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Why do you get taxed on savings?
#2768614
03/22/19 08:48 PM
03/22/19 08:48 PM
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Joined: Aug 2001
Posts: 63,764
Luverne, AL
Skinny
OP
GUVNER
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OP
GUVNER
Joined: Aug 2001
Posts: 63,764
Luverne, AL
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Why do you get taxed on any kind of after tax savings and why is there a limit on a Roth or Traditional IRA? Who came up with the cap limit? Why is there a limit? Bunch of asshats trying to control everything.
Any politician who can fix that problem has my vote.
There should not be any tax on any formal savings. I think Republicans and Democrats should all agree on that.
Never Trust Government
"You can be broke but you cant be poor." Ruthie-May Webster
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Re: Why do you get taxed on savings?
[Re: Skinny]
#2768627
03/22/19 08:52 PM
03/22/19 08:52 PM
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Joined: Jan 2014
Posts: 6,648
Trussville Alabama
inatree
14 point
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14 point
Joined: Jan 2014
Posts: 6,648
Trussville Alabama
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Just like them taxing SSI. I don't understand why. Folks have a tough time surviving especially if they have some of those insanely high prescriptions.
Free men aren't equal and equal men aren't free! I choose to defend my freedom!
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Re: Why do you get taxed on savings?
[Re: Remington270]
#2768634
03/22/19 09:00 PM
03/22/19 09:00 PM
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Joined: Aug 2001
Posts: 63,764
Luverne, AL
Skinny
OP
GUVNER
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OP
GUVNER
Joined: Aug 2001
Posts: 63,764
Luverne, AL
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They limit it to $18,500 because they want their tax money. If they didn’t limit it, some folks would put in hundreds of thousands if not millions. They want that cheese now, not in 50 years. Who cares, they paid their tax up front now they are limited to how much they can save. That is really criminal to limit a persons feeling of security.
Never Trust Government
"You can be broke but you cant be poor." Ruthie-May Webster
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Re: Why do you get taxed on savings?
[Re: Skinny]
#2768637
03/22/19 09:03 PM
03/22/19 09:03 PM
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Joined: Nov 2011
Posts: 21,781
USA
Remington270
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 21,781
USA
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They limit it to $18,500 because they want their tax money. If they didn’t limit it, some folks would put in hundreds of thousands if not millions. They want that cheese now, not in 50 years. Who cares, they paid their tax up front now they are limited to how much they can save. That is really criminal to limit a persons feeling of security. That amount is pretax ie not taxed until withdrawal at retirement. You can save all you want, after they get their cut.
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Re: Why do you get taxed on savings?
[Re: Skinny]
#2768639
03/22/19 09:03 PM
03/22/19 09:03 PM
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Joined: Jun 2015
Posts: 14,019
Some Marriott/Auburn
AU7MM08
Booner
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Booner
Joined: Jun 2015
Posts: 14,019
Some Marriott/Auburn
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They limit it to $18,500 because they want their tax money. If they didn’t limit it, some folks would put in hundreds of thousands if not millions. They want that cheese now, not in 50 years. Who cares, they paid their tax up front now they are limited to how much they can save. That is really criminal to limit a persons feeling of security. If both spouses max tax-advantaged accounts it's $57,000 annually. 401K X2, Roth IRA X2, HSA
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Re: Why do you get taxed on savings?
[Re: AU7MM08]
#2768643
03/22/19 09:10 PM
03/22/19 09:10 PM
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Joined: Jul 2011
Posts: 34,430
Boxes Cove
2Dogs
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 34,430
Boxes Cove
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They limit it to $18,500 because they want their tax money. If they didn’t limit it, some folks would put in hundreds of thousands if not millions. They want that cheese now, not in 50 years. Who cares, they paid their tax up front now they are limited to how much they can save. That is really criminal to limit a persons feeling of security. If both spouses max tax-advantaged accounts it's $57,000 annually. 401K X2, Roth IRA X2, HSA Can you have both a 401k and a Roth?
"Why do you ask"?
Always vote the slowest path to socialism.
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Re: Why do you get taxed on savings?
[Re: 2Dogs]
#2768644
03/22/19 09:11 PM
03/22/19 09:11 PM
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Joined: Aug 2014
Posts: 13,887
Mobile, AL
SouthBamaSlayer
Gary's Fluffer
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Gary's Fluffer
Joined: Aug 2014
Posts: 13,887
Mobile, AL
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They limit it to $18,500 because they want their tax money. If they didn’t limit it, some folks would put in hundreds of thousands if not millions. They want that cheese now, not in 50 years. Who cares, they paid their tax up front now they are limited to how much they can save. That is really criminal to limit a persons feeling of security. If both spouses max tax-advantaged accounts it's $57,000 annually. 401K X2, Roth IRA X2, HSA Can you have both a 401k and a Roth? Yeah, but a 401k is pre-tax and a Roth is post tax.
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Re: Why do you get taxed on savings?
[Re: Skinny]
#2768662
03/22/19 09:22 PM
03/22/19 09:22 PM
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Joined: Aug 2001
Posts: 63,764
Luverne, AL
Skinny
OP
GUVNER
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OP
GUVNER
Joined: Aug 2001
Posts: 63,764
Luverne, AL
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Well Taxes in general should be the real issue of the upcoming election. Taxes hurt the workers.
Never Trust Government
"You can be broke but you cant be poor." Ruthie-May Webster
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Re: Why do you get taxed on savings?
[Re: Skinny]
#2768664
03/22/19 09:30 PM
03/22/19 09:30 PM
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Joined: Jun 2015
Posts: 14,019
Some Marriott/Auburn
AU7MM08
Booner
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Booner
Joined: Jun 2015
Posts: 14,019
Some Marriott/Auburn
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Can you have both a 401k and a Roth? [/quote]
Yeah, but a 401k is pre-tax and a Roth is post tax.[/quote]
Yes, you can but there is an income limit. So, if you're over the below, you're not eligible for both.
"For 2019, the numbers are higher. The modified adjusted gross income for singles must be under $137,000; contributions are reduced starting at $122,000.
For married filing jointly, the MAGI is less than $203,000, with phaseout starting at $193,000."
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Re: Why do you get taxed on savings?
[Re: Skinny]
#2768669
03/22/19 09:34 PM
03/22/19 09:34 PM
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Joined: Aug 2001
Posts: 63,764
Luverne, AL
Skinny
OP
GUVNER
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OP
GUVNER
Joined: Aug 2001
Posts: 63,764
Luverne, AL
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So basically just max out the pre-scribed goverment amount into a Roth or 401k, the set you up a standard brokerage account and eat the tax.
Never Trust Government
"You can be broke but you cant be poor." Ruthie-May Webster
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Re: Why do you get taxed on savings?
[Re: Skinny]
#2768684
03/22/19 10:11 PM
03/22/19 10:11 PM
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Joined: Jun 2015
Posts: 14,019
Some Marriott/Auburn
AU7MM08
Booner
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Booner
Joined: Jun 2015
Posts: 14,019
Some Marriott/Auburn
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So basically just max out the pre-scribed goverment amount into a Roth or 401k, the set you up a standard brokerage account and eat the tax. Unfortunately, most people have a nonexistent-very low savings rate, so government mandated caps aren't really a concern for most of society. If an Alabama family is investing $57,000 annually in tax-advantaged accounts, they're very much the exception. Real estate is another option some prefer.
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Re: Why do you get taxed on savings?
[Re: Ben2]
#2768688
03/22/19 10:16 PM
03/22/19 10:16 PM
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Joined: Nov 2011
Posts: 21,781
USA
Remington270
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 21,781
USA
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I sure wish trump would go to flat tax before the 2020 elections. Tax reform would be awesome They just lowered all the rates a little bit. We’ll never, ever have a flat tax. In fact, top rates will go way up when we go full socialist after Trump. Flat tax would drastically help high earners. No politicians want that. They pay nearly all the taxes to begin with.
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Re: Why do you get taxed on savings?
[Re: Skinny]
#2768699
03/22/19 10:33 PM
03/22/19 10:33 PM
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Joined: Oct 2006
Posts: 7,751
Montgomery, AL
Hunting-231
14 point
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14 point
Joined: Oct 2006
Posts: 7,751
Montgomery, AL
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Well Taxes in general should be the real issue of the upcoming election. Taxes hurt the workers. Every time I look at my pay stub - it pisses me off. I can’t imagine how pissed I would be if I owned my own company - my best friend owns his own business and I avoid the subject with him.
"The struggle you're in today, is developing the strength you need for tomorrow."
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Re: Why do you get taxed on savings?
[Re: Skinny]
#2768734
03/23/19 05:50 AM
03/23/19 05:50 AM
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Joined: Sep 2015
Posts: 5,241
Behind your shadow
Reloader79
Bitch Peas, I'm a Kitty Whisperer
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Bitch Peas, I'm a Kitty Whisperer
Joined: Sep 2015
Posts: 5,241
Behind your shadow
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The gubment owns you, plain simple.
If I agreed with you, we'd both be wrong.
Bluetick serpentines around green fields and rock spit a lease
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Re: Why do you get taxed on savings?
[Re: Skinny]
#2768755
03/23/19 06:49 AM
03/23/19 06:49 AM
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Joined: Jun 2014
Posts: 6,892
Shelby Co, AL
CatHeadBiscuit
14 point
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14 point
Joined: Jun 2014
Posts: 6,892
Shelby Co, AL
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Because we stopped tarring and feathering
"Arguing on the internet is like playing chess with a pigeon. You may be good at chess, but the pigeon is just going to knock all the pieces down, take a crap on the table, and strut around like its victorious."--Anonymous
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