</a JR Holmes Oil Company </a Shark Guard Southeast Woods and Whitetail Mayer Insurance Services LLC
Aldeer Classifieds
Turkey loads/decoy
by Rem870s2. 03/28/24 04:41 PM
Wtb Browning 300 Mag
by desertdog. 03/28/24 03:36 PM
WTB Chevy 1500
by Okalona. 03/28/24 07:44 AM
Iso ruger american ranch
by AustinC. 03/27/24 08:20 PM
Ruger M77 6mm heavy barrel with Nikon Monarch
by bradbathome. 03/27/24 04:42 PM
Serious Deer Talk
The Hollywood Buck.
by Frankie. 03/28/24 04:46 PM
For the Don’t Shoot Does Crowd
by SEWoodsWhitetail. 03/28/24 10:45 AM
High Fencing
by RareBreed. 03/26/24 10:45 PM
Who's got the best deer hunting in AL
by TensawRiver. 03/26/24 01:26 PM
What makes you happy?
by Fishduck. 03/26/24 10:25 AM
March
S M T W T F S
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31
Land, Leases, Hunting Clubs
West Jefferson County hunting club
by Jmfire722. 03/18/24 08:36 AM
Western Ky farm
by todd w. 03/15/24 01:23 PM
Information on bibb county hunting club
by quickshot. 03/10/24 01:46 PM
Hunting Club
by Hibby. 03/08/24 04:34 PM
Mississippi club
by Gobl4me. 03/07/24 09:55 PM
Who's Online Now
153 registered members (Young20, G/H, Zbrann, Pharmer, 7PTSPREAD, Koba, hoggin, BrandonClark, joe sixpack, Andalusia, Fedex 1, Phelps, bward85, Joe4majors, rockhunter, Rolloverdave, Showout, Scdoghunter667, scrape, Paxamus, AU338MAG, BCLC, Bandit635, Chiller, Safetyman, mossyback, TGreen, furnfeather, outdoorguy88, blade, stuball, TDog93, OutdoorsAL, fur_n_feathers, crocker, Rainbowstew, canvasback, DPD, reeve025, beeline08, catdoctor, hunterturf, globe, cgardner, 202P&Y, Fullthrottle, BamaFan64, HHSyelper, Bruno, Ray_Coon, BentBarrel, Standbanger, Big Buck Video, jhardy, Remington270, handihunter, rkt, Mbrock, BamaGuitarDude, hawndog, CouchNapper, T Bone, SuperSpike, Doeslayer44, booner, Whild_Bill, Ridge Life, 3006bullet, Teacher One, capehorn24, gene60, !shiloh!, jwalker77, Justice, CarbonClimber1, Red Fox, bambam32, gman, sawdust, dirtwrk, sanderson, JD_Bowhunter1976, desertdog, BCD, Rebelhunter_21, AUjerbear, turfarmer, Mulcher, Mansfield, brett.smith, cullbuck, Camden86, AU7MM08, CKyleC, mw2015, AustinC, CeeHawk37, UncleHuck, alhawk, GoldenEagle, Murdoc, gwstang, jbatey1, Omega One, Rem870s2, jake44, Josh3, 4Him146, Paint Rock 00, mathews prostaff, Flyliner, top cat, Geezer, crenshawco, coosabuckhunter, wk2hnt, Big Bore, twaldrop4, Drycreek, bamacamp, toothdoc, JustHunt, johnv, coldtrail, hallb, FurFlyin, MarksOutdoors, laylandad, NotsoBright, Copes, DGAMBLER, cbs, BamaBoHunter, XVIII, Geeb, CNC, dawgdr, TEM, Rooster600, dwaugh, 13 invisible), 498 guests, and 0 spiders.
Key: Admin, Global Mod, Mod
Previous Thread
Next Thread
Print Thread
Page 1 of 3 1 2 3
Why do you get taxed on savings? #2768614
03/22/19 08:48 PM
03/22/19 08:48 PM
Joined: Aug 2001
Posts: 63,355
Luverne, AL
Skinny Offline OP
GUVNER
Skinny  Offline OP
GUVNER
Joined: Aug 2001
Posts: 63,355
Luverne, AL
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
Re: Why do you get taxed on savings? [Re: Skinny] #2768619
03/22/19 08:49 PM
03/22/19 08:49 PM
Joined: Aug 2014
Posts: 13,839
Mobile, AL
S
SouthBamaSlayer Offline
Gary's Fluffer
SouthBamaSlayer  Offline
Gary's Fluffer
S
Joined: Aug 2014
Posts: 13,839
Mobile, AL
Roth IRA withdrawings are tax free.

Re: Why do you get taxed on savings? [Re: Skinny] #2768626
03/22/19 08:52 PM
03/22/19 08:52 PM
Joined: Nov 2011
Posts: 21,751
USA
R
Remington270 Online content
Freak of Nature
Remington270  Online Content
Freak of Nature
R
Joined: Nov 2011
Posts: 21,751
USA
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.

Re: Why do you get taxed on savings? [Re: Skinny] #2768627
03/22/19 08:52 PM
03/22/19 08:52 PM
Joined: Jan 2014
Posts: 6,648
Trussville Alabama
inatree Offline
14 point
inatree  Offline
14 point
Joined: Jan 2014
Posts: 6,648
Trussville Alabama
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!
Re: Why do you get taxed on savings? [Re: Remington270] #2768629
03/22/19 08:54 PM
03/22/19 08:54 PM
Joined: Jun 2015
Posts: 13,978
Some Marriott/Auburn
A
AU7MM08 Online content
Booner
AU7MM08  Online Content
Booner
A
Joined: Jun 2015
Posts: 13,978
Some Marriott/Auburn
Originally Posted by Remington270
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.


** $19,000 in 2019. grin

Re: Why do you get taxed on savings? [Re: Remington270] #2768634
03/22/19 09:00 PM
03/22/19 09:00 PM
Joined: Aug 2001
Posts: 63,355
Luverne, AL
Skinny Offline OP
GUVNER
Skinny  Offline OP
GUVNER
Joined: Aug 2001
Posts: 63,355
Luverne, AL
Originally Posted by Remington270
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
Re: Why do you get taxed on savings? [Re: Skinny] #2768637
03/22/19 09:03 PM
03/22/19 09:03 PM
Joined: Nov 2011
Posts: 21,751
USA
R
Remington270 Online content
Freak of Nature
Remington270  Online Content
Freak of Nature
R
Joined: Nov 2011
Posts: 21,751
USA
Originally Posted by Skinny
Originally Posted by Remington270
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.

Re: Why do you get taxed on savings? [Re: Skinny] #2768639
03/22/19 09:03 PM
03/22/19 09:03 PM
Joined: Jun 2015
Posts: 13,978
Some Marriott/Auburn
A
AU7MM08 Online content
Booner
AU7MM08  Online Content
Booner
A
Joined: Jun 2015
Posts: 13,978
Some Marriott/Auburn
Originally Posted by Skinny
Originally Posted by Remington270
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

Re: Why do you get taxed on savings? [Re: AU7MM08] #2768643
03/22/19 09:10 PM
03/22/19 09:10 PM
Joined: Jul 2011
Posts: 34,209
Boxes Cove
2Dogs Offline
Freak of Nature
2Dogs  Offline
Freak of Nature
Joined: Jul 2011
Posts: 34,209
Boxes Cove
Originally Posted by AU7MM08
Originally Posted by Skinny
Originally Posted by Remington270
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.







Re: Why do you get taxed on savings? [Re: 2Dogs] #2768644
03/22/19 09:11 PM
03/22/19 09:11 PM
Joined: Aug 2014
Posts: 13,839
Mobile, AL
S
SouthBamaSlayer Offline
Gary's Fluffer
SouthBamaSlayer  Offline
Gary's Fluffer
S
Joined: Aug 2014
Posts: 13,839
Mobile, AL
Originally Posted by 2Dogs
Originally Posted by AU7MM08
Originally Posted by Skinny
Originally Posted by Remington270
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.

Re: Why do you get taxed on savings? [Re: Skinny] #2768649
03/22/19 09:16 PM
03/22/19 09:16 PM
Joined: Oct 2008
Posts: 6,717
Selma
odocoileus Offline
14 point
odocoileus  Offline
14 point
Joined: Oct 2008
Posts: 6,717
Selma
Same reason as the property tax. To get your money. Never understood having to pay taxes on something you already own.

Re: Why do you get taxed on savings? [Re: Skinny] #2768659
03/22/19 09:21 PM
03/22/19 09:21 PM
Joined: Jan 2013
Posts: 19,616
Pelham
Ben2 Offline
Old Mossy Horns
Ben2  Offline
Old Mossy Horns
Joined: Jan 2013
Posts: 19,616
Pelham
I sure wish trump would go to flat tax before the 2020 elections. Tax reform would be awesome

Re: Why do you get taxed on savings? [Re: Skinny] #2768662
03/22/19 09:22 PM
03/22/19 09:22 PM
Joined: Aug 2001
Posts: 63,355
Luverne, AL
Skinny Offline OP
GUVNER
Skinny  Offline OP
GUVNER
Joined: Aug 2001
Posts: 63,355
Luverne, AL
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
Re: Why do you get taxed on savings? [Re: Skinny] #2768664
03/22/19 09:30 PM
03/22/19 09:30 PM
Joined: Jun 2015
Posts: 13,978
Some Marriott/Auburn
A
AU7MM08 Online content
Booner
AU7MM08  Online Content
Booner
A
Joined: Jun 2015
Posts: 13,978
Some Marriott/Auburn
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."

Re: Why do you get taxed on savings? [Re: Skinny] #2768669
03/22/19 09:34 PM
03/22/19 09:34 PM
Joined: Aug 2001
Posts: 63,355
Luverne, AL
Skinny Offline OP
GUVNER
Skinny  Offline OP
GUVNER
Joined: Aug 2001
Posts: 63,355
Luverne, AL
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
Re: Why do you get taxed on savings? [Re: Skinny] #2768684
03/22/19 10:11 PM
03/22/19 10:11 PM
Joined: Jun 2015
Posts: 13,978
Some Marriott/Auburn
A
AU7MM08 Online content
Booner
AU7MM08  Online Content
Booner
A
Joined: Jun 2015
Posts: 13,978
Some Marriott/Auburn
Originally Posted by Skinny
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.

Re: Why do you get taxed on savings? [Re: Ben2] #2768688
03/22/19 10:16 PM
03/22/19 10:16 PM
Joined: Nov 2011
Posts: 21,751
USA
R
Remington270 Online content
Freak of Nature
Remington270  Online Content
Freak of Nature
R
Joined: Nov 2011
Posts: 21,751
USA
Originally Posted by Ben2
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.

Re: Why do you get taxed on savings? [Re: Skinny] #2768699
03/22/19 10:33 PM
03/22/19 10:33 PM
Joined: Oct 2006
Posts: 7,706
Montgomery, AL
Hunting-231 Offline
14 point
Hunting-231  Offline
14 point
Joined: Oct 2006
Posts: 7,706
Montgomery, AL
Originally Posted by Skinny
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."
Re: Why do you get taxed on savings? [Re: Skinny] #2768734
03/23/19 05:50 AM
03/23/19 05:50 AM
Joined: Sep 2015
Posts: 5,236
Behind your shadow
R
Reloader79 Offline
Bitch Peas, I'm a Kitty Whisperer
Reloader79  Offline
Bitch Peas, I'm a Kitty Whisperer
R
Joined: Sep 2015
Posts: 5,236
Behind your shadow
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
Re: Why do you get taxed on savings? [Re: Skinny] #2768755
03/23/19 06:49 AM
03/23/19 06:49 AM
Joined: Jun 2014
Posts: 6,876
Shelby Co, AL
CatHeadBiscuit Offline
14 point
CatHeadBiscuit  Offline
14 point
Joined: Jun 2014
Posts: 6,876
Shelby Co, AL
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
Re: Why do you get taxed on savings? [Re: AU7MM08] #2768769
03/23/19 07:25 AM
03/23/19 07:25 AM
Joined: Mar 2012
Posts: 2,453
Mississippi
R
riflenut Offline
10 point
riflenut  Offline
10 point
R
Joined: Mar 2012
Posts: 2,453
Mississippi
Originally Posted by 2Dogs
Can you have both a 401k and a Roth?

Originally Posted by AU7MM08
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."


AU7MM08, as usual your financial advice is only part true. I assume that's because you have a wealth of book knowledge but very little real world experience.

High earning folks can absolutely contribute to both a 401k and a Roth. They need to directly contribute to a nondeductible traditional IRA then convert or "back door" into a Roth. IRS form 8606 needs to be filled out or uncle Sam will come screaming for his cut. Doing the conversion AND proper tax reporting eliminates the income limits.


"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not." Thomas Jefferson

"I ask, who are the militia? They consist of now of the whole people, except a few public officers." George Mason
Re: Why do you get taxed on savings? [Re: riflenut] #2768796
03/23/19 08:06 AM
03/23/19 08:06 AM
Joined: Jun 2015
Posts: 13,978
Some Marriott/Auburn
A
AU7MM08 Online content
Booner
AU7MM08  Online Content
Booner
A
Joined: Jun 2015
Posts: 13,978
Some Marriott/Auburn
Originally Posted by riflenut
Originally Posted by 2Dogs
Can you have both a 401k and a Roth?

Originally Posted by AU7MM08
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."


AU7MM08, as usual your financial advice is only part true. I assume that's because you have a wealth of book knowledge but very little real world experience.

High earning folks can absolutely contribute to both a 401k and a Roth. They need to directly contribute to a nondeductible traditional IRA then convert or "back door" into a Roth. IRS form 8606 needs to be filled out or uncle Sam will come screaming for his cut. Doing the conversion AND proper tax reporting eliminates the income limits.


In simple English, yes there is an income limit for Roth IRAs.
If someone wants to go down the financial rabbit hole, no there isn't an income limit through a somewhat lesser known conversion process.

I would be curious to know the number of Alabama households that are going with a Backdoor Roth each year, as a percentage it would be well into the single digits would be my guess.

Re: Why do you get taxed on savings? [Re: SouthBamaSlayer] #2768817
03/23/19 08:38 AM
03/23/19 08:38 AM
Joined: Oct 2009
Posts: 5,641
Henry county
coldtrail Online content
12 point
coldtrail  Online Content
12 point
Joined: Oct 2009
Posts: 5,641
Henry county
Originally Posted by SouthBamaSlayer
Roth IRA withdrawings are tax free.



Not tax free on state


"And the days that I keep my gratitude
Higher than my expectations
Well, I have really good days" Ray Wylie Hubbard
Re: Why do you get taxed on savings? [Re: Skinny] #2768822
03/23/19 08:42 AM
03/23/19 08:42 AM
Joined: Aug 2001
Posts: 63,355
Luverne, AL
Skinny Offline OP
GUVNER
Skinny  Offline OP
GUVNER
Joined: Aug 2001
Posts: 63,355
Luverne, AL
ROTH or even Traditional or even backdoor Roth there are still damn gubburment limits on after tax savings. That is the damn problem. I can save and invest only up to the prescribed limit before I get taxed again. That is the damn problem.
We should only be paying tax on earnings once. This is the thing that needs to be fixed. If folks want to see good growth, let the middle class save as much as possible without any kind of tax penalty.


Never Trust Government

"You can be broke but you cant be poor." Ruthie-May Webster
Re: Why do you get taxed on savings? [Re: Skinny] #2768828
03/23/19 08:49 AM
03/23/19 08:49 AM
Joined: Sep 2014
Posts: 3,126
KY
AUstan23 Offline
10 point
AUstan23  Offline
10 point
Joined: Sep 2014
Posts: 3,126
KY
Originally Posted by Skinny
ROTH or even Traditional or even backdoor Roth there are still damn gubburment limits on after tax savings. That is the damn problem. I can save and invest only up to the prescribed limit before I get taxed again. That is the damn problem.
We should only be paying tax on earnings once. This is the thing that needs to be fixed. If folks want to see good growth, let the middle class save as much as possible without any kind of tax penalty.


That is not the goal though. The goal is to keep as little out of your pocket as possible. A slow march of taxes plus inflation that results in the pooling of wealth and a serf class.


It is easier to fool a man than to convince him he has been fooled.
Re: Why do you get taxed on savings? [Re: AU7MM08] #2768833
03/23/19 09:01 AM
03/23/19 09:01 AM
Joined: Mar 2012
Posts: 2,453
Mississippi
R
riflenut Offline
10 point
riflenut  Offline
10 point
R
Joined: Mar 2012
Posts: 2,453
Mississippi
Originally Posted by AU7MM08
Originally Posted by riflenut
[quote=2Dogs]Can you have both a 401k and a Roth?

Originally Posted by AU7MM08
you're not eligible for both.


In simple English, yes there is an income limit for Roth IRAs.

no there isn't an income limit through a somewhat lesser known conversion process.


The correct answer is yes, you can contribute to both regardless of income if you simply follow IRS guidelines.


"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not." Thomas Jefferson

"I ask, who are the militia? They consist of now of the whole people, except a few public officers." George Mason
Re: Why do you get taxed on savings? [Re: Skinny] #2768837
03/23/19 09:06 AM
03/23/19 09:06 AM
Joined: Mar 2012
Posts: 2,453
Mississippi
R
riflenut Offline
10 point
riflenut  Offline
10 point
R
Joined: Mar 2012
Posts: 2,453
Mississippi
Originally Posted by Skinny
ROTH or even Traditional or even backdoor Roth there are still damn gubburment limits on after tax savings. That is the damn problem. I can save and invest only up to the prescribed limit before I get taxed again. That is the damn problem.
We should only be paying tax on earnings once. This is the thing that needs to be fixed. If folks want to see good growth, let the middle class save as much as possible without any kind of tax penalty.


Correct. Problem is the politicians who created our progressive tax structure want to punish high earners and savers and most of the non-savers are good with that.


"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not." Thomas Jefferson

"I ask, who are the militia? They consist of now of the whole people, except a few public officers." George Mason
Re: Why do you get taxed on savings? [Re: riflenut] #2768842
03/23/19 09:19 AM
03/23/19 09:19 AM
Joined: Aug 2001
Posts: 63,355
Luverne, AL
Skinny Offline OP
GUVNER
Skinny  Offline OP
GUVNER
Joined: Aug 2001
Posts: 63,355
Luverne, AL
Originally Posted by riflenut
Originally Posted by AU7MM08
[quote=riflenut][quote=2Dogs]Can you have both a 401k and a Roth?

Originally Posted by AU7MM08
you're not eligible for both.
if you simply follow IRS guidelines.


Problem identified...


Never Trust Government

"You can be broke but you cant be poor." Ruthie-May Webster
Re: Why do you get taxed on savings? [Re: Skinny] #2768846
03/23/19 09:22 AM
03/23/19 09:22 AM
Joined: Aug 2001
Posts: 63,355
Luverne, AL
Skinny Offline OP
GUVNER
Skinny  Offline OP
GUVNER
Joined: Aug 2001
Posts: 63,355
Luverne, AL
taxing capital gains should also be considered treason.


Never Trust Government

"You can be broke but you cant be poor." Ruthie-May Webster
Re: Why do you get taxed on savings? [Re: Skinny] #2768853
03/23/19 09:30 AM
03/23/19 09:30 AM
Joined: Mar 2012
Posts: 2,453
Mississippi
R
riflenut Offline
10 point
riflenut  Offline
10 point
R
Joined: Mar 2012
Posts: 2,453
Mississippi
Originally Posted by Skinny
taxing capital gains should also be considered treason.



thumbup


"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not." Thomas Jefferson

"I ask, who are the militia? They consist of now of the whole people, except a few public officers." George Mason
Re: Why do you get taxed on savings? [Re: Skinny] #2769121
03/23/19 06:28 PM
03/23/19 06:28 PM
Joined: Nov 2012
Posts: 2,546
North Alabama
BamaPlowboy Offline
10 point
BamaPlowboy  Offline
10 point
Joined: Nov 2012
Posts: 2,546
North Alabama
Forget being the governor Skinny you should be President as long as you abolish the personal income tax..

Re: Why do you get taxed on savings? [Re: Skinny] #2769145
03/23/19 07:02 PM
03/23/19 07:02 PM
Joined: Aug 2001
Posts: 63,355
Luverne, AL
Skinny Offline OP
GUVNER
Skinny  Offline OP
GUVNER
Joined: Aug 2001
Posts: 63,355
Luverne, AL
We should not be taxed on anything we earn, that really is like indentured servitude or dare I say slavery. We should only be taxed on what we spend. Therefore, we have the option to make for ourselves or pay at the register. Property taxes are a crime against humanity, why do we have to pay rent to the gubberment just to have a place to live? Yes, we have to pay for sewer, electric, and so forth. Insurance is also a must, but the tax just to have a place to live is evil and a not Christian thing.


Never Trust Government

"You can be broke but you cant be poor." Ruthie-May Webster
Re: Why do you get taxed on savings? [Re: Skinny] #2769147
03/23/19 07:09 PM
03/23/19 07:09 PM
Joined: Nov 2008
Posts: 10,273
Alabama
W
whack-n-stack Offline
Booner
whack-n-stack  Offline
Booner
W
Joined: Nov 2008
Posts: 10,273
Alabama
I think the only fair tax is one based upon consumtion.

Re: Why do you get taxed on savings? [Re: whack-n-stack] #2769163
03/23/19 07:38 PM
03/23/19 07:38 PM
Joined: Nov 2012
Posts: 2,546
North Alabama
BamaPlowboy Offline
10 point
BamaPlowboy  Offline
10 point
Joined: Nov 2012
Posts: 2,546
North Alabama
Originally Posted by whack-n-stack
I think the only fair tax is one based upon consumtion.


Fair Tax! Though that being said I wouldn’t be opposed to a flat tax on corporations.

Re: Why do you get taxed on savings? [Re: Skinny] #2769463
03/24/19 09:02 AM
03/24/19 09:02 AM
Joined: Feb 2015
Posts: 7,168
Meridianville
DryFire Offline
14 point
DryFire  Offline
14 point
Joined: Feb 2015
Posts: 7,168
Meridianville
A flat tax of 20% with zero deductions or credits. Both personal and corporate.

Re: Why do you get taxed on savings? [Re: Skinny] #2769515
03/24/19 10:09 AM
03/24/19 10:09 AM
Joined: Feb 2017
Posts: 1,539
FL-AL
Scout308 Offline
8 point
Scout308  Offline
8 point
Joined: Feb 2017
Posts: 1,539
FL-AL
12% Flat tax and everyone pays And no deductions.


"America First! Nothing Else Matters"
Re: Why do you get taxed on savings? [Re: DryFire] #2769604
03/24/19 12:26 PM
03/24/19 12:26 PM
Joined: Nov 2011
Posts: 21,751
USA
R
Remington270 Online content
Freak of Nature
Remington270  Online Content
Freak of Nature
R
Joined: Nov 2011
Posts: 21,751
USA
Originally Posted by TexasNative
A flat tax of 20% with zero deductions or credits. Both personal and corporate.


So if a corporation has $100 in revenue and $80 is expenses, their entire 20% profit margin goes away and they make $0 for the whole year

Re: Why do you get taxed on savings? [Re: Remington270] #2769644
03/24/19 02:14 PM
03/24/19 02:14 PM
Joined: Aug 2001
Posts: 63,355
Luverne, AL
Skinny Offline OP
GUVNER
Skinny  Offline OP
GUVNER
Joined: Aug 2001
Posts: 63,355
Luverne, AL
Originally Posted by Remington270
Originally Posted by TexasNative
A flat tax of 20% with zero deductions or credits. Both personal and corporate.


So if a corporation has $100 in revenue and $80 is expenses, their entire 20% profit margin goes away and they make $0 for the whole year


And democrats just cant seem to figure out why corporations work so hard at hiding money.


Never Trust Government

"You can be broke but you cant be poor." Ruthie-May Webster
Re: Why do you get taxed on savings? [Re: DryFire] #2769817
03/24/19 06:58 PM
03/24/19 06:58 PM
Joined: Nov 2012
Posts: 2,546
North Alabama
BamaPlowboy Offline
10 point
BamaPlowboy  Offline
10 point
Joined: Nov 2012
Posts: 2,546
North Alabama
Originally Posted by TexasNative
A flat tax of 20% with zero deductions or credits. Both personal and corporate.

Damn 20% is more than I’m paying now, even under Obama..I can see the logic in a flat tax on net but not gross

Last edited by BamaPlowboy; 03/24/19 06:58 PM.
Re: Why do you get taxed on savings? [Re: Skinny] #2770042
03/25/19 03:19 AM
03/25/19 03:19 AM
Joined: Dec 2013
Posts: 22,473
Lickskillet, AL
Irishguy Offline
a.k.a. Dingle Johnson
Irishguy  Offline
a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,473
Lickskillet, AL
The problem with taxes is two fold:

1. Every government agency has to get their cut, so we pay all sorts of taxes at every step along the way:

Income tax
Property tax
Sales Tax
Rental Tax
Use tax
Employment tax
Capital gains tax

You earn money that is taxed before you ever get it, then you pay tax to keep that money in a savings account until you are ready to buy something with it, then then when you buy something with it, you are taxed on the purchase of that item, and the you keep that item and in many cases you are taxed on simply owning it.

2. Once a government agency starts getting a revenue stream off of you it will never stop. It will only increase. And they like to do it in such a way that it is kind of hidden from you like in a payroll deduction. Other commercial businesses have learned from this plan which is why all sorts of business want to get you on a subscription plan for everything, where that money is coming out of your bank account or credit card every month, in hopes that eventually you will quit feeling the pain.

I have long since thought that if we could would abolish payroll deductions and instead make everyone write a big fat check to the government at the end of the year so it was painful as all hell, people would be marching on Washington to make damn sure where every last penny of that money was spent, but the way it is now people just accept it for what it is and have given up any semblance of hope that their tax dollars are going to be spent wisely.

Re: Why do you get taxed on savings? [Re: Skinny] #2770162
03/25/19 09:02 AM
03/25/19 09:02 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
Tax on what is spent, not on what is earned. I got a book on Fair Tax to learn more about it. Just need the time to read it.


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: Why do you get taxed on savings? [Re: Irishguy] #2770164
03/25/19 09:06 AM
03/25/19 09:06 AM
Joined: Nov 2011
Posts: 21,751
USA
R
Remington270 Online content
Freak of Nature
Remington270  Online Content
Freak of Nature
R
Joined: Nov 2011
Posts: 21,751
USA
Originally Posted by Irishguy

I have long since thought that if we could would abolish payroll deductions and instead make everyone write a big fat check to the government at the end of the year so it was painful as all hell, people would be marching on Washington to make damn sure where every last penny of that money was spent, but the way it is now people just accept it for what it is and have given up any semblance of hope that their tax dollars are going to be spent wisely.


It would be mass chaos. Folks can't even save up a few hundred dollars a month for retirement, it would be carnage to watch folks try and scrounge up $5-$20k to pay federal income taxes.

Re: Why do you get taxed on savings? [Re: Remington270] #2770173
03/25/19 09:10 AM
03/25/19 09:10 AM
Joined: Dec 2013
Posts: 22,473
Lickskillet, AL
Irishguy Offline
a.k.a. Dingle Johnson
Irishguy  Offline
a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,473
Lickskillet, AL
Originally Posted by Remington270
Originally Posted by Irishguy

I have long since thought that if we could would abolish payroll deductions and instead make everyone write a big fat check to the government at the end of the year so it was painful as all hell, people would be marching on Washington to make damn sure where every last penny of that money was spent, but the way it is now people just accept it for what it is and have given up any semblance of hope that their tax dollars are going to be spent wisely.


It would be mass chaos. Folks can't even save up a few hundred dollars a month for retirement, it would be carnage to watch folks try and scrounge up $5-$20k to pay federal income taxes.


Oh yeah. I agree. Most people are very financially irresponsible and there is no way people could be counted on to "put back" money for taxes. But it would be fun to watch the carnage ensure for at least one year.

Re: Why do you get taxed on savings? [Re: DryFire] #2770249
03/25/19 11:03 AM
03/25/19 11:03 AM
Joined: Jan 2002
Posts: 10,484
Bham
D
Dallas County Offline
Booner
Dallas County  Offline
Booner
D
Joined: Jan 2002
Posts: 10,484
Bham
Originally Posted by TexasNative
A flat tax of 20% with zero deductions or credits. Both personal and corporate.

I'd venture to guess that 99.123% of the people on this forum are not paying an effective federal tax rate of > 20% now.


not sure what the best way to handle them is but they shouldnt be on tv and gettn married and raisin kids

Re: Why do you get taxed on savings? [Re: Dallas County] #2770254
03/25/19 11:14 AM
03/25/19 11:14 AM
Joined: Nov 2011
Posts: 21,751
USA
R
Remington270 Online content
Freak of Nature
Remington270  Online Content
Freak of Nature
R
Joined: Nov 2011
Posts: 21,751
USA
Originally Posted by Dallas County
Originally Posted by TexasNative
A flat tax of 20% with zero deductions or credits. Both personal and corporate.

I'd venture to guess that 99.123% of the people on this forum are not paying an effective federal tax rate of > 20% now.


$100,000 household income is right at 16% effective federal. So I'd think you're right. Average household in US is right under $60k I think.

Last edited by Remington270; 03/25/19 11:15 AM.
Re: Why do you get taxed on savings? [Re: Remington270] #2770266
03/25/19 11:32 AM
03/25/19 11:32 AM
Joined: Jun 2015
Posts: 13,978
Some Marriott/Auburn
A
AU7MM08 Online content
Booner
AU7MM08  Online Content
Booner
A
Joined: Jun 2015
Posts: 13,978
Some Marriott/Auburn
Originally Posted by Remington270
Originally Posted by Dallas County
Originally Posted by TexasNative
A flat tax of 20% with zero deductions or credits. Both personal and corporate.

I'd venture to guess that 99.123% of the people on this forum are not paying an effective federal tax rate of > 20% now.


$100,000 household income is right at 16% effective federal. So I'd think you're right. Average household in US is right under $60k I think.


That's why maxing out a 401K is so crucial. Reduces your taxable income.
But I absolutely agree with Dallas Co, Alabamas middle class is in the $50,000-80,000'ish range and 20% flat would increase their taxes substantially.

The national average is $56,000 if I remember right.

Re: Why do you get taxed on savings? [Re: AU7MM08] #2770301
03/25/19 12:38 PM
03/25/19 12:38 PM
Joined: Dec 2013
Posts: 22,473
Lickskillet, AL
Irishguy Offline
a.k.a. Dingle Johnson
Irishguy  Offline
a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,473
Lickskillet, AL
Originally Posted by AU7MM08
Originally Posted by Remington270
Originally Posted by Dallas County
Originally Posted by TexasNative
A flat tax of 20% with zero deductions or credits. Both personal and corporate.

I'd venture to guess that 99.123% of the people on this forum are not paying an effective federal tax rate of > 20% now.


$100,000 household income is right at 16% effective federal. So I'd think you're right. Average household in US is right under $60k I think.


That's why maxing out a 401K is so crucial. Reduces your taxable income.
But I absolutely agree with Dallas Co, Alabamas middle class is in the $50,000-80,000'ish range and 20% flat would increase their taxes substantially.

The national average is $56,000 if I remember right.


We were discussing this the other day and I thought the average wage is way below $56k.

Re: Why do you get taxed on savings? [Re: Skinny] #2770305
03/25/19 12:42 PM
03/25/19 12:42 PM
Joined: Nov 2011
Posts: 21,751
USA
R
Remington270 Online content
Freak of Nature
Remington270  Online Content
Freak of Nature
R
Joined: Nov 2011
Posts: 21,751
USA
^^^That's household average. Many households have 2 incomes. No way that a single average income is $56k....

Re: Why do you get taxed on savings? [Re: Remington270] #2770674
03/25/19 09:10 PM
03/25/19 09:10 PM
Joined: Jan 2002
Posts: 10,484
Bham
D
Dallas County Offline
Booner
Dallas County  Offline
Booner
D
Joined: Jan 2002
Posts: 10,484
Bham
Originally Posted by Remington270
Originally Posted by Dallas County
Originally Posted by TexasNative
A flat tax of 20% with zero deductions or credits. Both personal and corporate.

I'd venture to guess that 99.123% of the people on this forum are not paying an effective federal tax rate of > 20% now.


$100,000 household income is right at 16% effective federal. So I'd think you're right. Average household in US is right under $60k I think.

You are correct, but household income as you know is WAY different than taxable income; even more so with the new tax laws. If a household makes $100,000, I would estimate that their taxable income is closer to $60K or less.


not sure what the best way to handle them is but they shouldnt be on tv and gettn married and raisin kids

Page 1 of 3 1 2 3

Aldeer.com Copyright 2001-2023 Aldeer LLP.
Powered by UBB.threads™ PHP Forum Software 7.6.1.1
(Release build 20180111)
Page Time: 0.099s Queries: 14 (0.023s) Memory: 3.5577 MB (Peak: 4.1233 MB) Zlib disabled. Server Time: 2024-03-29 00:56:27 UTC