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10-29-2007, 12:46 PM
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#21
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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That's pretty funny.....Hillary LOWERING taxes....................
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Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
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10-29-2007, 12:50 PM
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#22
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Quote:
Originally Posted by justin
For folks suggesting that Roths, for example, might lose some of their tax exempt status in the coming years or decades, are there examples from recent U.S. tax law history that suggest the government might take away favorable tax treatment of these type accounts. In other words, if one were to act in reliance on the promise from the government that a certain account type (or other long-term, non-revocable money decision) would be tax exempt/tax favored going forward, has one been disappointed by the government changing their position after the fact? Have promises been broken?
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It would be VERY DIFFICULT to repeal the Roth IRA as it stands. Even if it were repealed, current Roths would be "grandfathered" in..........
Why would Congress worry about it? It's not like 50% of Americans are using them anyway.........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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10-29-2007, 01:30 PM
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#23
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 4,005
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Quote:
Originally Posted by FinanceDude
It would be VERY DIFFICULT to repeal the Roth IRA as it stands. Even if it were repealed, current Roths would be "grandfathered" in..........
Why would Congress worry about it? It's not like 50% of Americans are using them anyway.........
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My thoughts exactly on both counts. My roth is safe. I don't have much of an option between Roth/Traditional since the income limits to deduct Trad's are sufficiently low that I'm basically phased out of being able to contribute to Trads. That's why I'm contributing to Roth's now.
I see a national sales tax (as a REPLACEMENT to income tax) as a low probability event. Now they might just add it on top of income tax...
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10-29-2007, 01:37 PM
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#24
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Gotta pay for these republican wars some how...
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"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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10-29-2007, 03:40 PM
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#25
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Thinks s/he gets paid by the post
Join Date: Jul 2004
Posts: 1,427
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I have always wondered who the American taxpayer thinks is going to pay their bills if they aren't. People who would brag about not having private debt would support public debt to infinity if they could pretend to themselves that someone else is going to step in and pay their part in a madness or that it will go, poof, away and no one will have to pay.
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10-29-2007, 04:33 PM
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#26
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 4,391
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Quote:
Originally Posted by justin
Serious tax question without meaning to cast aspersions on anyone:
For folks suggesting that Roths, for example, might lose some of their tax exempt status in the coming years or decades, are there examples from recent U.S. tax law history that suggest the government might take away favorable tax treatment of these type accounts. In other words, if one were to act in reliance on the promise from the government that a certain account type (or other long-term, non-revocable money decision) would be tax exempt/tax favored going forward, has one been disappointed by the government changing their position after the fact? Have promises been broken?
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There is historical precident for taxation of "excess" IRA distributions. Before 1997 if you took more than what was deemed to be a "reasonable" amount out of your IRA, then you were hit up for an extra 15% excise tax. This was on top of any income taxes owed on that amount.
So something along those lines is certainly possible for a Roth IRA. Keep that in mind as you do your lifetime planning. Perhaps the concept of several independent accounts or streams of income is the way to go for tax diversity.
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10-29-2007, 09:17 PM
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#27
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2004
Location: SW Ohio
Posts: 14,404
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Quote:
Originally Posted by FinanceGeek
In fact I kinda suspect that any discussion of higher capital gains tax rates, or elimination of preferential treatment for capital gains, might tank the market.
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I think it will have an effect, but perhaps not a big one. For example, over the next few years I may sell some MFs and pay the cap gains tax rather than wait until after 2010 and pay tax at the "regular income" rate when I sell. However, after I sell those MFs I'm likely to just repurchase the same ones (effectively just re-setting the basis through this action). If people do this, it shouldn't have an appreciable impact on share prices. They have to buy something with the money they get when they sell, right?
Still, raising the effective tax rate on equities (by eliminating the favorable tax rate on cap gains) will make them less attractive investments, which will drive down their prices somewhat.
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10-29-2007, 09:52 PM
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#28
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Recycles dryer sheets
Join Date: May 2007
Posts: 290
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Quote:
Originally Posted by justin
Have promises been broken?
I'm drawing blanks right now.
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There are no promises when it comes to taxes or Congress. Congress has even been known to pass retroactive tax hikes, with the full blessing of the Supreme Court when it has been challenged.
If they need money, they will find a way to get it.
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