No one talking about My RA?

gilesfan said:
They are taxed on the money, either now or later, correct?
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But there are tax benefits to waiting or paying it now. I don't mind placing a cap on those benefits, but the cap should be pretty high. I mean you aren't giving anyone an advantage if you have a cap.

The one area I'm concerned with is the last sentence. Is the 3.2 million a cap on total retirement savings? So say if I save up 3.2 million by the time I'm 55 then I couldn't receive anymore benefits? I think that number is way too low. So that I have a problem with, but I don't have a problem with the idea of capping tax shelters.
 
The benefits to later would be if your income is lower later in life.

Either way, Im sure the middle class will be the one thats ****ed.
 
gilesfan said:
The benefits to later would be if your income is lower later in life.

Either way, Im sure the middle class will be the one thats ****ed.
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Yes, I'm worried about being double taxed also. Someone in the middle class or even lower class who saved for retirement becomes a top 10 percenter at retirement, relative to other retirees, and thus should be taxed double since they have more than others. I can see some liberals telling us that it's only fair to help those who have less money.

But if people know about caps ahead of time then I have no problem with it. Double taxation and total cap lowering are my concerns. I'm ok with changing the rules of the game before you play, but not right in the middle of the game.
 
weso1 said:
Yes, I'm worried about being double taxed also. Someone in the middle class or even lower class who saved for retirement becomes a top 10 percenter at retirement, relative to other retirees, and thus should be taxed double since they have more than others. I can see some liberals telling us that it's only fair to help those who have less money.

But if people know about caps ahead of time then I have no problem with it. Double taxation and total cap lowering are my concerns. I'm ok with changing the rules of the game before you play, but not right in the middle of the game.
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Yeah, that's my big gripe is changing the rules. Grandfathering people in makes more sense. Double taxation I'm sure is what they will do. It's already done on estates.
 
thethe said:
Athletes is a completely different situations. They don't provide anything to me that improves my life. These other CEO's and owners of companies provide me with services and investment opportunities that does in fact improve my life. I think for that in addition to the gross dollars that are paid by them is justification for this lower percentage. Sure, it could be a little higher if we was to have some semblance of equity.

My big beef with the world is that its run by the super wealthy. But these types of changes in the tax code end up hurting others much more. I'd like to believe that at some point in my life I will be upper middle class. I worked hard and got my CPA and I will be getting my MBA within the next couple of years. I've put in countless hours slaving for a public accounting firm which will open up doors into private accounting that will yield the benefits I'm looking for. I should not be penalzied for my success.
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Does anyone think that if Zito or any of his ilk were given a CEO job of a big company, they'd say 'no I don't want that much salary' 'that's to much' 'I don't want any stock or stock options'

They'd take every penny they would get...
 
gilesfan said:
Yeah, that's my big gripe is changing the rules. Grandfathering people in makes more sense. Double taxation I'm sure is what they will do. It's already done on estates.
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The estate tax exemption is what, 5 mil?

I get your larger point, but you didn't pick a really relatable example ;-)
 
sturg33 said:
I obviously know (or hope) you're kidding. But the joke is a clever way to avoid the question. Does the government have more of a right to Hilton's money than Paris?
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Does your humor impairment qualify you for handicapped parking?

Back to the land of seriousness. Here are several links in the same vein:

Link #1: http://www.cbpp.org/files/estatetaxmyths.pdf

Link #2: http://www.stltoday.com/lifestyles/...cle_d3229fea-3ea5-11e0-be84-0017a4a78c22.html

Link #3: http://www.halfsigma.com/2006/06/why_we_should_k.html

We're just not going to agree on this one, so I'm just dropping it. You cling to this black-and-white view of the world and the problem is it's all shades of gray. gilesfan was complaining earlier about how the middle class gets screwed. Well, eliminate the estate tax and they'll get screwed again. Robert Skildesky has written a great book "How Much is Enough?" We need to ask that question more. I'm not out to soak the rich, but this notion that their wealth is somehow the result solely of their hard work and any referencing of that wealth without their consent is somehow petty jealousy borders on the ridiculous. People pay taxes. Paraphrasing Oliver Wendell Holmes, Jr., taxes are the price we pay for a civilized society. The estate tax is just another vehicle to achieve some balance in the system. I could live with getting rid of it, but in return, the marginal rates would have to be hiked to raise the same level of revenue. I get the argument that let's raise less revenue and cut the budget and I'm on board with some of that as well, but the equation has to balance.
 
50PoundHead said:
Does your humor impairment qualify you for handicapped parking?

Back to the land of seriousness. Here are several links in the same vein:

Link #1: http://www.cbpp.org/files/estatetaxmyths.pdf

Link #2: http://www.stltoday.com/lifestyles/...cle_d3229fea-3ea5-11e0-be84-0017a4a78c22.html

Link #3: http://www.halfsigma.com/2006/06/why_we_should_k.html

We're just not going to agree on this one, so I'm just dropping it. You cling to this black-and-white view of the world and the problem is it's all shades of gray. gilesfan was complaining earlier about how the middle class gets screwed. Well, eliminate the estate tax and they'll get screwed again. Robert Skildesky has written a great book "How Much is Enough?" We need to ask that question more. I'm not out to soak the rich, but this notion that their wealth is somehow the result solely of their hard work and any referencing of that wealth without their consent is somehow petty jealousy borders on the ridiculous. People pay taxes. Paraphrasing Oliver Wendell Holmes, Jr., taxes are the price we pay for a civilized society. The estate tax is just another vehicle to achieve some balance in the system. I could live with getting rid of it, but in return, the marginal rates would have to be hiked to raise the same level of revenue. I get the argument that let's raise less revenue and cut the budget and I'm on board with some of that as well, but the equation has to balance.
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So you're cool with double taxes, then?
 
The problem with the estate tax is that it is double taxation. I agree with Strugg, what is the reasoning for being able to tax twice?

I don't buy the argument that the reason to keep it is bc U.S. tax laws force people to donate to charities. "hey lets get the screwed up estate tax bc it forces people to give their money away!"
 
sturg33 said:
You didn't answer what I asked. I asked if you're cool with double taxation? Do you think that's right?
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This is where you need to read between the lines and stop being so obtuse. Clearly he doesn't despise double taxation the way you do, and what he's said so far and the arguments he's making ESTABLISHES THAT. But you always just harp on one question instead of addressing what he said, like it somehow proves your point. A well-thought out argument makes a point, not regurgitating a question that has been answered in an un-black and white way, but you seem to only think in black and white. At times.
 
I'm fine with ditching the estate tax on non-cash inheritance. Land house stock etc. You pay taxes on when you try to redeem or when you inherit anyway.
 
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