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Politics : Welcome to Slider's Dugout -- Ignore unavailable to you. Want to Upgrade?

To: John Carragher who wrote (47364)	1/30/2025 8:10:29 AM
From: GUNSNGOLD	1 Recommendation Recommended By isopatch Read Replies (2) \| Respond to of 50019

I don't think that Trump is going to ask for IRA withdrawals to be tax free. Regular IRA's were never intended to be tax free, but SS was. I believe he is getting things back to their original intent. I would be against it. John Dellinger when asked "why did you rob the banks" and his answer was "thats where the money is" For a historical context, the Federal Government robbed the Citizens of the US in 1933 with the passage of the Gold Act. Why? Because in 1933 that where the money was. Fast forward to today, The money is in the IRA's and 401k's. So if you are to learn anything from history, I would say to expect INCREASES on taxes coming out of IRA's because that is the only place where the MONEY IS. That is why we must get the ERS going. This will relieve the Federal Government from looking to the IRS to make up the difference. About 15 years ago, I could see very clearly that one day the government would move towards a "pool" of money that was sequestered and easy to tax. That is exactly what IRA's and 401k's are. So I haven't really invested in the IRA's and don't make any contributions to a 401k. The crisis is coming. We have already seen things like "means testing" discussed on entitlement programs like SS. The sheep are herded and available for shearing. Hard decisions have to be made and with our current trajectory on spending a crisis is coming. I know that isn't what you want to hear, but that is what I see. The wealth concentrated by the IRA's and 401k is very easy for the government to tax and that is the problem. Government itself isn't effective or efficient, but when you can leverage the private systems of the IRA and 401k providers to tell you how much an individual is withdrawing and also implement MANADATORY withholding then you have the perfect recipe that government loves for revenue collection. Let's compare that to a Business owner or someone like me with many rental properties. The IRS has to come and audit specific individuals and it isn't very efficient or effective. They basically rely on self reported income to get the money. This is why IRA's going forward will not escape the tax mans grip. Quite simply, "Its where the money is" Maybe I'm wrong, but I doubt it. All I can say is we shall see. Either way I'm still winning, because I have a few properties now that my Cash on Cash return is approaching 40% a year and nobody in the market can touch that. That's every year not just one year out of 7. G-n-G