Obama Set To Go After IRA's Of The Wealthy

[mrjarrell]

From the No Crap Files, comes this little missive. Looks like Mr. Obama wants to limit people on how much they can put into their IRA's. This playing of the wealth envy game is tiring. Hell, if I had millions to sock away, I'd be doing the same thing to keep some of my assets safe and tax free. It always starts with going after the unpopular kid. Then it trickles down to the rest of us. If they are given any more control over IRA's and the like then it will be a short jump to them confiscating those wealthy people's IRA's to help fund their Ponzi Schemes like social "security". Can't wait to see what other revenue raising schemes are in Mr. Obama's budget next week.

Obama budget to take aim at wealthy IRAs - The Hill's On The Money

 

[Twangbanger]

Wonder of wonders. You're all doing such a good job planning for your retirement, it's depriving the Government of money it can use to buy votes, prop up Gubmint pensions, etc.


I guess they figure that just like the Alternative Minimum Tax, which started at a level that wasn't "supposed" to pull in average folks, they thought they had better go ahead and set the exemption limit at $3 Million early in the game, so that by the time another 40 years pass and the Dollar becomes worthless, this money-grab will be pulling in everyone.

 

[spec4]

Fairness to the code IMO would be everybody pays the same percentage.

 

[Magneto]

This is just the beginning.

 

[BogWalker]

I see no reason why a rich person should be treated any differently when it comes to taxes than a poor person. Typical socialist nonsense this is. The have-nots are jealous of the haves.

 

[GodFearinGunTotin]

Yep...the signs are all around. The ground work is being laid for the time when fairness will dictate that you must do your part to keep kids fed and grandma warm. It seems these stories are coming out more and more frequently. And now that all your retirement savings are just numbers in some database, somewhere, there will be nothing you can do when/if they decide it's time for you to donate your fair share.

 

[actaeon277]

When someone starts talking about "the rich"...
I try to tell them, if the government can take from them, then they can take from you.
Then I move on to, you are rich compared to many in the city, or world. How would you like someone taking your money?
And I point out there has been rich/poor since the beginning of time.

Then I take the abuse they heap on me.

 

[firehawk1]

Do "death/estate taxes" apply to money in IRA/401k plans? If not that could be one reason for this other than the obvious one's.

Another example IMO of elections having consequences.

 

[Trooper]

Except the wealthy tend to lock their money up in trusts or even tax exempt foundations (Ford family, John Kerry). Going after high income earners is not the same as going after the really wealthy (who are often democrats). This is an attempt to keep the rest of us out of ruling class.

When the ancient Eygptians wanted to enslave the Israelite people, the first thing they did was tax them. That included a tax of labor (30% of year) given to the Pharoh. Once you strip people of their wealth then it is far easier to make them slaves.

 

[jedi]

Fairness to the code IMO would be everybody pays the same percentage.

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.

Except the wealthy tend to lock their money up in trusts or even tax exempt foundations (Ford family, John Kerry). Going after high income earners is not the same as going after the really wealthy (who are often democrats). This is an attempt to keep the rest of us out of ruling class.

When the ancient Eygptians wanted to enslave the Israelite people, the first thing they did was tax them. That included a tax of labor (30% of year) given to the Pharoh. Once you strip people of their wealth then it is far easier to make them slaves.

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

 

[OldHoosier]

When someone starts talking about "the rich"...
I try to tell them, if the government can take from them, then they can take from you.
Then I move on to, you are rich compared to many in the city, or world. How would you like someone taking your money?
And I point out there has been rich/poor since the beginning of time.

Then I take the abuse they heap on me.

Yep. When they first came up with the Alternate Minimum Tax it only applied to a few very rich people. By not indexing it to inflation, it affects people make $180K or so -- not poor, but in a place like the northeast or California, not rich either.

I suspect that eventually everyone that has saved enough to support themselves in retirement will essentially have the social security taxed away.

 

[JTScribe]

The 3M total / 205K annual they speak implies an interest rate of nearly 7 percent. That's nonsensical. 1.5-2 is more realistic in this current environment. For 200K you'd need over 13M at current market rates.

And 3M is NOT a lot of money to have in a retirement account if you save well and don't make stupid investments over a 35-40 year career.

 

[Expat]

The Dems have learned from Obama that they can push this stuff further than they ever imagined. I saw one of their elected officials on TV. He was asked how high someone could be fairly taxed. He said, is it fair children go to bed hungry, is it fair kids can't afford to go to college. As long as those conditions exist any amount of taxation is fair. The interview asked even 75-80% and he said sure. So all bets are off on what they feel they can get by with now. The takers outnumber the makers so screw us all.

 

[nascarfantoo]

From the No Crap Files, comes this little missive. Looks like Mr. Obama wants to limit people on how much they can put into their IRA's. This playing of the wealth envy game is tiring. Hell, if I had millions to sock away, I'd be doing the same thing to keep some of my assets safe and tax free. It always starts with going after the unpopular kid. Then it trickles down to the rest of us. If they are given any more control over IRA's and the like then it will be a short jump to them confiscating those wealthy people's IRA's to help fund their Ponzi Schemes like social "security". Can't wait to see what other revenue raising schemes are in Mr. Obama's budget next week.

Heck, if I had millions I might just send it off-shore. But with what I have can't afford the postage to get it there.

 

[jedi]

Heck, if I had millions I might just send it off-shore. But with what I have can't afford the postage to get it there.

just do like the rest of the million/billonare and renouce the citizenship.

 

[daddymikey1975]

just do like the rest of the million/billonare and renouce the citizenship.

Then we can't buy guns w/ a 4473

 

[jedi]

Then we can't buy guns w/ a 4473

With billions of dollars you won't have that worry. Heck you can get FA anywhere else in the world on the black market for cheaper than here.

 

[foszoe]

Yep...the signs are all around. The ground work is being laid for the time when fairness will dictate that you must do your part to keep OTHER PEOPLES kids fed and grandma warm. It seems these stories are coming out more and more frequently. And now that all your retirement savings are just numbers in some database, somewhere, there will be nothing you can do when/if they decide it's time for you to donate your fair share.

fify

 

[GodFearinGunTotin]

Quote:
Originally Posted by GodFearinGunTotin
Yep...the signs are all around. The ground work is being laid for the time when fairness will dictate that you must do your part to keep OTHER PEOPLES kids fed and grandma warm. It seems these stories are coming out more and more frequently. And now that all your retirement savings are just numbers in some database, somewhere, there will be nothing you can do when/if they decide it's time for you to donate your fair share.

fify

But of course.

That's what I meant but I failed to make it clear.

 

[YoungGunLover]

"The senior administration official said that wealthy taxpayers can currently “accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving.”


What I love here, and when I say love I mean that now the government can say socialist ideas to most of us and we the sheep still don't believe socialism will happen here, is that this is clearly communist/socialist thinking. The government is now deciding what is a reasonable standard of living. When people think of communism, they think of the government taking from everyone and everyone having the same living conditions, ect. That is exactly what this statement says. The government now wants to tell us what is a reasonable level of retirement savings so we can't live how we want to live.