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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: 63,355 Luverne, AL
Skinny
OP
GUVNER
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OP
GUVNER
Joined: Aug 2001
Posts: 63,355
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: 63,355 Luverne, AL
Skinny
OP
GUVNER
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OP
GUVNER
Joined: Aug 2001
Posts: 63,355
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: 21,751 USA
Remington270
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 21,751
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: 13,978 Some Marriott/Auburn
AU7MM08
Booner
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Booner
Joined: Jun 2015
Posts: 13,978
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: 34,209 Boxes Cove
2Dogs
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 34,209
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: 13,839 Mobile, AL
SouthBamaSlayer
Gary's Fluffer
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Gary's Fluffer
Joined: Aug 2014
Posts: 13,839
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: 63,355 Luverne, AL
Skinny
OP
GUVNER
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OP
GUVNER
Joined: Aug 2001
Posts: 63,355
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: 13,978 Some Marriott/Auburn
AU7MM08
Booner
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Booner
Joined: Jun 2015
Posts: 13,978
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: 63,355 Luverne, AL
Skinny
OP
GUVNER
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OP
GUVNER
Joined: Aug 2001
Posts: 63,355
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: 13,978 Some Marriott/Auburn
AU7MM08
Booner
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Booner
Joined: Jun 2015
Posts: 13,978
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: 21,751 USA
Remington270
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 21,751
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: 7,706 Montgomery, AL
Hunting-231
14 point
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14 point
Joined: Oct 2006
Posts: 7,706
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: 5,236 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: 5,236
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: 6,876 Shelby Co, AL
CatHeadBiscuit
14 point
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14 point
Joined: Jun 2014
Posts: 6,876
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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Re: Why do you get taxed on savings?
[Re: AU7MM08]
#2768769
03/23/19 07:25 AM
03/23/19 07:25 AM
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Joined: Mar 2012
Posts: 2,453 Mississippi
riflenut
10 point
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10 point
Joined: Mar 2012
Posts: 2,453
Mississippi
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Can you have both a 401k and a Roth? 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
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Re: Why do you get taxed on savings?
[Re: riflenut]
#2768796
03/23/19 08:06 AM
03/23/19 08:06 AM
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Joined: Jun 2015
Posts: 13,978 Some Marriott/Auburn
AU7MM08
Booner
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Booner
Joined: Jun 2015
Posts: 13,978
Some Marriott/Auburn
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Can you have both a 401k and a Roth? 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.
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Re: Why do you get taxed on savings?
[Re: SouthBamaSlayer]
#2768817
03/23/19 08:38 AM
03/23/19 08:38 AM
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Joined: Oct 2009
Posts: 5,641 Henry county
coldtrail
12 point
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12 point
Joined: Oct 2009
Posts: 5,641
Henry county
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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
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Re: Why do you get taxed on savings?
[Re: Skinny]
#2768822
03/23/19 08:42 AM
03/23/19 08:42 AM
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Joined: Aug 2001
Posts: 63,355 Luverne, AL
Skinny
OP
GUVNER
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OP
GUVNER
Joined: Aug 2001
Posts: 63,355
Luverne, AL
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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
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Re: Why do you get taxed on savings?
[Re: Skinny]
#2768828
03/23/19 08:49 AM
03/23/19 08:49 AM
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Joined: Sep 2014
Posts: 3,126 KY
AUstan23
10 point
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10 point
Joined: Sep 2014
Posts: 3,126
KY
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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.
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Re: Why do you get taxed on savings?
[Re: AU7MM08]
#2768833
03/23/19 09:01 AM
03/23/19 09:01 AM
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Joined: Mar 2012
Posts: 2,453 Mississippi
riflenut
10 point
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10 point
Joined: Mar 2012
Posts: 2,453
Mississippi
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[quote=2Dogs]Can you have both a 401k and a Roth? 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
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Re: Why do you get taxed on savings?
[Re: Skinny]
#2768837
03/23/19 09:06 AM
03/23/19 09:06 AM
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Joined: Mar 2012
Posts: 2,453 Mississippi
riflenut
10 point
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10 point
Joined: Mar 2012
Posts: 2,453
Mississippi
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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
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Re: Why do you get taxed on savings?
[Re: riflenut]
#2768842
03/23/19 09:19 AM
03/23/19 09:19 AM
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Joined: Aug 2001
Posts: 63,355 Luverne, AL
Skinny
OP
GUVNER
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OP
GUVNER
Joined: Aug 2001
Posts: 63,355
Luverne, AL
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[quote=riflenut][quote=2Dogs]Can you have both a 401k and a Roth? 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
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Re: Why do you get taxed on savings?
[Re: Skinny]
#2768846
03/23/19 09:22 AM
03/23/19 09:22 AM
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Joined: Aug 2001
Posts: 63,355 Luverne, AL
Skinny
OP
GUVNER
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OP
GUVNER
Joined: Aug 2001
Posts: 63,355
Luverne, AL
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taxing capital gains should also be considered treason.
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]
#2769145
03/23/19 07:02 PM
03/23/19 07:02 PM
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Joined: Aug 2001
Posts: 63,355 Luverne, AL
Skinny
OP
GUVNER
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OP
GUVNER
Joined: Aug 2001
Posts: 63,355
Luverne, AL
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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
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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
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Joined: Nov 2012
Posts: 2,546 North Alabama
BamaPlowboy
10 point
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10 point
Joined: Nov 2012
Posts: 2,546
North Alabama
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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.
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Re: Why do you get taxed on savings?
[Re: Skinny]
#2769515
03/24/19 10:09 AM
03/24/19 10:09 AM
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Joined: Feb 2017
Posts: 1,539 FL-AL
Scout308
8 point
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8 point
Joined: Feb 2017
Posts: 1,539
FL-AL
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12% Flat tax and everyone pays And no deductions.
"America First! Nothing Else Matters"
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Re: Why do you get taxed on savings?
[Re: DryFire]
#2769604
03/24/19 12:26 PM
03/24/19 12:26 PM
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Joined: Nov 2011
Posts: 21,751 USA
Remington270
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 21,751
USA
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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
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Re: Why do you get taxed on savings?
[Re: Remington270]
#2769644
03/24/19 02:14 PM
03/24/19 02:14 PM
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Joined: Aug 2001
Posts: 63,355 Luverne, AL
Skinny
OP
GUVNER
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OP
GUVNER
Joined: Aug 2001
Posts: 63,355
Luverne, AL
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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
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Re: Why do you get taxed on savings?
[Re: DryFire]
#2769817
03/24/19 06:58 PM
03/24/19 06:58 PM
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Joined: Nov 2012
Posts: 2,546 North Alabama
BamaPlowboy
10 point
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10 point
Joined: Nov 2012
Posts: 2,546
North Alabama
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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.
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Re: Why do you get taxed on savings?
[Re: Skinny]
#2770042
03/25/19 03:19 AM
03/25/19 03:19 AM
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Joined: Dec 2013
Posts: 22,473 Lickskillet, AL
Irishguy
a.k.a. Dingle Johnson
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a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,473
Lickskillet, AL
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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.
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Re: Why do you get taxed on savings?
[Re: Skinny]
#2770162
03/25/19 09:02 AM
03/25/19 09:02 AM
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Joined: Nov 2015
Posts: 21,443 HSV AL
jmudler
Freak of Nature
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Freak of Nature
Joined: Nov 2015
Posts: 21,443
HSV AL
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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.
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Re: Why do you get taxed on savings?
[Re: Irishguy]
#2770164
03/25/19 09:06 AM
03/25/19 09:06 AM
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Joined: Nov 2011
Posts: 21,751 USA
Remington270
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 21,751
USA
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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.
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Re: Why do you get taxed on savings?
[Re: Remington270]
#2770173
03/25/19 09:10 AM
03/25/19 09:10 AM
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Joined: Dec 2013
Posts: 22,473 Lickskillet, AL
Irishguy
a.k.a. Dingle Johnson
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a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,473
Lickskillet, AL
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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.
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Re: Why do you get taxed on savings?
[Re: DryFire]
#2770249
03/25/19 11:03 AM
03/25/19 11:03 AM
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Joined: Jan 2002
Posts: 10,484 Bham
Dallas County
Booner
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Booner
Joined: Jan 2002
Posts: 10,484
Bham
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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
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Re: Why do you get taxed on savings?
[Re: Dallas County]
#2770254
03/25/19 11:14 AM
03/25/19 11:14 AM
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Joined: Nov 2011
Posts: 21,751 USA
Remington270
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 21,751
USA
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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.
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Re: Why do you get taxed on savings?
[Re: Remington270]
#2770266
03/25/19 11:32 AM
03/25/19 11:32 AM
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Joined: Jun 2015
Posts: 13,978 Some Marriott/Auburn
AU7MM08
Booner
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Booner
Joined: Jun 2015
Posts: 13,978
Some Marriott/Auburn
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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.
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Re: Why do you get taxed on savings?
[Re: AU7MM08]
#2770301
03/25/19 12:38 PM
03/25/19 12:38 PM
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Joined: Dec 2013
Posts: 22,473 Lickskillet, AL
Irishguy
a.k.a. Dingle Johnson
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a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,473
Lickskillet, AL
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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.
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Re: Why do you get taxed on savings?
[Re: Remington270]
#2770674
03/25/19 09:10 PM
03/25/19 09:10 PM
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Joined: Jan 2002
Posts: 10,484 Bham
Dallas County
Booner
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Booner
Joined: Jan 2002
Posts: 10,484
Bham
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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
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