O's wealth limiting plan
 

Romney

having 3 million in a retirement plan after working 40 years is NOT a big number if you consider compounding. what is he thinking?

No one ever said that living in the land of the free would be free.

He's thinking that they didn't earn it on their own. He's thinking that they don't really need that money. He's thinking that he'll be able to claim that he generated revenue from the rich. He's thinking that he knows how to spend it better than you. He's thinking that he'd like to have it more than you. He's thinking that he needs it to better pay for his family vacations. He's thinking he really needs a new set of golf clubs. He's thinking about other ways to take money from those that worked for it, and give it to those that won't.

In essence...He's thinking he knows more than you.

The author of the article obviously isn't very sophicsticated financially. $205K/year withdrawal rate from a $3M account is not sustainable, many if not the majority of retirees would exhaust their life savings before running out of life... An annuity paying that amount - I don't think so.

If they're going to tax IRAs it would be fair to tax defined benefit pension plans as well, after all they are really the same thing.

Maybe he's thinking the very rich should pay at the same rate as his secretary as a starting point.

IRA withdrawals are taxed as ordinary income, so that is in fact current law. What is being proposed here is to disadvantage those who have to fund their own retirement as opposed to those who participate in a defined benefit pension plan.

Hell, Cypress led the way. Just take 10% of everything and damn the whining bastards and their retirement. They'll die soon anyway.

Yup...I'm just waiting for him to propose ending any and all inheritances, and demanding that everything be turned over to the government the moment the person's heart stops beating.

Don't hold your breath.

I just can't get excited over this.

I can remember when the short term Capital Gains tax was 50%. That didn't stop anyone from looking for short term Capital Gains.

During the 50's a Congressman explained to me that in order to tax the poor you must first tax the rich. After the rich have screamed enough for everyone to hear then you start taxing the poor. The Poor don't mind because they know they are paying less %wise than the Rich.

And then you find a way to give it all back to the Rich with new tax breaks or contracts. In the end the masses wind up paying all the taxes.

Conservatives whine about how terrible it is to tax the top 2% because of them being job creators, the amount of money that would be raised from them is too small to do anything with or whatever, but this only shows that they don't fully understand how this taxing the people thing works in the real world.

Back then the highest tax rate was something like 92%. This was the law, but it was also the theory because I don't know that there was a single instance of anyone that ever paid this rate.

It's all just a game, but today it is stoked by radio talk shows and television talkers. After all, when you have 24 hours of air time to fill you have to come up with something, and if a phony story will get viewers then run the phony story.

Follow the money. It will always lead you to the truth.

No one ever asked that it should be so, except red indians. It didn't work out for them.

By design, the national income tax is inherently biased against wealth creation and accumulation. It rewards dependency on government.

Follow the money to find out who benefits from that system.

It all started going down hill when the white man showed up and wanted to start paying for everything:cool:.

Ya'll must have forgot about Obamacare is going to factor in:rolleyes:.

Governments are broke and looking to find anyone with money to take it from to keep the party going. They have to keep the poor people on the dole to keep the votes.

Which is why their is such an active international industry in hiding money.

The Caymen Islands are always good, Switzerland is played out. Hong Kong is the new place to park money.

So lessee, the plan would limit people on the amount of money they could set aside tax free to $3 million? They can still save money for their retirement. It's not like their net worth will be capped at $3 million.