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Old 07-17-2012, 05:54 PM
 
3,227 posts, read 1,673,624 times
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Default Obama going to start new tax on savings accounts, IRA's etc?

If Obama wins another term I wonder if he will implement a new tax on wealth? He would target money in savings accounts, IRA's, 401's etc...saying it is not fair that some people have large amounts of savings where other people don't have anything. Plus, the massive amount of money needed for Obama-care and the economy is still in recession will be another excuse to start new revenue taxes for the government.
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Old 07-17-2012, 06:04 PM
 
7,779 posts, read 3,104,120 times
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Quote:
Originally Posted by totsuka View Post
If Obama wins another term I wonder if he will implement a new tax on wealth? He would target money in savings accounts, IRA's, 401's etc...saying it is not fair that some people have large amounts of savings where other people don't have anything. Plus, the massive amount of money needed for Obama-care and the economy is still in recession will be another excuse to start new revenue taxes for the government.
Stocks may make something, but there is zero interest in savings accounts these days.

The action is NOT where you say.
The Feds are from what I hear working against those who want to give their estates away to charities and foundations that do good work.
Democrats want government to confiscate their take, not to have the money directed to scholarships, immunizations around the world or for health research.
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Old 07-17-2012, 06:11 PM
 
Location: Palm Springs, CA
25,251 posts, read 14,688,003 times
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Quote:
Originally Posted by totsuka View Post
If Obama wins another term I wonder if he will implement a new tax on wealth? He would target money in savings accounts, IRA's, 401's etc...saying it is not fair that some people have large amounts of savings where other people don't have anything. Plus, the massive amount of money needed for Obama-care and the economy is still in recession will be another excuse to start new revenue taxes for the government.
Yes. And the Easter Bunny might run you over in his BMW.
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Old 07-17-2012, 06:37 PM
 
Location: Great State of Texas
73,352 posts, read 33,555,639 times
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The House Ways and Means committee had talks on this issue this past April in looking for ways to cut the deficit.

One proposal was to treat your 401K contributions (both employee/employer) as taxable income and take taxes out.
Then the government will give you a credit in your retirement account. Sounds a little like the SS fund and their IOU's

They also proposed another plan to cut back on the max amount one could contribute each year.

It's there on their site. William Gale is the one who proposed the tax now and credit later and his testimony is there in PDF form.

House Committee on Ways & Means

This would bring an additional $458 billion into the government as revenue.

But opponents of these plans say it would cause long term catastrophic effects on employee driven retirement plans.
This would also effect IRAs and other deferred retirement plans.

I've been following what DC is talking about and who they bring in for discussions on retirement plans.
They discuss this about once per year. Hey..there's $18 trillion dollars in retirement accounts that hasn't been taxed.
If you were in Congress and looking to bring in more revenue then you'd be putting this on the table as well.

Feds eye retirement-fund tax to cut $16 trillion-plus deficit - NYPOST.com
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Old 07-17-2012, 06:54 PM
 
Location: Texas
1,770 posts, read 1,075,455 times
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.


One way for the government to get money from the current retirement funds in traditional 401ks and IRAs
is to spread scary rumors to panic savers to withdraw all their 401k/IRA funds. Not only would the government
get to collect regular taxes, they would get early withdrawal penalties too.



.
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Old 07-17-2012, 07:13 PM
 
Location: MD
3,969 posts, read 1,855,510 times
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Obama is a corporate stooge - bought and paid for by large, crooked businesses (note that I'm not condeming business here, just groups like Goldman Sachs, etc.) and he does what they tell him to do.... just like Bush before him, and just like Romney.... and Clinton, and probably every president and major politician for decades now.

So, no, I don't think there's going to be some "socialist tax" on savings accounts or IRA's, because they don't need it. The Federal Reserve is continuing its efforts to inflate away the problem. Zero percent savings rates and an unpredictable stock market ensure that a person's saving will dwindle in the face of inflation (which we're supposed to believe "doesn't exist" according to the Fed.) Meanwhile, big government and big business, which are often one and the same, get more freshly printed free money.

No need for a tax - we're all heading towards poverty and runaway inflation anyway.
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Old 07-17-2012, 07:16 PM
 
Location: Great State of Texas
73,352 posts, read 33,555,639 times
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Quote:
Originally Posted by AnUnidentifiedMale View Post
Yes. And the Easter Bunny might run you over in his BMW.


You, my friend, are not paying attention. At least once per year committees in Congress talk about retirement accounts and taxation and/or government direct oversight comes up.

There's $18 trillion dollars that has not been taxed.

Just because you didn't see any headlines on it doesn't mean it's not happening.
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Old 07-17-2012, 07:18 PM
 
14,019 posts, read 3,917,185 times
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Quote:
Originally Posted by totsuka View Post
If Obama wins another term I wonder if he will implement a new tax on wealth? He would target money in savings accounts, IRA's, 401's etc...saying it is not fair that some people have large amounts of savings where other people don't have anything. Plus, the massive amount of money needed for Obama-care and the economy is still in recession will be another excuse to start new revenue taxes for the government.
Yes, and if Obama wins I wonder if birds will fly out of my butt.

In your first sentence, you speculate and by the second sentence, it's already a fact.
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