May 6, 2009
Will there be future political turmoil over taxing retirement savings plans?
kevin s asked:
Many of us are contributing to 401k and other retirement plans and some of us are contributing a larger % of our gross pay than others. Some are contributing little or nothing.
Will the day come when those that did not use their offered plans to save look at those that are comfortably retired and say ( That’s not fair ! ) . And then demand that congress and the president impose major taxes on those that have saved so those that didn’t can reap their share of redistribution of wealth.
And will the political parties be split along those lines.
Does anybody else see this coming?
Fiona
Many of us are contributing to 401k and other retirement plans and some of us are contributing a larger % of our gross pay than others. Some are contributing little or nothing.
Will the day come when those that did not use their offered plans to save look at those that are comfortably retired and say ( That’s not fair ! ) . And then demand that congress and the president impose major taxes on those that have saved so those that didn’t can reap their share of redistribution of wealth.
And will the political parties be split along those lines.
Does anybody else see this coming?
Fiona
Comments on Will there be future political turmoil over taxing retirement savings plans?
Reid
bush is taxing your grandchildren.
Jada
I do worry about just how far these people plan to take this crap. I am almost ready to stop using banks…it may be worth losing the interest so I can keep the principle.
Alaina
Republicans are chomping at the bit to tax those who have put money away for retirement.
They call it the “Fair tax” or “National Sales Tax”.
Under the republican plan, those who puy money away in retirement plans and savings accounts will be taxed through the nose when they try to spend it.
P.S. jerryfromga: It is the republicans who are trying to rob the folks who have been saving. Their National Sales Tax is a massive retroactive tax on people who have already paid income taxes on their earnings. Your plan will tax them again when they try to spend what they’ve saved.
Quinn
Hmm, depends what comfortable retired means in 10, 20 or 40 years. You would need about 5 million in your 401 k to retire today with some comfort. I doubt very much that more then 5 % in the USA have that.
Trent
not really… as long as social security is re-stabilized…
many are making 20,000 a year or less… it’s kind of hard for them to save…
Yuridia
As the dollar falls and the tax rates go up to pay down the interest on the debt of the Bush deficit, you may not be comfortably retired after all.
Most likely, wages will rise, and taxes will rise. your assetts in the 401 may decline in value and be taxed at a higher rate in the future than now.
The real battle will be between the senior citizens (retired baby boomers) and the working class.
Mya
If you invested in some of them now, they are tax defered and that is golden. Better invest now, before the democrats punish you for saving. I find it sick that the democrats want to punish people for saving there money.