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re: Many posters here are saying they'll come after our 401K
Posted on 1/20/21 at 10:01 pm to Drizzt
Posted on 1/20/21 at 10:01 pm to Drizzt
quote:
The most common thought is they’ll tax 401k’s over a certain amount, probably to bail out state pension programs.
and then tax it again when you draw on it for retirement
0
Posted on 1/20/21 at 10:02 pm to marchballer
quote:
Not happening. It will happen one day but we need to go through a major fiscal crisis before someone risks floating the idea.
Like, say a pandemic? Like that type of fiscal crisis?
Posted on 1/20/21 at 10:05 pm to SDVTiger
quote:
No one on this board has enough to qualify for that wealth tax
This is extremely unlikely.
Posted on 1/20/21 at 10:06 pm to newmexicotiger
If posters are saying it, it must be true.
Posted on 1/20/21 at 10:24 pm to fwtex
quote:
On top of that they will either tax the withdrawals from investment accounts at a higher rate OR reduce your Social Security if you are also taking 401k withdrawals.
tax the withdrawals from investment accounts at a higher rate = Capital in financial markets come from the public to fund business growth, create jobs, build a tax base, etc. that's why Capital Gains rates are lower, generally speaking, than personal tax rates. If the Gov't raises the Capital Gains rate, that will reduce public capital entering the financial markets and will be under-funded and no risk/reward incentive to invest your money in the broad market. Capital will dry up. Gov't will not raise the Capital Gains rate unless the Personal Rates are raised too. Capital Gains rates will consistently be lower for the reasons above.
reduce your Social Security if you are also taking 401k withdrawals. = This already happens. If you will reach full retirement age in 2021, you can earn up to $4,210 per month without losing any of your benefits, up until the month you turn 66. But for every $3 you earn over that amount in any month, you will lose $1 in Social Security benefits. Conceivably, you can earn income to a point where you will receive exactly ZERO dollars of Social Security. So, if you hear about or read about "Means Testing" is coming...that's BS, it's already here.
Posted on 1/20/21 at 10:25 pm to newmexicotiger
quote:
Please explain in what way, shape and form this happens?
Communism.
The government owns your wealth and your labor. It's not that hard to imagine, it's happened dozens of times in the last ~100 years.
You think your shite is safe because it's digital? That makes it easier to take/freeze.
Posted on 1/20/21 at 10:30 pm to Azkiger
quote:
Communism.
The government owns your wealth and your labor. It's not that hard to imagine, it's happened dozens of times in the last ~100 years.
You think your shite is safe because it's digital? That makes it easier to take/freeze.
You think your shite is safe because it's digital? That makes it easier to take/freeze....and, your account can be frozen by, Gov't, banks, or a legal action, cutting you off from your digital currency. To add, with all this control over "your" finances - your credit score will be impacted by "their" control. As soon as cash goes away as a currency - it's over. You cannot exist in society without money unless you plan to barter for EVERYTHING.
Posted on 1/20/21 at 10:34 pm to newmexicotiger
quote:
Many posters here are saying they'll come after our 401K
the dims have had their eyes on 401ks since 2010. This is part of their plan. Some people do not have a 401k [plan, so it is not fair that you have one and they do not. The dims do not look at this as a benefit you have chosen to invest. The dims will claim people with 401ks are the rich and a portion of it must be equally distributed to all of the population. Dims in charge of anything is a bad idea.
Posted on 1/20/21 at 10:36 pm to obdobd918
Real estate homies. Put money in property and work on the 401K later.
Posted on 1/20/21 at 10:36 pm to upgrayedd
Not really
Posted on 1/20/21 at 10:39 pm to SDVTiger
quote:
Not really
Yes, you did.
If they're talking about taxing wealth or assets, 401k's will eventually fall in that category. It has nothing to do with how much you make. The fact that you have it will eventually be enough reason to tax it.
Posted on 1/20/21 at 10:42 pm to marchballer
quote:
Not happening.
quote:
It will happen one day
Whether it’s next week or in 10 years that is their goal.
Posted on 1/20/21 at 10:44 pm to upgrayedd
quote:
If they're talking about taxing wealth or assets, 401k's will eventually fall in that category. It has nothing to do with how much you make. The fact that you have it will eventually be enough reason to tax it.
I'm sure them taxing your 10k 401k will be devastating if it ever happened which it wont cause it's a waste of their time
Posted on 1/20/21 at 10:49 pm to newmexicotiger
401k did very well under Obama’s 8 years. Y’all’s did too.
Posted on 1/20/21 at 10:51 pm to JudgeHolden
quote:
Didn’t Q explain all this already?
quote:
JudgeHolden
Tsk tsk, Judge. I was so moved by your unity prayer speech earlier. I’m truly shocked at you being here stoking the flames. Troll on.
Posted on 1/20/21 at 10:58 pm to Celery
quote:
401k did very well under Obama’s 8 years. Y’all’s did too.
What’s that got to do with the fact they are gonna tax it going in and coming out?
Posted on 1/20/21 at 11:00 pm to newmexicotiger
I’m truly debating on taking my lick and withdrawing at least one of mine! I hate to do it but i see the stock market plummeting in the near future. I’d rather take my cut and pay something off than lose it... the way it’s going I’ll never be able to retire any damn way
Posted on 1/20/21 at 11:03 pm to SwampBandit
quote:
I’m truly debating on taking my lick and withdrawing at least one of mine! I hate to do it but i see the stock market plummeting in the near future. I’d rather take my cut and pay something off than lose it... the way it’s going I’ll never be able to retire any damn way
Stock market gonna keep soaring as long as rates are virtually zero and govt is handing out cash and printing as fast as they can. Don’t do it.
Posted on 1/20/21 at 11:03 pm to Dawgfanman
They already tax it coming out. If they tax it going in, people just won’t put it in. I’ll just put after tax dollars into savings or mutual funds (where I’m only taxed on capital gains).
Literally this is what everyone will do, so they don’t increase tax revenue. They just change when they get that revenue. That’s a dumb plan.
Literally this is what everyone will do, so they don’t increase tax revenue. They just change when they get that revenue. That’s a dumb plan.
This post was edited on 1/20/21 at 11:04 pm
Posted on 1/20/21 at 11:11 pm to Dr E Coli
quote:
reduce your Social Security if you are also taking 401k withdrawals. = This already happens. If you will reach full retirement age in 2021, you can earn up to $4,210 per month without losing any of your benefits, up until the month you turn 66. But for every $3 you earn over that amount in any month, you will lose $1 in Social Security benefits. Conceivably, you can earn income to a point where you will receive exactly ZERO dollars of Social Security. So, if you hear about or read about "Means Testing" is coming...that's BS, it's already here.
That is incorrect. 401K withdrawals are not earned income and do not impact Social Security benefits. What you are referring to is if someone still has a job.
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