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#530 Dec 11 2011 at 8:04 PM Rating: Excellent

__DEL__1680481127345

Sage

21,262 posts

That's actually the difference between a 401K savings plan, a Roth IRA, etc. 401(k) is not taxed when it is put into savings, and as long as it is not withdrawn before age 65, it is not taxed when you withdraw it either. With Roth IRA, you only pay taxes the year it is invested, but you don't pay taxes when it's withdrawn at age 65. (I think Roth has generally has a higher interest yield generally, which is why they tax it ahead of time.) Both of them hit you with a 10% tax penalty on earnings if you take it out before 65.

#531 Dec 11 2011 at 8:13 PM Rating: Good

TirithRR

Worst. Title. Ever!

17,302 posts

But Lube here seems to be advocating a tax on money doing nothing but sitting in savings waiting. Or just saying "Says who" for no reason and hasn't stated his true feelings.

catwho wrote:

401(k) is not taxed when it is put into savings, and as long as it is not withdrawn before age 65, it is not taxed when you withdraw it either.

I'm pretty sure that your 401k is taxed when you withdraw even after 65.

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#532 Dec 11 2011 at 8:20 PM Rating: Excellent

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Sage

9,507 posts

401(k) is taxed at a normal income rate when you retire. The 10% is a penalty for withdrawing it early. If you withdraw early, you will pay the normal tax rate, plus 10%.

#533 Dec 12 2011 at 8:12 AM Rating: Excellent

Soulless Internet Tiger

35,474 posts

Duke Lubriderm wrote:

Interest (an earning, like dividends and capital gains) is taxed, the savings themselves aren't. At least that's how it works in the US.

Why the fuck would you want the savings taxed? You want everyone living paycheck to paycheck?

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#534 Dec 12 2011 at 8:34 AM Rating: Excellent

Jophiel

Liberal Conspiracy

TILT

Uglysasquatch wrote:

You want everyone living paycheck to paycheck?

No, just everyone else. I should be living rich on my welfare checks in my mansion made of government cheese.

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Belkira wrote:

Wow. Regular ol' Joph fan club in here.

#535 Dec 12 2011 at 8:38 AM Rating: Excellent

Soulless Internet Tiger

35,474 posts

Jophiel wrote:

Uglysasquatch wrote:

You want everyone living paycheck to paycheck?

No, just everyone else. I should be living rich on my welfare checks in my mansion made of government cheese.

Be happy you're not Swiss.

That was really bad, but I just had to.

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#536 REDACTED, Posted: Dec 12 2011 at 12:05 PM, Rating: Sub-Default, (Expand Post) Ugly,

#537 Dec 12 2011 at 12:08 PM Rating: Excellent

Soulless Internet Tiger

35,474 posts

varusword75 wrote:

Ugly,

Quote:

Why the @#%^ would you want the savings taxed?

Because he's a liberal and doesn't have any savings.

According to you, I'm a liberal, but I sure as hell don't want my savings taxed.

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#538 Dec 12 2011 at 12:53 PM Rating: Excellent

lolgaxe

+1

50,767 posts

Uglysasquatch wrote:

According to you, I'm a liberal,

According to him, gbaji is a liberal.

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#539 Dec 12 2011 at 1:40 PM Rating: Excellent

Timelordwho

Unplanned

13,240 posts

Uglysasquatch wrote:

Duke Lubriderm wrote:

Interest (an earning, like dividends and capital gains) is taxed, the savings themselves aren't. At least that's how it works in the US.

Why the fuck would you want the savings taxed? You want everyone living paycheck to paycheck?

The goal of taxing wealth isn't to keep people living paycheck to paycheck, but rather to keep more wealth productive. The numbers wouldn't be high enough to rapidly consume savings, but rather encourage commerce. It would be in lieu of certain other taxes but difficult to collect outside of bank deposited funds.

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#540 Dec 12 2011 at 3:16 PM Rating: Excellent

rdmcandie

Scholar

7,564 posts

**** that I save money to make money, if it was going to get taxed what the hell is the point of saving it. Let alone having it taxed twice. I put my money in a tax free savings account. The catch, I am limited to only 5K a year deposit. Sure that sucks, but by the time I retire that is 200K Tax Free that I can live off of. As opposed to say an RRSP that gets the **** taxed out of it if you withdraw early (then again any contribution is tax claimable and thus it technically pays for itself if you are consistent with it.)

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#541 Dec 12 2011 at 4:02 PM Rating: Good

Soulless Internet Tiger

35,474 posts

Timelordwho wrote:

The goal of taxing wealth isn't to keep people living paycheck to paycheck

Of course it's not. Unfortunately, there's this little thing that gets in the way called reality.

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#542 Dec 13 2011 at 7:10 AM Rating: Good

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Sage

9,507 posts

Uglysasquatch wrote:

Duke Lubriderm wrote:

Interest (an earning, like dividends and capital gains) is taxed, the savings themselves aren't. At least that's how it works in the US.

Why the fuck would you want the savings taxed? You want everyone living paycheck to paycheck?

I'm not advocating taxing the savings of every single ham and egger out there. But maybe once someone's net worth hits something like 100 million USD, then a small wealth tax could be appropriate. But then again, we could just start taxing other forms of income at the same rate we tax income earned from work (eliminating loopholes) and not have to worry about it at all.

#543 Dec 13 2011 at 8:21 AM Rating: Excellent

lolgaxe

+1

50,767 posts

Uglysasquatch wrote:

Unfortunately, there's this little thing that gets in the way called reality.

You read this forum enough, you should have realized a long time ago that most of the posters don't believe in reality.

____________________________

George Carlin wrote:

I think itâ€™s the duty of the comedian to find out where the line is drawn and cross it deliberately.

#544 Dec 13 2011 at 4:33 PM Rating: Excellent

__DEL__1592339732801

Sage

3,272 posts

varusword75 wrote:

Ugly,

Quote:

Why the @#%^ would you want the savings taxed?

Because he's a liberal and doesn't have any savings.

I knew that burying my money in a mason jar in the backyard would pay off.

#545 Dec 14 2011 at 7:22 AM Rating: Excellent

__DEL__1658708287938

Sage

9,507 posts

lolgaxe wrote:

Uglysasquatch wrote:

According to you, I'm a liberal,

According to him, gbaji is a liberal.

Is everyone who even leans slightly left a liberal? I want to know, because I totally missed it when Varus just threw that blanket term on me. I'm certainly left of center (for the US), but at the age of 32, 100% of my senate votes have been for moderate republicans, and I have certain issues where I would either stand with the right, or somewhere in between the two. What is it with this calling anyone you don't agree with at least 80% of the time a liberal?

#546 Dec 14 2011 at 7:44 AM Rating: Excellent

lolgaxe

+1

50,767 posts

Duke Lubriderm wrote:

lolgaxe wrote:

Uglysasquatch wrote:

According to you, I'm a liberal,

According to him, gbaji is a liberal.

Is everyone who even leans slightly left a liberal?

Not really, it seems more like they use it as an insult for anyone that doesn't agree with them on absolutely everything political.

____________________________

George Carlin wrote:

I think itâ€™s the duty of the comedian to find out where the line is drawn and cross it deliberately.

#547 Dec 14 2011 at 8:51 AM Rating: Good

Debalic

Prodigal Son

20,643 posts

Yeah, anyone who's not leaning so far right they've fallen over is part of "you liberals".

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publiusvarus wrote:

we all know liberals are well adjusted american citizens who only want what's best for society. While conservatives are evil money grubbing scum who only want to sh*t on the little man and rob the world of its resources.

#548 Dec 14 2011 at 9:03 AM Rating: Good

Elinda

Skelly Poker Since 2008

16,781 posts

lolgaxe wrote:

Duke Lubriderm wrote:

lolgaxe wrote:

Uglysasquatch wrote:

According to you, I'm a liberal,

According to him, gbaji is a liberal.

Is everyone who even leans slightly left a liberal?

Not really, it seems more like they use it as an insult for anyone that doesn't agree with them on absolutely everything political.

Varus just uses it as a random insult. I've never seen him accuse anyone of being a 'conservative'.

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#549 Dec 14 2011 at 11:19 AM Rating: Good

__DEL__1592339732801

Sage

3,272 posts

Elinda wrote:

lolgaxe wrote:

Duke Lubriderm wrote:

lolgaxe wrote:

Uglysasquatch wrote:

According to you, I'm a liberal,

According to him, gbaji is a liberal.

Is everyone who even leans slightly left a liberal?

Not really, it seems more like they use it as an insult for anyone that doesn't agree with them on absolutely everything political.

Varus just uses it as a random insult. I've never seen him accuse anyone of being a 'conservative'

Is this even possible?

#550 REDACTED, Posted: Dec 14 2011 at 11:59 AM, Rating: Sub-Default, (Expand Post) Elinda,

#551 Dec 14 2011 at 12:01 PM Rating: Excellent

lolgaxe

+1

50,767 posts

Gumbo Galahad wrote:

you should be insulted if someone calls you a liberal.

If you're stupid maybe. Thankfully the only stupid people here also, and "purely coincidentally," throw the word out like it was breathing to them making them easy to spot.

____________________________

George Carlin wrote:

I think itâ€™s the duty of the comedian to find out where the line is drawn and cross it deliberately.