Disingenuous article about Supreme Court case on unrealized income

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Fed Gov't Argues for Unlimited Taxing Power Before the Supreme Court - Ep 935

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Starts at 20:50

Good info on this issue

 

[Glycomann]

But if we don't tax the wealthy how will we send the next 100 billion to Ukraine human wood chopper to extinguish the Ukraine male population and open up the real estate to Black rock and China for a corridor for the Belt and Road initiative.

 

[tommyguns2]

Agree Tommy, but with a 401K or 457 when you get your money out you pay taxes at the higher value and interest. It is not like rich people using LLCs to shelter $$$ in which many pay no taxes but our congress and senate are all rich so that will not change. Any way you slice it the middle class bear the burden of taxes so the 2 parties can spend it and more.

With respect to my 401(k), I was putting $25K/year for me, and another $25K for my wife (I made her an employee and paid her $25K/year, exactly what she contributed to her 401(k). That helped me avoid $50K per year of income that would otherwise have been taxed at about 43% Federal, as I was paying 39% and then the Obamacare tax.

So I don't pay tax this year, and it grows for 20 years without paying tax, and when I have my required minimum distributions (RMDs), that I believe now start at 73 or 75 years old, my income will be primarily just the RMD, so hopefully I won't be in the 43% tax bracket. My concern is that as the need for revenue increases, the gov't will justify taxing my RMDs at a higher rate based on the size of the 401(k) asset pool that I have so that I'm paying my "fair share." LOL

Another big mountain of money that the gov't will be salivating over is the money in everyone's Roth IRAs and Roth 401(k)s. You've already been taxed on it, but you're not getting taxed on all the subsequent growth, and you'll soon be labelled as a manipulator of tax loopholes to get out of paying your fair share.

It's inevitable. There's simply not enough revenue to cover the spending, and the gov't is going to go where the money is. It's just basic arithmetic.

 

[jipped genes]

Damn Tommy you know more than me. We both max our $)! K and 457s out but I get a fat pension so I do not know how that will work.

 

[tommyguns2]

I still recommend that people take advantage of the tax advantaged investments available such as 401(k) and Roth type savings vehicles, but as the gov't gets more and more desperate for revenue, they're going to have to look around to see where is the money.

There are simply not enough rich people to fleece. You could take every penny of the top 1%, and while that's a ton of money, with a budget of $6 trillion and growing that'll be gone quickly. The real money is in the middle class, where all the people are. While each person doesn't have very much, collectively, there's a lot. The gov't will employ a divide and conquer strategy, just like they do now with the rich. They'll divide the middle class into two camps, the "true" middle, and the "upper" middle, and those people are bad as they've obviously taken greater advantage of tax loopholes to avoid paying their fair share.

The next group of billionaires will be those who build the industry of moving assets to avoid taxation. It's already a big industry, but as govts get more desperate, the customer base for these services will grow very quickly. Just where to put it all.... LOL

 

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The government is going to get its money from printing it. your dollars sitting in your retirement accounts are going to become less valuable. the rate of inflation will be much higher than any kind of gain you can get from your retirement investments, cash out by physical gold and/or gold mining stocks.

 

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