Obama Set To Go After IRA's Of The Wealthy

[BigMatt]

Problem with this is not everyone work (ie. labor) for a living.
The vast majority of us work for a company and thus get a paycheck for our labor (be it physical labor, a desk job, etc.) so we get x% of taxes taken out for that labor.

However there are others (mainly the rich) that don't do this type of labor work. They use their funds to invest and make more money (capital gains), or just leave it in savings and live off the interest. So should that be taxed at the same rate?

I don't know but I suspect if you tax say everyone at 10% of whatever/however they make their money the .gov will end up losing money I think.



^ WINNER!!! WINNER!!! Chicken Dinner!!!

1) IMO, capital gains should be tax free. You have already been taxed on the money once when you originally earned it - now that the money is working for you, why should you be taxed again?

2) I think the flat tax level it somewhere around 17%. The democrats don't want a flat tax because even the lower income (democrat voting) people would lose money. Then maybe their eyes would be opened to smaller government-smaller tax bill.

 

[zippy23]

This is just the beginning, they not only go after IRA's they are wanting to take over 401k's and raise taxes even higher. Its all about keeping people from being rich, if you are rich, you dont need the gov't. if you are broke and can vote yourself money, then you are a democrat! if they want more money, they will just take it, like cyprus, it doesnt matter at all, these liberals need to be gone from gov't. too many lazy and stupid people who will vote your paycheck to them. its sad. and its only gonna get worse.

 

[rambone]

Obama seeks to cap retirement accounts so that no individual saves “more than is needed”

Obama’s budget plan, to be unveiled April 10, would prohibit taxpayers from accumulating more than $3 million in an individual retirement account. That proposal would generate $9 billion in revenue for the Treasury over the next decade, according to a White House statement released today.

“Under current rules, some wealthy individuals are able to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving,” the statement said.

 

[BogWalker]

So, they're deciding what is a reasonable retirement. How long before they decide on a reasonable yearly maximum income?

 

[Johnny C]

I am not for taxes other than import at all, but since we have them and they arent going away:

Why should those who labor for their money be taxed at a higher rate than those who do no labor and make cash off of investments?

My retirement is invested, but It will be taxed at the higher "income rate" when I withdraw it. How is that fair at all?