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Please explain why they should have a say in how to use other peoples money.
Because we are a society. Rich or poor. I know, darn those poors, why should we have a democracy! I FAR prefer a plutocracy!
Look, I kinda like our democratic republic. Feel free to shout for your plutocracy. I will vote against it. If you want to see some seriously bad things happen to the rich, feel free to try and pass it. LOL.
Yes, and you had to be born before 1936 to qualify and only contributions before 1974 (or 1984) were eligible. However, your previous statement and your entire argument makes it seem as if these eligible plans are common.
I'm not responsible for your failure to understand tax law.
Governments instituted to secure rights cannot tax rights. Period.
However, governments can tax privileges they grant.
You might ask your public servants to explain exactly WHAT revenue taxable privilege they are referring to.
Did you pay your extra at the link? Or are you all talk and no action?
It’s game theory. If we all chip in, we can get it done. If enough people choose to free-ride (like you want to), that spoils the game and we take our balls and go home.
I would be perfectly happy to pay more in taxes, but only if everyone does.
It’s game theory. If we all chip in, we can get it done.
We're not all chipping in. As the Chairman of Harvard's Department of Economics noted, the majority of Americans are now making a PROFIT off of the government:
Quote:
"Because transfer payments are, in effect, the opposite of taxes, it makes sense to look not just at taxes paid, but at taxes paid minus transfers received. For 2009, the most recent year available, here are taxes less transfers as a percentage of market income (income that households earned from their work and savings):
Bottom quintile: -301 percent Second quintile: -42 percent Middle quintile: -5 percent
Fourth quintile: 10 percent Highest quintile: 22 percent Top one percent: 28 percent
The negative 301 percent means that a typical family in the bottom quintile receives about $3 in transfer payments for every dollar earned.
The most surprising fact to me was that the effective tax rate is negative for the middle quintile. According to the CBO data, this number was +14 percent in 1979 (when the data begin) and remained positive through 2007. It was negative 0.5 percent in 2008, and negative 5 percent in 2009. That is, the middle class, having long been a net contributor to the funding of government, is now a net recipient of government largess."
Not THE rule. THE rule is that your retirement account will be taxed at ordinary tax rates. The fact that there is an exception to the rule does not change the rule.
Quote:
Originally Posted by InformedConsent
As the IRS link I posted states, it depends on your birth date.
Yes and I would need a time machine to be able to take advantage, but even then the capital gain treatment is only available on contributions prior to 1974 and only once.
"If you receive a lump-sum distribution from a qualified retirement plan or a qualified retirement annuity and you were born before January 2, 1936, you may be able to elect optional methods of figuring the tax on the distribution. These optional methods can be elected only once after 1986 for any eligible plan participant."
What retirement plan will allow me to pay taxes at the capital gain rates?
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