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Nah..Gates and Buffet are rich. The rich have Trusts. The rich are protected.
Who they are going after is the upper middle income group.
Not 20 something's but in their 60's who have 30+ years of accumulated deferred investments.
I certainly don't begrudge them for what they did and certainly don't want the government deciding what's a "fair" retirement income for people..do you ?
The government will get their tax IN TIME when these retired folks start withdrawing or die. But the government doesn't want to wait..they want their new revenue money NOW.
It is funny that people actually believe that the rich would even support a government that is trying to take their money. Common sense tells me it's fishy when Buffett supports it but if you understand the whole picture Buffett is helping Obama go after the upper middle class and they themselves are not affected. People are very naive and way too trusting.
It is funny that people actually believe that the rich would even support a government that is trying to take their money. Common sense tells me it's fishy when Buffett supports it but if you understand the whole picture Buffett is helping Obama go after the upper middle class and they themselves are not affected. People are very naive and way too trusting.
no, no, no, you must understand why Buffet supports more taxes..
One thing I've learned by reading a bunch of books about him is he stopped having Berkshire Hathaway pay dividends because as he said, he sees no reason to subject his investors to a "HIGH TAX RATE"...
So when he supports a higher tax rate, its only because this means more people will invest in his company, thereby making him even wealthier..
And of course he has donated all of his wealth to the Gates foundation, thereby not subjecting his estate to taxes, and he has keps his salary at $100K, thereby reducing his taxable income rate.
He's one of the biggest hypocrites, almost as big as Al Gore..
Really? Imagine someone who put, well lets pull a figure out of our ass just to make it good,
$100 MILLION into an IRA
with the understanding that they would be tax free until you withdraw funds..
If this bill passes, do you think they will be in a much better shape than had they simply paid their tax prior to putting the money in? And of course one would be a complete fool to not think that they want to adjust the tax rate higher on these same individuals, meaning they'll get a double whammy by delaying the tax than had they just paid the thing to begin with.
The new rules apply to new money contributions. Do you really think that once a tax-law is written it is cut in stone for the rest of eternity and can't be changed?
no, no, no, you must understand why Buffet supports more taxes..
One thing I've learned by reading a bunch of books about him is he stopped having Berkshire Hathaway pay dividends because as he said, he sees no reason to subject his investors to a "HIGH TAX RATE"...
So when he supports a higher tax rate, its only because this means more people will invest in his company, thereby making him even wealthier..
And of course he has donated all of his wealth to the Gates foundation, thereby not subjecting his estate to taxes, and he has keps his salary at $100K, thereby reducing his taxable income rate.
He's one of the biggest hypocrites, almost as big as Al Gore..
Ok that is what I meant by the whole picture but did admit to not thinking it through completely. So he will attract more investment money for his company, investing in value / appreciation not realized by an investor until they sell. His company re-invests dividends if I am understanding correctly.
Because its not the government dam business to determine who much people should be able to put away for their retirement.
The proposal is not to determine how much someone can put away for retirement. Its a proposal on how much someone can put away in a tax deferred retirement account. Pay taxes on your current income and put the money where ever you want.
I don't think that is fair. That puts all the burden on the next generation. I feel the same way about SS. Sacrifices should be shared not backloaded.
SS got changed and in a fair way that didn't effect current retirees.
FICA got raised and the full retirement age got raised gradually each birth year.
Sacrifices need to take in mind how long you have to make up the difference.
Corporations that phased out their pensions replaced them with 401Ks.
Corporations that modified their pensions also took age into account.
A person in their 20's has time to make up any difference whereas a person 65 doesn't.
You have to keep that in mind when you make changes.
The new rules apply to new money contributions. Do you really think that once a tax-law is written it is cut in stone for the rest of eternity and can't be changed?
I think that once government establishes laws and you establish something as important as your retirement based upon the laws, then yes, they have officially formed a contract with you.
I'm sure you wont have a problem if they change Social Security payouts to $1 a month then right, because clearly, the payment isnt cut in stone and cant be changed.. Right?
How the hell do you expect people to plan for their retirement? Ooh thats right, you dont, you want people to be spoon fed off the government just like you are.
This proposal will have zero affect on the vast majority of the middle class, because they have no where near 3 million in retirement accounts.
So? lets propose to only kill gays, I'm sure you wont have a problem with that since the vast majority of people are stright.. Yeah, your response was that dumb...
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