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There is nothing as mean spirited and vindictive as an old person who thinks their Social Security and Medi-care is in jeopardy. Never mind that today's oldsters will collect far more from Social Security than they ever put in, while the rest of us will never come close to getting back what we put in. The SS Trust Fund is in a lockbox zealously guarded by albore. Private retirement accounts, but the current GOP leaders can't seem to do anything except make the cost of government grow even faster. I figure if when I qualify for benefits, currently at age 67, I'll get enough for about a 6-pack of cheap beer per month if it's on sale. As the government keeps actively seeking new and innovative ways to bankrupt the dwindling number of Producers and provide endless bounty to the expanding rolls of Takers, while simultaneously ensuring that the US workforce will be on par with slave labor in China both in education and in pay, we will beg for globalization - and that is what we are going to get. Then do like those in Zimbabwe do, loot from the the retired wealthy and kill those who resist. Younger Americans like myself are willing to pay more so long as not's part of a failing government program bound to go bankrupt. It's a winning political issue, but does need to be communicated carefully. An important issue for a lot of young Republicans and hopefully, Bush will take action on this shortly after his re-election. Let me out of the system now, I'll sign anything that says I won't collect and Congress won't create a future system will ever be imposed upon my assets or income. So I'm likely going to relocate my business offshore, and use the tax savings for funding conservative efforts. Then do like those in Zimbabwe do, loot from the the retired wealthy and kill those who resist. This old coot will take a Corporals Guard to hell with him. Already they have floated trial balloons of "one time" taxes on those to "invest in our cities or children". Seems as people cash in their retirement funds they will be paying tax on those funds. The new tax revenue is expected to equal the expected cost of Social Security in the near future. In other word the tax deferred of yesterday is the taxed in the future. So relax 121 19 posted on 07/29/2003 6:09:38 AM PDT by 122 FlatLandBeer 123 Post Reply | 124 Private Reply | 125 To 1 | 126 View Replies To: Kozak My biggest fear is all the money we are socking away in our 401k's and IRA's will prove too big a temptation for the politicians. This threat has been on the radar pretty much the same year the 401k laws were passed. How it works is that there is a penalty on early withdrawals, so the "One Time Charge To Save Social Security and Union Pensions" will be slightly smaller percent than the hickey for early withdrawal. I think that we are OK for now since most people are really upset that their 401ks are so ravaged by the dot bomb lootings. Let's say that "W" wins another term and the GOP finally picks up enough senate seats to actually pass meaningfull legislation. It won't happen because the media will constantly remind us how awful things are so that we will vote for Hillary in 2008. Either do the wise thing, pay the taxes now (since taxes rarely go down) and put your money in a Cayman account. Actually some of the best investments are not available to US citizens (tax reasons). Either that, or plan to have your accounts sacked and ravaged around 2010, or as late as in Hitlary's second term. Especially when the death taxes are restored and the next of kin need to pony up over half of the inheritance just to pay off the hickey and the windfall. Then do like those in Zimbabwe do, loot from the the retired wealthy and kill those who resist. By the time my kids retire, will there even be a Zimbabwe left? Seems as people cash in their retirement funds they will be paying tax on those funds. The new tax revenue is expected to equal the expected cost of Social Security in the near future Question. Will these taxes paid actually be considered social security revenue or will it just go into the general fund where it will be spent on foreign aid, interest on the debt and entitlements? Also, so long as we have sound economic free market economics then there should be groth in the economy to fill tax coffers with out resorting to higher taxes. As for large estates, people will have to plan for any return of higher estate taxes. These are available to more people now than in the past. One thing often over look is the "demoraztion" (sp) of financial and economic products. If you look back 50 yrs most people didn't have checking accounts, then people got checking accounts, then discount brokers and mutual funds, next will be low cost estate planning. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
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