So would you support a Roth IRA tax?

[marvholly]

I do NOT have a Roth IRA. Mine is traditional.
However, I do NOT believe we should tax people (after a promise NOT to do so) just because they were smart enough & attended to needs before wants (inc retirement savings) just to make up for the lazy, spend all I have & then some mentality so prevalent.

I would have loved to have a new luxury car every 2 years. I would have loved to take a cruise/go to Europe 2x/year instead of camping in Wisconsin/car trips/visits to relatives. I love designer handbags & shoes but own NONE. I love NY strip steak but have had only 2 this year. I know, not everyone is a lazy spendthrift BUT it would be WAAAAY to difficult to distinguish.

I am against means testing for soc sec for much the same reasons. I paid in at the same rate Joe Blow It All did. I expect to get paid as he does inspite of my retirement/investment savings. I made the sacrifices earlier to be comfortable later even while putting 2 kids thru college on a single income and I have NEVER earned >45k/year.

[cschin4]

No, I don't support ANY new taxes PERIOD. I am sick and tired of being blatantly robbed by an overspending and bloated morbidly obese govt who can't keep their hands out of the candy jar.

[cschin4]

Who is to say what someone else "needs"? When did we give that right and power to the govt to decide what you or I "need"? I think we "need" to quit looking at ways to rob the taxpayers.

[cschin4]

Couldn't we help out a lot more people

No, we couldn't and we won't. If you give away $1 M to one million people, they may buy a bowl of rice for that day. If you let the millionaire keep his millions, he may build a factory, hire workers, and on and on and then you feed people for a lifetime. And, yes, some who won't get off their butts might still starve. that's life and others can hand them a dollar once in awhile as well. That is the flaw in your logic.

[cschin4]

I love it how people sit around and think of ways to tax others rather than getting about the business of providing for themselves.

[cptacek]

Why would you even think that society has any claim on someone's savings? Good for society? I think that would be the downfall of society.

[KTP]

OK everyone, I wasn't SUGGESTING that we tax Roth IRA accounts

What I was doing was an indirect approach to try and get people to see that it isn't always right to tax someone extra because they have or make more money than you do.

In my other thread everyone seemed OK with the 5.4% additional tax levy proposal on people making more than 500k a year because it didn't have any negative effect on them. When I made this thread about the Roth IRA, you guys could relate to that, and have overwhelmingly said "No WAY!".

Are you starting to see my point in the other thread???

[savingmama]

KTP

I just read this thread today. As I read the thread I picked up on what you were doing. Great idea and I totally agree with you!

[Broken Arrow]

OK everyone, I wasn't SUGGESTING that we tax Roth IRA accounts

OH! You lucky. I was about to go off like a rabid Picard Trekkie at someone who is suggesting that Kirk was the better Captain.

In my other thread everyone seemed OK with the 5.4% additional tax levy proposal on people making more than 500k a year because it didn't have any negative effect on them. When I made this thread about the Roth IRA, you guys could relate to that, and have overwhelmingly said "No WAY!".

Are you starting to see my point in the other thread???

Ok, I see what you did there.

I just want to clarify this first: I've always been a proponent of some kind of consumption tax rather than income tax. Don't tax someone if they really are worth $500k a year to a corporation. Rather, tax him for wanting to buy a bigger yacht than his fellow vice-presidents.

Here's the thing too. The Roth has already been taxed as income. To tax the account yet again is double dipping. To me, this isn't a fair comparison with a straight tax hike.

[cptacek]

I thought it was out of character for you. You sure sucked me in.

[cschin4]

Why would you even think that society has any claim on someone's savings? Good for society? I think that would be the downfall of society.
Reply With Quote

It is and will be the downfall of America. Ben Franklin said that "when the people learn they can vote themselves money, that is the end of the Republic". Nothing more than stealing. I am getting tired of those who are unwilling to work and be thrifty to support themselves. Hunger is a great motivator to those who won't get off of their own behinds.

[cschin4]

And, the whole notion of "because you have more than I do, I am somehow entitled to take from you for myself". What a pathetic bunch of people we have become.

[cschin4]

My parents generation actually had a sense of pride about themselves, their work, and their things. They would not accept a HANDOUT unless their very life depended on it. Shows that the character of the nation is now in question as we have lost our moral bearings.

[am_vanquish]

I just want to clarify this first: I've always been a proponent of some kind of consumption tax rather than income tax. Don't tax someone if they really are worth $500k a year to a corporation. Rather, tax him for wanting to buy a bigger yacht than his fellow vice-presidents.

Best. Idea. Ever.

Now I have to go start working on the "BA for President" bumper stickers ...

[cschin4]

Best. Idea. Ever.

Um, no it isn't. Doesn't anyone hear remember history or recall the "luxury tax"? They tried that exact thing and whom did it hurt? Didn't hurt the rich guy but the yacht industry and things consumed by the rich went down the tubes and the WORKER who makes that stuff was the one who lost his job. Sheesh. You cannot tax people into prosperity. You can't make poor people rich by making rich people poor. If you allow people to prosper and enjoy their prosperity, then you open the door for others to do so as well. When you tax, tax, tax, you destroy the incentive to work, produce, and take risks with one's own capital. The exact opposite is the end result of taxation. Tax revenues to the govt actually DROP when taxes are raised. Doesn't anyone understand this? Ugh.