What if our government decided to cancel that opportunity and charge a one time 28% tax charge. How much money would be garnered by that decision?
Fedup said:
Taxing wealth WILL happen in this country. Mark it down.
Have you read or listened to anything the dumbocrats have said they want to do?Stive said:
Man...this election has brought out some hilarious tax change fear mongering.
Stive said:
Man...this election has brought out some hilarious tax change fear mongering.
harrierdoc said:
Thanks for that thoughtful response.
ABATTBQ11 said:
No idea, but the US retirement market is roughly $31 trillion dollars. Some of that may or may not be tax deferred, but assume a healthy portion of it tax advantaged in some way (think Roth vs traditional 401k deferment).
Considering the federal government spends a few trillion per year, it wouldn't require a huge haircut to seriously boost spending, but even a small amount would be political suicide. However, it would likely be incredibly difficult to make it constitutional.
Any direct tax on property, which a tax on retirement assets would undoubtedly be, must be apportioned among the states according to population, so the tax amount raised would need to be apportioned in the same way House members are. They'd also have to uniformly tax, so one state's residents can't be taxed at a higher rate than others.
This creates a Catch 22 on taxing wealth. Tax a rich and poor state uniformly at the same rates, and you probably violate apportionment. Tax them at different rates to meet apportionment and you violate uniformity.
The only way around it would be to tax income from retirement accounts somehow differently than normal income. Again, political suicide, and it's robbing Peter to pay Paul.
This, particularly if the devil goes down to Georgia and gives us two more Democrat senators.Fightin_Aggie said:Have you read or listened to anything the dumbocrats have said they want to do?Stive said:
Man...this election has brought out some hilarious tax change fear mongering.
They freaking guaranteed to raise taxes