[Girlcopper]

Originally Posted by MrFlorida

Nothing to worry about, most of us won't be around anyway.

I was going to say the same thing. So? Who cares?

[Boomer]

If I were a millennial right now, I would be looking into funding my 401 up to any match and then go Roth for retirement and also understand what an HSA can do. (I wish we had one. Medicare supplement costs can be nuts but we keep on paying through the nose for our Plan F and will continue to do so. Retired before HSAs were a thing.)

Notice I said “looking into” because I have no idea because I cannot predict the future. But millennials need to learn this stuff.

I am not worrying about things like unrealized gains and means-testing, for now, because the clown show is not about to do anything that would harm themselves and their heirs. . . I think they visit the step-up in basis from time to time, but that would hurt their heirs too much. Ever noticed how so many of them go in with nothing much and end up with a big increase in net worth. Hmmmm.

Actually, I do see SS means-testing as a possibility. So unfair. Probably would not hit boomers, but could happen eventually for the rest.

There are changes coming for us regular people that were built in to the tax law changes from the last administration. I don’t think the billionaires and corporations will have to change their tax-planning, but we peasants might. I have not looked at the changes yet but I think 2025 is when they happen. Soooo, “Film at 11” — maybe.

Boomer

[opinionist]

We have bigger problems than IRAs. The average lifetime of a fiat money system is 50 years. Nixon took us off the gold standard in 1971 and we are overdue for a financial system collapse. This can happen in two ways. Russia defaulted on their government bonds and creditors got nothing for their investment. Russia suffered with no credit for years but recovered with little debt today. The Weimar Republic printed money to pay off their debt. It took a wheelbarrow of cash to buy a loaf of bread. The currency was cancelled and a new currency established. What would be your choice for the US dollar?

[jimbomaybe]

Originally Posted by jimjamuser

National debt numbers are totally meaningless !!!!!!The number appears scary today because interest rates are high. And I could collect all the money in a heartbeat just by making the rich class like Musk and etc pay their fair share. In the 1960 part of the reason there was a solid middle class was that the upper classes paid more taxes. They slowly change it to suit themselves and we were like a frog in hot water, we did not complain because it happened slowly.

This could work, until you runout of other people's money , yes there are some who got there through illegal and unethical means a minority , businesses create wealth, the Steve Jobs, Sam Walton, Bill Gates, Jeff Bezos have enriched everyone in ways few appreciate, there has never in the history of the world been a time or place that has given more material wealth and security to a larger part of the population with as little effort as we have today, that wealth was not created by any government

[Justputt]

Originally Posted by blueash

Firstly, the claim in his article about needing to make changes to increase the amount collected for Soc Sec is completely bogus. Money deferred into a 401K or IRA does not avoid FICA in the year it is earned.

Secondly, not clearly covered in the article. There are bipartisan efforts do to away with retirement plans that involve the workplace or at least make plans available to those not tied to an employer. A large number of small businesses and all gig workers have no option to save money other than the personal IRA which is limited.

So, there are those who want to make a 401K style option for individuals that you would open once and it would move with you from workplace to workplace. No more vesting and rolling over. You open it and you use it for employer and self earned income.

Keogh plans have been around for decades for the self-employed. More work to keep up, but much higher limits than a SEP or one-participant 401(k). I don't see 401k, 403b, etc. going away since they are a perk companies use to attract people offering matches, etc. What they really need is a low maintenance Keogh or lift the limits on IRAs, etc. While the 401k isn't portable, you can keep what you have, roll it into a new one, roll it into an IRA, etc. I like these plans because the come with financial advisors whose job is to keep an eye on things; something I haven't always been able to do.... and paid the price for it.

[Cybersprings]

Originally Posted by Girlcopper

I was going to say the same thing. So? Who cares?

This was the only thread in today's email that I had any interest in at all. Should I learn from this poster that I need to go to all of the other threads and post "Who cares?" or should I continue to be polite and just scroll past the other ones and not feel the need to post (or read)?

[Cybersprings]

Originally Posted by jimjamuser

National debt numbers are totally meaningless !!!!!!The number appears scary today because interest rates are high. And I could collect all the money in a heartbeat just by making the rich class like Musk and etc pay their fair share. In the 1960 part of the reason there was a solid middle class was that the upper classes paid more taxes. They slowly change it to suit themselves and we were like a frog in hot water, we did not complain because it happened slowly.

Please explain what "their fair share" means." Does the top 1% of income earners paying 46% of all the taxes collected in the U.S. equate to getting off free in your book?

[Cybersprings]

Originally Posted by jimjamuser

Theoretically, a person that makes a lot of money pays more taxes (income taxes). I have always said that I want to pay as much taxes as possible. That just means that you are successful. The government (both state and federal) NEED MONEY. Individuals DEPEND on government to provide an army and police and etc. How they COLLECT taxes is completely arbitrary. They make up rules and then they can change the COLLECTION rules. But, as an individual, you can't repel a Russian invasion by yourself!

You do realize you are more than welcome to pay more at any time. Send your donation to the Treasury’s Bureau of the Public Debt. Your money will go into a special account to redeem outstanding government notes, bills, and bonds.

[Stu from NYC]

Originally Posted by Maker

If every "rich" person like Musk was taxed at 100%, and all their assets were seized, it would barely make a dent in the national debt. There isn't enough of them to make a difference. It sounds great, but in reality it is a stupid concept to believe in. Politics 101.

"Make the big corporations pay their fair share" really means to raise taxes on all of us. Those taxes will get passed down as higher prices to everyone that buys their products.

Raising taxes has the effect of reducing how much money people have to spend on goods and services. That directly hurts the economy. As businesses sell less, their profits go down. Then, to stay profitable, they raise prices and lay off workers. That's another hit to the economy; less people buying things. And the cycle repeats.

Raising taxes is not the solution. A balanced budget is the first step. Live within your means. Grow the economy and tax revenue will go up. Use that to pay down the national debt. Stop spending double the amount of money coming in.

Very well said. Amazing how many people do not understand basic economics.

[Gigi3000]

Originally Posted by tophcfa

Fishing to find ways to raise more revenue to pay the interest on all that debt. Feel bad for the younger generations, no easy way out.

I've read that inflation will continue due to the national debt being so high. The national debt has lowered our credit rating. Worry for my kids.

[Stu from NYC]

Originally Posted by Gigi3000

I've read that inflation will continue due to the national debt being so high. Not sure what the relation is exactly but worry for my kids.

Worry that SS will not be able to pay out according to their promises in a few years as the system is broken.

[Gigi3000]

Originally Posted by Maker

If every "rich" person like Musk was taxed at 100%, and all their assets were seized, it would barely make a dent in the national debt. There isn't enough of them to make a difference. It sounds great, but in reality it is a stupid concept to believe in. Politics 101.

"Make the big corporations pay their fair share" really means to raise taxes on all of us. Those taxes will get passed down as higher prices to everyone that buys their products.

Raising taxes has the effect of reducing how much money people have to spend on goods and services. That directly hurts the economy. As businesses sell less, their profits go down. Then, to stay profitable, they raise prices and lay off workers. That's another hit to the economy; less people buying things. And the cycle repeats.

Raising taxes is not the solution. A balanced budget is the first step. Live within your means. Grow the economy and tax revenue will go up. Use that to pay down the national debt. Stop spending double the amount of money coming in.

Letting migrants in would help grow the ecomony as they start businesses.

[Pugchief]

Originally Posted by Gigi3000

I've read that inflation will continue due to the national debt being so high. Not sure what the relation is exactly but worry for my kids.

Not sure why you would make this comment without understanding. You should indeed worry for your kids, but inflation is caused by printing money out of thin air. More money supply = inflation.

[Pugchief]

Originally Posted by Gigi3000

Letting migrants in would help grow the ecomony as they start businesses.

You clearly also don't understand this. The problem isn't immigration, it's illegal immigration and welfare handouts to the "migrants". If the gravy train was cut off, there wouldn't be a problem.

[JMintzer]

Originally Posted by jimjamuser

National debt numbers are totally meaningless !!!!!!The number appears scary today because interest rates are high. And I could collect all the money in a heartbeat just by making the rich class like Musk and etc pay their fair share. In the 1960 part of the reason there was a solid middle class was that the upper classes paid more taxes. They slowly change it to suit themselves and we were like a frog in hot water, we did not complain because it happened slowly.

Still bangin' that drum, I see...

Fact is, "the rich" actually paid LESS taxes (as a percentage of their income) in 1960 than they do today...

I've given you this FACTUAL information, time and time again, yet you continue to ignore it...

You could tax all of the millionaires and billionaires incomes at 100% and it wouldn't make a dent in the National Debt...