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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (26280)	12/28/2004 3:38:27 PM
From: Amy J	Read Replies (2) \| Respond to of 306849

Les, so basically he's saying "attack the middle class." 401k and ira's are for the middle class, not for the rich person. The rich folks use Annuity Charities to stuff millions and millions of dollars of gains (non-retirement money, mind you), where the gains are instantly tax free. In return, an annuity payment is given to you for life. After looking at the numbers on these plans, it's a pretty darn good deal. How would you like to have all your stock market gains tax free? Not just your retirement gains, but all your stock market gains. Meanwhile, back at the farm John & Sally are slogging away at saving some money into a humble IRA or 401k. But apparently Bush wants to make their life harder by removing their deductible. A rich person gets an unlimited amount of gains all tax free thru annuities, while John & Sally have their contributions capped to a measly $14k and $4k amounts (measly when compared to millions the rich can stuff away into annuities). If this wasn't bad enough, now Bush wants to tighten the screws further on the middle class by removing deductions. It's great if you are rich in America. But not for the middle class. John & Sally are clueless as to what they are missing out on, while the rich get unlimited tax free gains. So John & Sally don't complain (they are too busy working), so the rich work the system even more for themselves. So, at what point will the middle class get fed up with this distortion of the tax laws? At what point will they get fed up with their tax money paying $1M/year to CEO that's been fired? Or, paying for faltering of a banking system due to negligent loaning? Why is the system set up to hurt the responsible worker that saves money? Rather than the negligent CEOs and a corrupt banking system? At what point will the middle class say "enough" Regards, Amy J