401(k)/403(b) is not taxed at all no matter if it is dividend, capital gains or anything.-When incomes OUT of an IRA, it is taxed as ORDINARY INCOME regardless of how it was earned inside the IRA.-So changes to the dividend or capital gains rate has ZERO effect on income derived from and IRA or 401(k) or 403(b). It has ZERO effect on middle class retirees who get all of their income from an IRA.-Is this concept so DIFFICULT to grasp?
cjr53 over 11 years ago
What about a ROTH IRA? Isn’t that supposed to be “after taxed” dollars? Except interest earned?
braindead Premium Member over 11 years ago
“40K palns are not taxed at all the Tax is deferred until the individual must start withdrawn funds from the account at age 71, then the Tax is the Capital Gains Tax Rate”-This is absolutely wrong. But don’t let that sway your opinion.
corjo2 over 11 years ago
That is SO not true.
Uncle Joe Premium Member over 11 years ago
A couple other people made this point, but let me put it in bold simple terms that tigger & lma can understand:When you reach retirement and start to draw money from a standard IRA or 401k, the income is taxed as ordinary income. It is NOT subject to any capital gains tax.This is the situation for just about all middle class retirees. Your comments about the increase on capital gains tax hurting retirees are misleading at best, but continuing to make those claims is an outright lie.I’ve been fortunate to have enough money to make investments outside of my 401k that will be subject to capital gains. If my retirement income is large enough that I wind up paying taxes on those gains, I’ll be thrilled.
Uncle Joe Premium Member over 11 years ago
More accurately, you’ve already paid tax on any money that you put in a Roth IRA or 401k. The upside is that you don’t pay any tax on the earnings. When you retire & start withdrawing from a Roth IRA or 401k, all of that cash is tax exempt.
dpbriley over 11 years ago
You certainly have no idea what you are talking about.What do you think IRAs and other retirement investment instruments derive their income from?If I have a Personal Retirement Account that I manage, and it has more then $200K in it from saving for over 30 or 40 years I rich?You most definitely have no idea what you are talking about and should really spend a little more time thinking about your future retirement, unless you are like so many here and expect to be supported by the government in your old age.Good luck with that by the way.
Uncle Joe Premium Member over 11 years ago
If there is no deal reached before January 1st, yes, all of the Bush tax cuts expire. Obama has made it clear that he does not want that.Meanwhile, the Republicans are bickering among themselves about whether they should extend the cuts that everyone agrees on now, or if they should hold their breath until their faces turn blue. All in the name of protecting the least vulnerable.I’ve asked you & others to put forth a specific proposal on spending cuts. Obama has asked the Republicans for the same thing. We’re both still waiting.
Uncle Joe Premium Member over 11 years ago
Do you have knowledge of future tax rates? No, you do not.
Uncle Joe Premium Member over 11 years ago
King of Me detailed exactly how IRAs & 401ks are taxed. You were spreading a falsehood about how they would be taxed at the capital gains rate. He might be a CPA. You clearly are not.Just be a man & admit you had that part wrong.