Would Dem's upend the tax preferences of retirement accounts like 401(k) ?

Discussion in 'Political Discussions' started by Lerner, Oct 18, 2020.

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  1. Lerner

    Lerner Well-Known Member

  2. Johann

    Johann Well-Known Member

    Looks to me like Biden's people have realized that rightly-or-wrongly, they have to make some hard choices about the type of tax savings the Government can offer. These hard choices are dictated by the looming shadow of the huge National Debt. As I said previously in another thread, NO nation - including the US - can charge everything to its credit card forever. Yes, they can "choose" to do so - but the Nation cannot escape the consequences of such a choice. Yes again - they can do gymnastics like "quantitative easing" etc. that individuals cannot - but this does not mean the nation is wealthy - or make it so. The printing press is not a wealth machine.

    The US is NOT a super-rich economic utopia, as another DI member believes, that does not "choose" to offer all kinds of universal benefits to everyone, as he recently posted. The money is just flat not there - and interest on borrowing is currently costing America nearly a billion dollars a day.

    The US does not have as many choices, as that long-time senior DI member believes. Super-rich individuals do NOT make it a "wealthy" country. There is no vaccine against the effects of over-reliance on credit. For individuals, companies - even Amazon, which doesn't have to worry since they're now extremely profitable - and governments.

    The US is FAR from wealthy enough to freely "choose" what benefits and advances it will buy its people. The US cannot do this any more than I can order a bunch of goodies from Jeff Bezos and then "choose" which ones I want to pay for. Hey, Jeff! I want those two pickups for my Telecaster. Here's my credit card. Send 'em quick, please!
     
    Last edited: Oct 18, 2020
  3. Rich Douglas

    Rich Douglas Well-Known Member

    Don't be rude. I didn't say that. I said the US was wealthy. It is. You might not like its distribution of wealth--I certainly don't. But that's not what I said.
     
  4. Steve Levicoff

    Steve Levicoff Well-Known Member

    As Bugs Bunny so wisely said, "What a mar-roon!"
     
  5. Johann

    Johann Well-Known Member

    I believe you said and/or implied, Rich, that the US was wealthy enough to give its citizens all utopian things you listed, such as guaranteed income, free health care etc. but does not choose to do so. If my summation of that seems rude to you - so be it. I don't think it was and consequently I'm not apologizing.

    This argument seems useless to pursue further. I've made my comment and I'll leave it there. Meanwhile, the clock is ticking... a billion dollars a day in interest. Looks like MAPA to me - Make America Poor Again.
     
    Last edited: Oct 18, 2020
    SpoonyNix likes this.
  6. Rich Douglas

    Rich Douglas Well-Known Member

    I wish you wouldn't get personal in your comments. I don't believe I've ever said a single thing about you, but you do it to me all the time. I'm sick of it.
     
  7. Rich Douglas

    Rich Douglas Well-Known Member

    I didn't ask for an apology. But I am asking you not to make it personal.
     
  8. Johann

    Johann Well-Known Member

    I won't make it anything.
     
  9. Rich Douglas

    Rich Douglas Well-Known Member

    You do it all the time. You like to comment about others' motives and perceived biases when you don't agree with what they posted. You do it to me a lot, and I think it is rude.

    You've posted here for years and I don't think I've ever said one thing about you. (Mostly because I can't possibly know you from this board.) It's like that bust-up about the cost of degree programs and my opinion about it. You couldn't limit yourself to just disagreeing, you instead resorted to calling me out as an elitist. It was pretty shallow (and utterly not true).

    I don't care if someone disagrees with something I've posted, but I do care when they make it personal, which you do a lot.

    If I may be so bold, I'm going to borrow a phrase you employ and say that's all I have to say about it. I like that.
     
  10. nosborne48

    nosborne48 Well-Known Member

    I've thought about the problems posed by targeted tax advantages and I've come to the conclusion that they should all disappear. No deductions for anything ever. Not for retirement savings, not for mortgage interest, not for personal residence sales, not for charitable contributions, nothing. I like the new Code but it didn't go far enough. Tax deductions distort the marketplace. There is no difference at all between granting a tax deduction and writing a check on the Treasury. Tax deductions make prices rise unevenly and transfer wealth from the general public to those who can take advantage of the tax break.
     
  11. nosborne48

    nosborne48 Well-Known Member

    I also think that all income should receive the same tax treatment. Interest, dividends, capital gains, all the same rates and all the same rules.
     
  12. SteveFoerster

    SteveFoerster Resident Gadfly Staff Member

    Taxes distort the marketplace. Deductions and credits only adjust where that distortion occurs.

    I get where you're trying to go with this, but one problem with taxing all income equally is that some types of income are more mobile than others. Someone who lives in the U.S. and works for a U.S.-based employer is pretty stuck. Someone who has a lot of capital gains may be a lot more ready, willing, and able to relocate to avoid confiscatory taxation.
     
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  13. Johann

    Johann Well-Known Member

    Is there any other kind?
     
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  14. Stanislav

    Stanislav Well-Known Member

    I vehemently disagree; taxes are great., and so are the wonderful public servants administering the code. Or so I must say as a former public servant administering the code :)
     
    Bill Huffman likes this.
  15. Johann

    Johann Well-Known Member

    Промивання мозку! (Brainwashing!) :eek:
     
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  16. SteveFoerster

    SteveFoerster Resident Gadfly Staff Member

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  17. Stanislav

    Stanislav Well-Known Member

    bbut... out Public Service is the best in the world !!1111 (says someone who may still be a PIPSC union member)!
     
  18. Maniac Craniac

    Maniac Craniac Moderator Staff Member

    Not true. I quite enjoy it when libertarians rant about taxes.
     
  19. Lerner

    Lerner Well-Known Member

    Well, its great only if you want the government to control your life.
    I think you should be in control of your life.
    Taxes are needed as they fund our defense, and many needed services that government for the people, by the people are hired to perform.

    Well my fife is in Public service. ( what can I tell you, many workers sleep on their job, do what they want and no one can fire them because of the unions). She ends up with loads of cases that needs to be reworked, and trying her best to assist the needy public, there are workers like her as well but they are in the minority.
    Many don't know how to do their job and public who needs their services is suffering.
    But the Kings governors are busy with their power grab. Once they have it they will find ways to keep it.
    In Chicago IL Governor can take away from any restaurant their liqueur license and hurt the business seriously. Today he says jump and businesses jump.
    There needs to be balance.
    Pritzker imposing new restrictions on the state. Actually Chicago County starts tonight. But others in the area started few weeks ago. He said that he’s gonna start getting the Illinois state police to start endorsing this.
    Restaurants defying him and staying open because they’re not gonna willingly put themselves out of business anymore. There are takeouts and other ways to control this situation.
     
  20. SteveFoerster

    SteveFoerster Resident Gadfly Staff Member

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