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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Questions about Obama and increasing taxes on retirement accounts
My aunt called my dad today (who recently retired) to tell him she heard on TV that Obama wants to increase taxes on retiree accounts which are valued at $150k+. Any truth to this?
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Posted 11/2/08 8:33 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Questions about Obama and increasing taxes on retirement accounts
never heard it before
ETA- are retirement accounts even taxes?
I couldn't find anything about it on line either
Message edited 11/2/2008 8:58:33 PM.
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| Posted 11/2/08 8:53 PM |
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seaside
LIF Adult
Member since 6/08 3101 total posts
Name:
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Re: Questions about Obama and increasing taxes on retirement accounts
Can they tax $$$ retroactively that people put aside relying on th efact that it would not be taxed, or only into the future?
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| Posted 11/2/08 9:00 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Questions about Obama and increasing taxes on retirement accounts
found this....
Basically a lie. Obama has not said anything about a new tax on retirement accounts, unless one wants to argue that indirectly, he would affect the return on retirement accounts through his individual and corporate tax policies and dividend/capital gains policies. In fact, when it comes to direct taxes on retirement, Obama has proposed exempting seniors (those who most likely claim retirement income) who make under $50,000 from an income tax.
(In my personal view, this is his worst proposal -- as if this generation of seniors hasn't gotten enough from government already. Furthermore, there is a fairness question about what to do with those who use Roth accounts and have paid taxes on pension income already.)
source
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| Posted 11/2/08 9:02 PM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Questions about Obama and increasing taxes on retirement accounts
Posted by Beth1210
found this....
Basically a lie. Obama has not said anything about a new tax on retirement accounts, unless one wants to argue that indirectly, he would affect the return on retirement accounts through his individual and corporate tax policies and dividend/capital gains policies. In fact, when it comes to direct taxes on retirement, Obama has proposed exempting seniors (those who most likely claim retirement income) who make under $50,000 from an income tax.
(In my personal view, this is his worst proposal -- as if this generation of seniors hasn't gotten enough from government already. Furthermore, there is a fairness question about what to do with those who use Roth accounts and have paid taxes on pension income already.)
source
Maybe that was what she was talking about, him increasing capital gains tax.
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| Posted 11/2/08 10:19 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Questions about Obama and increasing taxes on retirement accounts
Posted by jellybean1420
My aunt called my dad today (who recently retired) to tell him she heard on TV that Obama wants to increase taxes on retiree accounts which are valued at $150k+. Any truth to this?
I'm not sure what your aunt is referring to.
Currently, there is not a tax on retirement accounts. IRA, both traditional and Roth, and qualified employer plans are funded with either pre or post tax contributions. My guess is that the majority of assets are in employer sponsored plans and are therefor funded with pretax contributions. When they are withdrawn, those withdrawals are subject to ordinary income tax. Only if tax rates were to increase, would there be an increase in taxes due. This is all under current IRS code which could be changed at any time.
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| Posted 11/3/08 6:15 AM |
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