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Old 11-16-2010, 09:32 AM
 
Location: Wherabouts Unknown!
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Escort Rider....I am certainly not anti-tax. I am however, in favor of getting rid of the IRS and having a greatly simplified tax system. I am not clear about what such a system might be. I would like it to be a progressive tax...the more wealth you have the higher your tax rate. Again, I'm not sure how or even IF such a system could be implemented.
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Old 11-19-2010, 07:03 PM
 
Location: Los Angeles area
14,017 posts, read 18,956,722 times
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Quote:
Originally Posted by CosmicWizard View Post
Escort Rider....I am certainly not anti-tax. I am however, in favor of getting rid of the IRS and having a greatly simplified tax system. I am not clear about what such a system might be. I would like it to be a progressive tax...the more wealth you have the higher your tax rate. Again, I'm not sure how or even IF such a system could be implemented.
Cosmic Wizard: We are not so far apart after all. You and I have lots of company in wishing for the simplification of our overly complex tax system. However, we already have a progressive tax system as far as the Federal income tax is concerned. As our income goes up, so does the percentage of that income which we pay in taxes. Many feel it should be more progressive than it is at present. Perhaps that is what you mean?
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Old 11-26-2010, 06:38 AM
 
Location: us
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Originally Posted by texan2yankee View Post
Boomers are nearing retirement. There is, or should be, a big difference between investing for future retirement, investing close to retirement, and investments in retirement. Risking investment principal is not advised within a few years of retirement or in retirement (as many found out by losing substantial downpayments by buying expensive houses in the housing bubble). Some boomers who have invested well and saved for retirement face much uncertainty.

Interest rates are very low and not likely to increase for many, many years. 10 year treasuries are paying around 2.5% and since there is a very good chance of inflation going forward not a good yield for a retirement investment. The FED has to keep rates low or treasury debt issued will explode in order to cover interest expense further compounding the deficit.

Social security may not be available. The government is issuing $1 of debt for every tax dollar received; 1/4 of total government debt is sold to foreign investors. Leaving the risk of funding 25% of US programs by foreign investors aside, the US deficit is a huge problem. The government can't kick the can down the road much longer. Politicians have two options to reduce deficits: cut programs and/or raise taxes. Of course the US goverment could also default, but lets not go there. While I agree SS will be around for some Boomers realistically it may not be around for others. I think means testing will eventually truncate some Boomers, who were counting on SS as a supplement to investment income, because they will be too "rich"

There is a good chance of significant tax changes going forward. There has been recent talk of taxing certain investment income as ordinary income and increasing capital gains taxes. Both tax implications would hit retirees' income hard.

Low interest rates, likely changes in SS and taxes are real issues for Boomers: even the fiscally responsible ones. Boomers may be working a long time before retirement.
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