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Old 11-29-2012, 06:45 PM   #21
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Right! One of the things that people miss is that much of "Wall St" IS Main St! If they want to help the middle class, they should stop demonizing Wall St.
Both sides of the spectrum have taken to "marketing" political gobbledygook, a mishmash of sloganry designed to push the right buttons, primarily to get and stay elected. And, well, it's working...
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Old 11-29-2012, 07:52 PM   #22
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If you don't think they're under attack, you haven't read any of that idiot Teresa Ghilarducci's rantings in the NY Times. She is scary.
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Old 12-15-2012, 11:14 AM   #23
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If you don't think they're under attack, you haven't read any of that idiot Teresa Ghilarducci's rantings in the NY Times. She is scary.
Agreed.

This is her original proposal, for any who haven't read it before:

http://www.sharedprosperity.org/bp204/bp204.pdf
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Old 12-15-2012, 12:35 PM   #24
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This is her original proposal, for any who haven't read it before:

http://www.sharedprosperity.org/bp204/bp204.pdf
When you see a name like "shared prosperity" you know that those who work hard, LBYM, and save their pennies are going to be made to pick up the slack for everyone else who chose not too.
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Old 12-15-2012, 04:12 PM   #25
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Well, the journalists do have deadlines and must write their stuff even if there is nothing new to say or add.

When looking at the list of "tax expenditures" I don't get why IRA and other deferred income are looked at in the same light as a mortgage deduction. One is a permanent loss of tax revenue, the other only postpones it. IRAs eventually will pay taxes when the income is withdrawn.
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On the last part, I would respond that we not really avoiding paying our fair share, we've just been deferring payment of part of our fair share using incentives for savings that Congress established and those same incentives have mechanisms (RMDs) to make sure we ultimately pay what has been deferred.

If we guessed right when we deferred, the payments will be at a lower rate than when we deferred, but for those who have been unexpectedly successful it might well be more (higher marginal tax rate when withdrawn than when deferred).
I, too, have wondered the same thing for the reasons MichaelB and pb4uski posted here. Thank you both for saving me the trouble of writing a similar reply.
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Old 12-16-2012, 10:05 PM   #26
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It sounds like the worst part of this proposal is that the government would be able to do the same thing they have done with SS money - spend it. So all that would really be in your account are IOUs by the government. Then, when it's time to claim the money in retirement, the government would cry poverty, say it's unfair and will raise the deficit and that it just can't be afforded. Another plan that is totally aimed at preventing people from saving for their own retirements.
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Old 12-17-2012, 08:05 AM   #27
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Normally, I"d blow off such articles as the ramblings of some clueless crank.

Unfortunately, there is a growing popular belief in this country that if you have any assets --new car, nice house, 401K, whatever--that you gained these things at the expense of someone else. "Someone had to lose for you to win" seems to be more and more of the common mantra. Once there is enough buy-in to that twisted logic...if you tell the lie enough times... it is only a step away from the demand to intervene in the interest of fairness.
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