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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.
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.
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.
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.
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.
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.
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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