Billionaires and Roth IRAs: the case for tax reform

#77
#77
Orangeburst said:
They never account for envy when they talk about greed on the other side.
Click to expand...

Im not going to assume that greed is a motivating factor. This mindset that people who are hiding money from the government is considered greedy, Is just stupid. If I was a billionaire I will do everything in my power to hide money from the government.
 
#78
#78
lawgator1 said:
No.

A 50 year old who puts in 2k one time and in 5 years has 300 million, tax free, somethings up.
Click to expand...

No, a guy that was 31 at the time put the ownership shares of a company he cofounded a couple months earlier into a Roth IRA. The Company worked with Elon Musk, got bought out by Ebay, he later invested some of those proceeds into FB ($1T market cap), PLTR ($50B market cap) and PYPL was spun off ($325B market cap).

This case is a unicorn and you know it.
 
  • Like
Reactions: Carl Pickens, NEO, LouderVol and 3 others
#79
#79
SpaceCoastVol said:
Oh Hell naw. This sounds exactly like the AMT. No. Putting a hard number eventually gets more and more people as inflation happens. Just no. Yours is a horrible idea.
Click to expand...
Sorry you don’t like it…..how would you address the issue as started by the op?
 
#81
#81
BigOrangeMojo said:
$1MM isn't that much for those that are competent investors and put in the maximum each year from 20-65.
Click to expand...
I just threw that number out as a point of discussion. My suggestion wasn’t to tax the excess ROTH monies, only to distribute them to the owner who can the choose to spend or invest the money in traditional accounts that aren’t tax free. Uncle Bernie and Uncle Joe don’t grab your ROTH appreciation.

Again, the question is should there be any upper limits on the amount allowed in a ROTH. I’m currently in the process of converting 401K monies into ROTH accounts so personally I hope they would make the number pretty high as it’s nice to not have RMD’s to account for.
 
#84
#84
walkenvol said:
I just threw that number out as a point of discussion. My suggestion wasn’t to tax the excess ROTH monies, only to distribute them to the owner who can the choose to spend or invest the money in traditional accounts that aren’t tax free. Uncle Bernie and Uncle Joe don’t grab your ROTH appreciation.

Again, the question is should there be any upper limits on the amount allowed in a ROTH. I’m currently in the process of converting 401K monies into ROTH accounts so personally I hope they would make the number pretty high as it’s nice to not have RMD’s to account for.
Click to expand...
There are too many limits as it is. Why does my income preclude me from putting my entire paycheck if I want to into my ROTH? Why do I have to go thru this convoluted backdoor in order to put ANY in there? If you pay the taxes on the money, you should be able to put it ALL into a ROTH.

You know the reason... because "I didn't earn that".

****ing government
 
  • Like
Reactions: csmize and LouderVol
#85
#85
lawgator1 said:
https://www.propublica.org/article/...s-into-a-5-billion-dollar-tax-free-piggy-bank


This should make every American very angry. This is exactly what's wrong with our tax system. I am of the opinion it should no longer be run by Congress. As long as they themselves get insider deals, and as long as they are dependent on the generosity of those that do, the Congress cannot be trusted with the power to make the rules on taxation.

I'm open to alternatives. A constitutional amendment to tax all income, regardless of source, at a flat 10 %? No exemptions, deductions, no tricks or dodges. Or how about a pro rata share of the country's bills every year, plus a 30 year plan to pay off the debt, based on income? Would force Congress to be careful in its spending because taxes rise or fall every year based on what they outlay.

Bottom line is that the tax system is currently manipulated by those with enormous wealth so as to concentrate wealth even further and it needs to end.
Click to expand...
So, you want to get into people’s financial business?? America is for you to make what you will. Financial freedom and income is “skies the limit” that’s why we live in freedom.
 
#86
#86
Where is my fourth stimulus check, and my one 1,000 dollars reoccurring one year stimulus checks that the democlaps promised.😂😂🥶
 
#87
#87
utvolpj said:
By all means we should target the retirement accounts of so many working people over the actions of a few. This is just the first attempt at trying to make it palatable
Click to expand...
There is only about $40 Trillion out there in retirement accounts. I’m sure they’re salivating at the thought of it.
 
#89
#89
Orange defense said:
Where is my fourth stimulus check, and my one 1,000 dollars reoccurring one year stimulus checks that the democlaps promised.😂😂🥶
Click to expand...

If you spelled your address like some of the other words you misspelled, it's likely in the wrong town.
 
#93
#93
lawgator1 said:
https://www.propublica.org/article/...s-into-a-5-billion-dollar-tax-free-piggy-bank


This should make every American very angry. This is exactly what's wrong with our tax system. I am of the opinion it should no longer be run by Congress. As long as they themselves get insider deals, and as long as they are dependent on the generosity of those that do, the Congress cannot be trusted with the power to make the rules on taxation.

I'm open to alternatives. A constitutional amendment to tax all income, regardless of source, at a flat 10 %? No exemptions, deductions, no tricks or dodges. Or how about a pro rata share of the country's bills every year, plus a 30 year plan to pay off the debt, based on income? Would force Congress to be careful in its spending because taxes rise or fall every year based on what they outlay.

Bottom line is that the tax system is currently manipulated by those with enormous wealth so as to concentrate wealth even further and it needs to end.
Click to expand...
This is not a common occurrence. Did Thiel do anything illegal? No. Why not aim your anger at a government that can't seem to get enough revenue. Federal tax receipts increased 40% from 2013 to 2020. Yet, politicians want even more so they can increase and concentrate their power. Because billionaires spend extravagantly, it fuels the economy. Who builds their planes, mansions and yachts? It's why so many millionaires have been created among the middle class over the last 10 years. The millionaires and billionaires are doing far more to create wealth among the middle class than the government ever has. Tax them significantly more than other countries and they'll move to the other countries and you lose the benefits of their extravagant spending.
 
#95
#95
McDad said:
Absolutely not. What good comes from taxing money above a preset amount or capping growth in any investment instrument?
Click to expand...
I believe the topic being discussed is should the money be returned to being tax eligible once an excessive amount has been accumulated. Uncle Sam can’t continue these crazy yearly budget deficits so a combination of less spending and more revenue is inevitable. I’d prefer they just reduce spending but we all know that alone won’t be enough. Where’s the best place to get the extra revenue?
 
#96
#96
walkenvol said:
I believe the topic being discussed is should the money be returned to being tax eligible once an excessive amount has been accumulated. Uncle Sam can’t continue these crazy yearly budget deficits so a combination of less spending and more revenue is inevitable. I’d prefer they just reduce spending but we all know that alone won’t be enough. Where’s the best place to get the extra revenue?
Click to expand...

From people that don’t pay anything.
 
#99
#99
walkenvol said:
I believe the topic being discussed is should the money be returned to being tax eligible once an excessive amount has been accumulated. Uncle Sam can’t continue these crazy yearly budget deficits so a combination of less spending and more revenue is inevitable. I’d prefer they just reduce spending but we all know that alone won’t be enough. Where’s the best place to get the extra revenue?
Click to expand...
There exists no money generator large enough to satiate Uncle Sam's handlers. You want revenue and spending to balance? The only way to achieve that is to pass a constitutional amendment forbidding all Reps, Senators, and Presidents from seeking re election if they oversaw a deficit.
To answer your question specifically, revenue increases with GDP.
 
  • Like
Reactions: tntar heel and walkenvol
New posts
You must log in or register to reply here.

VN Store



Back
Top