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Scrambling to pay for all the freebies, now they're looking at the money you worked to save for your retirement.
So it's not actual policy but just an article by a known right-wing sympathizer with no details. When they start introducing real policy initiatives that reflect these ideas then I'll be worried. Until then, this is nothing more than the ramblings of a lone politician with no basis in reality. The guy who wrote it intended for it to be a scare piece aimed at the Trump base.
Scrambling to pay for all the freebies, now they're looking at the money you worked to save for your retirement.
Considering it's aimed specifically at taxing wealthy folks w/ “super-sized retirement savings accounts”, not surprising this 'news' comes from the 'infamous' NYPost, owned by Aussie billionaire Rupert Murdoch, who already owns FOX News and the Wall Street Journal (among others).
So with 'income inequality' currently at record highs, remind us again why we're defending the wealthy?! Especially when even the 'Good Book' sez, "From everyone who has been given much, much will be demanded; and from the one who has been entrusted with much, much more will be asked." -Luke 12:48
They're so stupid they don't know that IRAs are already taxed when they are withdrawn?
You MUST be talking about the NY Post writers! Lol.
Not all IRAs are taxed at withdrawal. A Roth IRA is taxed at the time of contribution, and withdrawals (along with earnings) are tax free. I imagine this could be what the article is talking about, but it’s such a poorly written article, it’s impossible to tell. I haven’t heard of anything about taxing Roth withdrawals.
So it's not actual policy but just an article by a known right-wing sympathizer with no details. When they start introducing real policy initiatives that reflect these ideas then I'll be worried. Until then, this is nothing more than the ramblings of a lone politician with no basis in reality. The guy who wrote it intended for it to be a scare piece aimed at the Trump base.
There's that term "right-wing" again, invoked at the first mention of anyone who doesn't buy into the "pop wisdom". To the wannabee "opinion leaders" of the Left, and their pointing, grunting, slobbering clientele, anyone who doesn't see things as they do is a "rich old conservative".
Last edited by 2nd trick op; 08-08-2021 at 07:21 AM..
They're so stupid they don't know that IRAs are already taxed when they are withdrawn?
They can sweep your account now for the current funds and give you your money as scheduled like they currently do Social Security. The money is in the general fund and people are paid out from there.
The Politico article lined in the original article by the OP ia a little more complete. As others have noted above it isn't clear where the information is coming from, but it claims that the proposal to increase tax top tier IRAs (those over a certain threshhold, perhaps $5 million, not all) is one of a number of things on the table too help raise money for the infrastructure plan. https://www.politico.com/news/2021/0...en-plan-502187
Quote:
Originally Posted by Retroit
They're so stupid they don't know that IRAs are already taxed when they are withdrawn?
It is true that traditional IRAs are taxed when withdrawn. Roth IRAs are not (the tax is paid up front) but based on the eligibility rules for Roth IRAs the likelihood is that few if any of the top tier IRAs are Roth IRAs. But I have no doubt they could find a way to tax the traditional IRAs more than they are now, either by increasing the rate, with a wealth tax, or some kind of surcharge. Politicians are at their most creative when it comes to taxes.
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