NAPA: Retirement savings shouldn't be a political piggy bank (Iran, Sanders, financial)

[mightleavenyc]

Good to see non-partisan outlets are fighting back at the far left and their idiotic proposals.

https://www.napa-net.org/news-info/d...cal-piggy-bank

Harris claims to raise “well over $2 trillion” over a 10-year period to pay for her proposal through a couple of measures, including a financial transactions tax on stock and bond trading, which – though it’s described as directed at “investors and big banks” – would also include the “investors” called American retirement savers and the hard-earned money set aside in their 401(k)s, IRAs and pensions.

Nor is Harris the first presidential aspirant to seek to pay for her proposal with a sweeping tax on investment transactions with no apparent exception for retirement accounts. Earlier this year, Sen. Bernie Sanders (I-VT) cosponsored the Inclusive Prosperity Act of 2019, which claimed to generate up to $2.4 trillion in “public revenue from wealthy investors” to help pay for a program that would underwrite forgiveness of student loan debt.

[PedroMartinez]

Eventually they will propose taxes based on assets on top of earnings.

I bet it's only 8 years or less until they propose a national property tax.

[Listener2307]

Originally Posted by PedroMartinez

Eventually they will propose taxes based on assets on top of earnings.

I bet it's only 8 years or less until they propose a national property tax.

I don't know about that, but they will come after 401(k)'s, IRA's and the like. One way or the other, they will find a way to tax it.
There is already a proposal that would require non-spouse heirs to empty out the old 401(k) in 10 years. So if Dad dies and leaves $1M to Mom, when she dies Junior will have to take it all within 10 years and pay taxes on it.

[PedroMartinez]

Originally Posted by Listener2307

I don't know about that, but they will come after 401(k)'s, IRA's and the like. One way or the other, they will find a way to tax it.
There is already a proposal that would require non-spouse heirs to empty out the old 401(k) in 10 years. So if Dad dies and leaves $1M to Mom, when she dies Junior will have to take it all within 10 years and pay taxes on it.

When you view everyone else's money as yours, you believe those tactics are legitimate.