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401k (spin off) #3015333
01/16/20 10:58 AM
01/16/20 10:58 AM
Joined: Dec 2002
Posts: 11,308
Kennedy, al
G
globe Offline OP
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globe  Offline OP
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Posts: 11,308
Kennedy, al
How likely is it that our 401k savings gets taxed once the 47%ers get in charge? That would just about be my breaking point where I’d want to hurt somebody.


Everything woke turns to shucks
Re: 401k (spin off) [Re: globe] #3015336
01/16/20 11:01 AM
01/16/20 11:01 AM
Joined: Nov 2011
Posts: 21,751
USA
R
Remington270 Offline
Freak of Nature
Remington270  Offline
Freak of Nature
R
Joined: Nov 2011
Posts: 21,751
USA
100% chance. If you think that they'll let a multi-trillion dollar pot of money just sit there fat and happy, please pass me a sip of what you're having.

It's a certainty.

Re: 401k (spin off) [Re: globe] #3015339
01/16/20 11:04 AM
01/16/20 11:04 AM
Joined: Nov 2015
Posts: 14,049
Chilton County
M
MarksOutdoors Offline
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MarksOutdoors  Offline
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M
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Chilton County
I'm pretty certain of it. Anyone who is in a position to have "extra money" that they don't readily have to use
will be considered, "the wealthy". They already have it where folks that rent don't have to fund the schools.


"The true soldier fights not because he hates what is in front of him, but because he loves what is behind him."
-G. K. Chesterton
Re: 401k (spin off) [Re: globe] #3015363
01/16/20 11:18 AM
01/16/20 11:18 AM
Joined: Nov 2015
Posts: 21,443
HSV AL
jmudler Offline
Freak of Nature
jmudler  Offline
Freak of Nature
Joined: Nov 2015
Posts: 21,443
HSV AL
Democrats - What is mine is mine, what is yours is mine.


Isaiah 5:20 Woe to those who call evil good and good evil, who put darkness for light and light for darkness, who put bitter for sweet and sweet for bitter.
Re: 401k (spin off) [Re: Remington270] #3015364
01/16/20 11:20 AM
01/16/20 11:20 AM
Joined: Nov 2008
Posts: 10,271
Alabama
W
whack-n-stack Offline
Booner
whack-n-stack  Offline
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W
Joined: Nov 2008
Posts: 10,271
Alabama
Originally Posted by Remington270
100% chance. If you think that they'll let a multi-trillion dollar pot of money just sit there fat and happy, please pass me a sip of what you're having.

It's a certainty.

Re: 401k (spin off) [Re: globe] #3015386
01/16/20 11:38 AM
01/16/20 11:38 AM
Joined: Dec 2013
Posts: 22,469
Lickskillet, AL
Irishguy Offline
a.k.a. Dingle Johnson
Irishguy  Offline
a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,469
Lickskillet, AL
Your 401k is going to get taxed. When you take out the money. That's the way it works.

Re: 401k (spin off) [Re: globe] #3015387
01/16/20 11:41 AM
01/16/20 11:41 AM
Joined: Oct 2000
Posts: 14,894
Right Behind You
W
William Offline
Booner
William  Offline
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W
Joined: Oct 2000
Posts: 14,894
Right Behind You
Originally Posted by globe
How likely is it that our 401k savings gets taxed once the 47%ers get in charge? That would just about be my breaking point where I’d want to hurt somebody.



Gets taxed? I think that'll be the least of our problems. I'm more worried about a straight confiscation a la Cyprus when the next financial crisis comes around. We are currently spending as a country like a college kid with daddy's credit card with no end in sight.


"The misery of being exploited by capitalists is nothing... compared to the misery of not being exploited at all."

Joan Robinson
Re: 401k (spin off) [Re: Irishguy] #3015389
01/16/20 11:43 AM
01/16/20 11:43 AM
Joined: Nov 2011
Posts: 21,751
USA
R
Remington270 Offline
Freak of Nature
Remington270  Offline
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Joined: Nov 2011
Posts: 21,751
USA
Originally Posted by Irishguy
Your 401k is going to get taxed. When you take out the money. That's the way it works.


Yeah, but I'm talking in addition to that. Like a surcharge, etc. They already have wealth tax in Europe. They take 2% of everything, every year in some countries. I'm talking money that's already been taxed once.

Trump has actually supported a one time levy of 14% or something like that.

Re: 401k (spin off) [Re: globe] #3015403
01/16/20 11:55 AM
01/16/20 11:55 AM
Joined: May 2015
Posts: 6,363
On the X
T
TickaTicka Offline
12 point
TickaTicka  Offline
12 point
T
Joined: May 2015
Posts: 6,363
On the X
I'm making plans to remove a bunch from investment accounts prior to this election.


Public Land Owner
Re: 401k (spin off) [Re: globe] #3015427
01/16/20 12:25 PM
01/16/20 12:25 PM
Joined: Feb 2015
Posts: 7,168
Meridianville
DryFire Offline
14 point
DryFire  Offline
14 point
Joined: Feb 2015
Posts: 7,168
Meridianville
They won't tax it. My guess is they will force you to draw down your 401k to a certain amount before you are allowed to receive SS benefits.

Re: 401k (spin off) [Re: DryFire] #3015431
01/16/20 12:31 PM
01/16/20 12:31 PM
Joined: Nov 2008
Posts: 10,271
Alabama
W
whack-n-stack Offline
Booner
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Posts: 10,271
Alabama
Originally Posted by TexasNative
They won't tax it. My guess is they will force you to draw down your 401k to a certain amount before you are allowed to receive SS benefits.


If social security hasn’t gone kaput by then

Re: 401k (spin off) [Re: whack-n-stack] #3015432
01/16/20 12:34 PM
01/16/20 12:34 PM
Joined: Nov 2011
Posts: 21,751
USA
R
Remington270 Offline
Freak of Nature
Remington270  Offline
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R
Joined: Nov 2011
Posts: 21,751
USA
Originally Posted by whack-n-stack
Originally Posted by TexasNative
They won't tax it. My guess is they will force you to draw down your 401k to a certain amount before you are allowed to receive SS benefits.


If social security hasn’t gone kaput by then


Social Security will never go kaput. Ever. They'll just limit who gets it. Got money saved? Sorry, you lose. Money giveaway programs do not disappear.

Re: 401k (spin off) [Re: DryFire] #3015442
01/16/20 12:52 PM
01/16/20 12:52 PM
Joined: Oct 2000
Posts: 14,894
Right Behind You
W
William Offline
Booner
William  Offline
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Right Behind You
Originally Posted by TexasNative
SS benefits.



If you are under the age of 50, I wouldn't factor SS into my retirement planning at all.


"The misery of being exploited by capitalists is nothing... compared to the misery of not being exploited at all."

Joan Robinson
Re: 401k (spin off) [Re: William] #3015451
01/16/20 01:04 PM
01/16/20 01:04 PM
Joined: Jun 2015
Posts: 13,971
Some Marriott/Auburn
A
AU7MM08 Offline
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A
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Posts: 13,971
Some Marriott/Auburn
Originally Posted by William
Originally Posted by TexasNative
SS benefits.



If you are under the age of 50, I wouldn't factor SS into my retirement planning at all.


If I ever see SS, it'll be used to fund a gambling habit that doesn't exist otherwise

Re: 401k (spin off) [Re: globe] #3015455
01/16/20 01:10 PM
01/16/20 01:10 PM
Joined: Dec 2002
Posts: 11,308
Kennedy, al
G
globe Offline OP
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globe  Offline OP
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Posts: 11,308
Kennedy, al
Yeah, I was talking about some “back door” tax other than when I take it out.
I’m afraid you’re correct about SS....
We’ll be considered too rich to draw. It’s a damn shame they’ve made saving money a risky proposition.


Everything woke turns to shucks
Re: 401k (spin off) [Re: globe] #3015484
01/16/20 01:56 PM
01/16/20 01:56 PM
Joined: Dec 2013
Posts: 22,469
Lickskillet, AL
Irishguy Offline
a.k.a. Dingle Johnson
Irishguy  Offline
a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,469
Lickskillet, AL
Originally Posted by globe
Yeah, I was talking about some “back door” tax other than when I take it out.
I’m afraid you’re correct about SS....
We’ll be considered too rich to draw. It’s a damn shame they’ve made saving money a risky proposition.


You don't understand. They don't want anyone to be self sufficient. They want everyone to be dependent on the liberal elite. They are trying as hard as they can to make everyone a surf dependent on government handouts to eat.

Re: 401k (spin off) [Re: globe] #3015503
01/16/20 02:24 PM
01/16/20 02:24 PM
Joined: Jul 2010
Posts: 9,111
B'ham
Goatkiller Offline
14 point
Goatkiller  Offline
14 point
Joined: Jul 2010
Posts: 9,111
B'ham
They will probably do something like levy a new tax on the investment funds as a deduction of what they actually distribute. Probably bury that down deep in some obscure tax bill they will pass claiming to cut taxes on the middle class, blah, blah. Which won't happen.

That way the hedge fund managers will still get their "fee" 100% on the earnings and performance of the funds they manage.

That way the crooks living in New York holding all our money in their account and voting for Bernie will get richer while we all get poorer.

That would fit right into their plan. You won't even know they are robbing you unless you read the Fund's prospectus.



No government employees were harmed in the making of this mess.
Re: 401k (spin off) [Re: globe] #3015512
01/16/20 02:30 PM
01/16/20 02:30 PM
Joined: Nov 2011
Posts: 21,751
USA
R
Remington270 Offline
Freak of Nature
Remington270  Offline
Freak of Nature
R
Joined: Nov 2011
Posts: 21,751
USA
It’s still better to save.

Just realize you’re going to pay a lot of taxes.

Re: 401k (spin off) [Re: globe] #3015525
01/16/20 02:52 PM
01/16/20 02:52 PM
Joined: Apr 2017
Posts: 4,597
Elmore county
GKelly Offline
10 point
GKelly  Offline
10 point
Joined: Apr 2017
Posts: 4,597
Elmore county
I can already hear the sales pitch "a certain percent of the country is well enough off that they are able to put away hundreds of thousands of dollars for retirement that they will not even spend for another 20, 30 possibly 40 years, while others wonder where their next meal will come from. I dont think its to much to ask for these people to contribute 25% of their savings to benefit society. No one should go hungry in america while others are allowed to stockpile wealth off the backs of the poor."

Last edited by GKelly; 01/16/20 02:55 PM.
Re: 401k (spin off) [Re: DryFire] #3015536
01/16/20 03:06 PM
01/16/20 03:06 PM
Joined: Oct 2010
Posts: 1,689
Oak Grove, AL
B
Butchman205 Offline
8 point
Butchman205  Offline
8 point
B
Joined: Oct 2010
Posts: 1,689
Oak Grove, AL
Originally Posted by TexasNative
They won't tax it. My guess is they will force you to draw down your 401k to a certain amount before you are allowed to receive SS benefits.


That’s what I’ve heard from my politician circle following friends. Personally I don’t know how they can stand being around those folks too often.

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