login
Obama's wants to cap tax credits on IRAs (Page 5)
-
No new posts
|
 2013-04-15 7:30 PM in reply to: #4701703 |
Pro  9391     Omaha, NE |  Subject: RE: Obama's wants to cap tax credits on IRAsChineseDemocracy - 2013-04-15 7:14 PM cardenas1 - 2013-04-15 6:05 PM This point has been made in earlier posts but worth mentioning again... Obama stated that $3mm is enough for anyone to retire. This is the President of the US stating that there is a limit to one's success/wealth. I am not one to be flirting with the problem of having too much in my IRA, but I am irate just the same. Nobody and I mean nobody has the right to tell anyone they have made enough let alone pick an arbitrary # as to what that might be. There is such an evil divide in this Country on socialistic views like this and I will likely die before/if that trends turns around. I never thought that we would have a leader who so deeply divided a Country. I need a thicker mattress.... I bolded that one line above. If only we could return to the golden era of '01 to '09 when there was no division and everyone got along so well. I know, right... lol |
| 2013-04-15 7:35 PM in reply to: #4701717 |
Pro 9391 Omaha, NE | Subject: RE: Obama's wants to cap tax credits on IRAs ChineseDemocracy - 2013-04-15 7:29 PM cardenas1 - 2013-04-15 7:20 PM Thank you.... Saved me a bit of cut and paste time. Listen, I wish it wasn't true. I wish that it was a misquote etc. But he is on the record more than once stating these beliefs. Sadly, which was my point, a rising population in this Country KNOW what he is saying and agree 100%. Just read over the weekend (will search for link dont worry) that 42% of Amercians beleive socialism is better than capitalism. Scary how we learn nothing from history or rather soon forget it. Please, this sounds like manufactured outrage to me. Perhaps you could re-state what the administration said with a bigger emphasis on the word "tax-preferred?" There would be a limit on tax-preferred accounts. Nobody is taking your money. They are basically saying if you've got $3 million in tax-preferred accounts, that's enough. You can have the rest in accounts that aren't getting such a nice deal from the government. I think we can agree to disagree on this issue. btw, I do not believe 42% of Americans prefer socialism to capitalism. I will say a majority of Americans believe in capitalism with common-sense limits. Ya know, those pesky limits that help prevent us: from having too much wealth accrete to the top, from having the middle class deteriorate, and from decreasing the odds of upward mobility for the poor. The true irony I find is that I feel the progressive tax policies are the biggest detriment to upward mobility and the middle class deterioration. As a fiscal conservative, I feel very strongly that putting more money into the hands of job creators is what fuels our economy. With higher and higher tax rates on the rich, it continues to provide fewer and fewer jobs to the poor and middle class. You know I love you CD, so I just find it interesting that two educated people like us can come to such different conclusions on stuff like this. Who knows, maybe the truth is somewhere in the middle and we're both right. lol |
| 2013-04-15 7:45 PM in reply to: #4701573 |
Expert 960 Highlands Ranch, CO | Subject: RE: Obama's wants to cap tax credits on IRAs tuwood - 2013-04-15 4:33 PM sbreaux - 2013-04-15 5:09 PM cardenas1 - 2013-04-15 4:05 PM This point has been made in earlier posts but worth mentioning again... Obama stated that $3mm is enough for anyone to retire. This is the President of the US stating that there is a limit to one's success/wealth. I am not one to be flirting with the problem of having too much in my IRA, but I am irate just the same. Nobody and I mean nobody has the right to tell anyone they have made enough let alone pick an arbitrary # as to what that might be. There is such an evil divide in this Country on socialistic views like this and I will likely die before/if that trends turns around. I never thought that we would have a leader who so deeply divided a Country. I need a thicker mattress.... Could you please point to the article where the President is quoted saying that statement? “Prohibit Individuals from Accumulating over $3 Million in Tax-Preferred Retirement Accounts. Individual Retirement Accounts and other tax-preferred savings vehicles are intended to help middle class families save for retirement. But 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 Budget would limit an individual’s total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million for someone retiring in 2013. This proposal would raise $9 billion over 10 years.” http://www.whitehouse.gov/sites/default/files/omb/budget/fy2014/assets/budget.pdf We can play bold the quote all night long. |
| 2013-04-15 7:45 PM in reply to: #4701573 |
Expert 960 Highlands Ranch, CO | Subject: RE: Obama's wants to cap tax credits on IRAs tuwood - 2013-04-15 4:33 PM sbreaux - 2013-04-15 5:09 PM cardenas1 - 2013-04-15 4:05 PM This point has been made in earlier posts but worth mentioning again... Obama stated that $3mm is enough for anyone to retire. This is the President of the US stating that there is a limit to one's success/wealth. I am not one to be flirting with the problem of having too much in my IRA, but I am irate just the same. Nobody and I mean nobody has the right to tell anyone they have made enough let alone pick an arbitrary # as to what that might be. There is such an evil divide in this Country on socialistic views like this and I will likely die before/if that trends turns around. I never thought that we would have a leader who so deeply divided a Country. I need a thicker mattress.... Could you please point to the article where the President is quoted saying that statement? “Prohibit Individuals from Accumulating over $3 Million in Tax-Preferred Retirement Accounts. Individual Retirement Accounts and other tax-preferred savings vehicles are intended to help middle class families save for retirement. But 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 Budget would limit an individual’s total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million for someone retiring in 2013. This proposal would raise $9 billion over 10 years.” http://www.whitehouse.gov/sites/default/files/omb/budget/fy2014/assets/budget.pdf We can play bold the quote all night long. |
| 2013-04-15 7:45 PM in reply to: #4701725 |
Elite 4564 Boise | Subject: RE: Obama's wants to cap tax credits on IRAs tuwood - 2013-04-15 6:35 PM ChineseDemocracy - 2013-04-15 7:29 PM cardenas1 - 2013-04-15 7:20 PM Thank you.... Saved me a bit of cut and paste time. Listen, I wish it wasn't true. I wish that it was a misquote etc. But he is on the record more than once stating these beliefs. Sadly, which was my point, a rising population in this Country KNOW what he is saying and agree 100%. Just read over the weekend (will search for link dont worry) that 42% of Amercians beleive socialism is better than capitalism. Scary how we learn nothing from history or rather soon forget it. Please, this sounds like manufactured outrage to me. Perhaps you could re-state what the administration said with a bigger emphasis on the word "tax-preferred?" There would be a limit on tax-preferred accounts. Nobody is taking your money. They are basically saying if you've got $3 million in tax-preferred accounts, that's enough. You can have the rest in accounts that aren't getting such a nice deal from the government. I think we can agree to disagree on this issue. btw, I do not believe 42% of Americans prefer socialism to capitalism. I will say a majority of Americans believe in capitalism with common-sense limits. Ya know, those pesky limits that help prevent us: from having too much wealth accrete to the top, from having the middle class deteriorate, and from decreasing the odds of upward mobility for the poor. The true irony I find is that I feel the progressive tax policies are the biggest detriment to upward mobility and the middle class deterioration.
It's actually been shown that a person making something really low like 15k, suffers a marginal tax rate of 80%(going off my memory here) because of all of the benefits they lose when their income increases. As a fiscal conservative, I feel very strongly that putting more money into the hands of job creators is what fuels our economy. With higher and higher tax rates on the rich, it continues to provide fewer and fewer jobs to the poor and middle class. If you look at the numbers there is more money in the hands of the rich than at any time in recent memory. I saw an article the other day that said corporate profits as a % of GDP are at an all time high while labor's % of GDP is at an all time low. I just don't think so called job creators are creating job in our country anymore. There will always be small business' (I believe you own one right?) that employ local people but with all of the technology we have now, there is no need to hire Americans for a lot of the jobs we've done historically. |
| 2013-04-15 8:15 PM in reply to: #4701738 |
Pro 9391 Omaha, NE | Subject: RE: Obama's wants to cap tax credits on IRAs sbreaux - 2013-04-15 7:45 PM tuwood - 2013-04-15 4:33 PM sbreaux - 2013-04-15 5:09 PM cardenas1 - 2013-04-15 4:05 PM This point has been made in earlier posts but worth mentioning again... Obama stated that $3mm is enough for anyone to retire. This is the President of the US stating that there is a limit to one's success/wealth. I am not one to be flirting with the problem of having too much in my IRA, but I am irate just the same. Nobody and I mean nobody has the right to tell anyone they have made enough let alone pick an arbitrary # as to what that might be. There is such an evil divide in this Country on socialistic views like this and I will likely die before/if that trends turns around. I never thought that we would have a leader who so deeply divided a Country. I need a thicker mattress.... Could you please point to the article where the President is quoted saying that statement? “Prohibit Individuals from Accumulating over $3 Million in Tax-Preferred Retirement Accounts. Individual Retirement Accounts and other tax-preferred savings vehicles are intended to help middle class families save for retirement. But 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 Budget would limit an individual’s total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million for someone retiring in 2013. This proposal would raise $9 billion over 10 years.” http://www.whitehouse.gov/sites/default/files/omb/budget/fy2014/assets/budget.pdf We can play bold the quote all night long. Hey, you asked so I just listed where he said it. |
| 2013-04-15 8:19 PM in reply to: #4701772 |
Expert 960 Highlands Ranch, CO | Subject: RE: Obama's wants to cap tax credits on IRAs tuwood - 2013-04-15 7:15 PM sbreaux - 2013-04-15 7:45 PM tuwood - 2013-04-15 4:33 PM sbreaux - 2013-04-15 5:09 PM cardenas1 - 2013-04-15 4:05 PM This point has been made in earlier posts but worth mentioning again... Obama stated that $3mm is enough for anyone to retire. This is the President of the US stating that there is a limit to one's success/wealth. I am not one to be flirting with the problem of having too much in my IRA, but I am irate just the same. Nobody and I mean nobody has the right to tell anyone they have made enough let alone pick an arbitrary # as to what that might be. There is such an evil divide in this Country on socialistic views like this and I will likely die before/if that trends turns around. I never thought that we would have a leader who so deeply divided a Country. I need a thicker mattress.... Could you please point to the article where the President is quoted saying that statement? “Prohibit Individuals from Accumulating over $3 Million in Tax-Preferred Retirement Accounts. Individual Retirement Accounts and other tax-preferred savings vehicles are intended to help middle class families save for retirement. But 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 Budget would limit an individual’s total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million for someone retiring in 2013. This proposal would raise $9 billion over 10 years.” http://www.whitehouse.gov/sites/default/files/omb/budget/fy2014/assets/budget.pdf We can play bold the quote all night long. Hey, you asked so I just listed where he said it.
I hear ya. But technically speaking, this quote is coming from the OMB, not out of Obama's mouth. I can predict what your response will be to that, so no need to respond. |
| 2013-04-16 10:20 AM in reply to: #4701717 |
Master 1795 Boynton Beach, FL | Subject: RE: Obama's wants to cap tax credits on IRAs My main point was on the underlying tones of WHY the issue of tax prefereds came up in the first place. The target was chosen to secure additional tax revenue. I dont think that part is argued. The reason IRA's were targeted was my concern. The group is looked at making/saving too much and they already have more than enough to retire states the President as previously pointed out. To me, its simply posturing at its best. They know that folks will simply reinvest elsewhere as they have done corporately for years due to high corp tax rate. So the net gain in tax revenue will be meaningless in big picture. What it shows in this administrations eyes is that redistribution of wealth is central theme and hence where my socialistic comments came from. And the # of folks under 30 who prefer socialism over capitalism is actually higher than the 42% figure I mentioned earlier. That is just the # overall. |
|
|
|
|
View profile
Add to friends
Go to training log
Go to race log
Send a message
View album
CONNECT WITH FACEBOOK