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Old 04-10-2019, 07:59 AM
 
4,527 posts, read 2,471,979 times
Reputation: 8188

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Quote:
Originally Posted by oceangaia View Post
The day such a bill is even seriously proposed, everyone cashes out their IRA Roth accounts.
It will apply retroactively to gains taken within that calendar year. Plus roth has penalties for early withdrawals so its held hostage.
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Old 04-10-2019, 08:07 AM
 
Location: East Coast of the United States
16,576 posts, read 19,091,922 times
Reputation: 12169
Quote:
Originally Posted by Coldjensens View Post
We have a crises coming. Too many people will be old, and very few of them have anything saved to pay for when they can no longer work.

There is one pocket of money available to resolve this crises. The 401K funds and other investments of those who saved for retirement.
Have you read the fable of the Ant and the Grasshopper?

Over my dead body.
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Old 04-10-2019, 08:17 AM
 
9,206 posts, read 4,322,685 times
Reputation: 11696
Quote:
Originally Posted by SWFL_Native View Post
It will apply retroactively to gains taken within that calendar year. Plus roth has penalties for early withdrawals so its held hostage.

The penalties would likely be less than the tax and retroactive application would get immediately challenged in court. In fact, taxing any gains accrued prior to enactment would get challenged.
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Old 04-12-2019, 06:20 PM
 
Location: North West Arkansas (zone 6b)
2,630 posts, read 1,917,332 times
Reputation: 3566
Quote:
Originally Posted by Ron61 View Post
Which is why the next Democratic President will use the powers of the “Executive Order” to enact serious gun control reform. I’m totally against it, but I can definitely see it happening sooner rather than later.

Things are about to change in ways most of us would never have believed, and I for one fear for the well being of my children and grandchildren.
I've instructed my kids not to have children.
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Old 04-12-2019, 06:22 PM
 
Location: North West Arkansas (zone 6b)
2,630 posts, read 1,917,332 times
Reputation: 3566
Quote:
Originally Posted by SWFL_Native View Post
It will apply retroactively to gains taken within that calendar year. Plus roth has penalties for early withdrawals so its held hostage.
fear mongering.

same with the threat of taking the guns.
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Old 04-16-2019, 06:37 PM
 
Location: Boston
6,867 posts, read 1,999,241 times
Reputation: 4988
gloom and doom ...lmao .... for your delusional futuristic scenario to come to being, you'd need Congress to approve of it.

Think they're going to campaign on taking your 401's? lol...so ridiculous you guys should get second jobs like big boys do that want more money, not crying the blues with this silliness.
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Old 04-16-2019, 07:25 PM
 
263 posts, read 77,295 times
Reputation: 517
Instead of directly taking away 401k's, couldn't they say if you have a 401k you get reduced or no social security? That would be one way to deal with national debt, and shrinking social security funds.
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Old Yesterday, 06:09 AM
 
Location: Austin, Texas
1,539 posts, read 888,736 times
Reputation: 3278
Quote:
Originally Posted by TaxPhd View Post
Just to make sure that I understand, before I call you out as either a liar or a fool, are you claiming that how income is used can change the nature of that income from taxable to non - taxable?

What license do you hold that would be in jeopardy if you were to provide some details of what you are claiming?
I don't know what license that is, but I'm fairly certain a BS degree is required to obtain it.
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Old Yesterday, 06:23 AM
 
Location: Thailand
5,676 posts, read 2,724,077 times
Reputation: 10596
Quote:
Originally Posted by Matthew_MI View Post
couldn't they say if you have a 401k you get reduced or no social security?
What was the goal of 401k? To encourage savings and investment for retirement. I don't believe reducing social security, thus telling people they actually get less of the retirement income they contributed to if you have a 401k is in line with that goal. The incentive goes away.
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Old Yesterday, 11:44 AM
 
18,449 posts, read 13,188,426 times
Reputation: 13811
Quote:
Originally Posted by Jstarling View Post
What kind of IRAs do you have that you don’t pay taxes on when you take them out? Other than ROTH.
Any of them depending on your income. Let’s say i put in 50k into my ira pretax, at retirement it is worth 100k so I take out 24k a year married filing jointly and my income total is 24k, my federal income tax owed is what after taking the standard deduction?
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