Keynesian Job Program / Stimulus Plan

[Taco John]

[Taco John]

Originally Posted by La literatura

****ing United States government. We'd have a utopia if it wasn't for that damn thing.

I can meet your hysterical hyperbole all day. What's next?

Clearly you can't. Your sauce is weak.

[La literatura]

Originally Posted by Taco John

Clearly you can't. Your sauce is weak.

Do you put the maximum amount of savings into a Roth IRA each year? Do you know it was raised for 2013?

[listopencil]

Originally Posted by La literatura

Do you put $5000 each year into a Roth IRA? It's tax deductible, can be tax-free when matured, and is a perfect example of a "loophole" that incentivizes people to build a nest egg for their retirement.

Imagine if you could save as much of your income as you wanted to without being taxed on it. You know, because you're the one who made the money. And then imagine if you could put aside a substantial amount because you knew that you could take it back out without a "penalty" if something unexpected happened, or if you had a large purchase that you wanted to save for.

[La literatura]

Originally Posted by listopencil

Imagine if you could save as much of your income as you wanted to without being taxed on it. You know, because you're the one who made the money. And then imagine if you could put aside a substantial amount because you knew that you could take it back out without a "penalty" if something unexpected happened, or if you had a large purchase that you wanted to save for.

Do you put $5000 each year into a Roth IRA?

[listopencil]

Originally Posted by La literatura

Do you put $5000 each year into a Roth IRA?

No, I'd rather not be taxed on money that I put into an IRA.

[La literatura]

Originally Posted by listopencil

No, I'd rather not be taxed on money that I put into an IRA.

It isn't taxed. Putting $5K into a Roth IRA each year not only gets you a deduction, but it also is untaxed when you withdraw it after you retire.

[Comrade Crapski]

Originally Posted by La literatura

Do you put the maximum amount of savings into a Roth IRA each year? Do you know it was raised for 2013?

You don't even work.

[listopencil]

Originally Posted by La literatura

It isn't taxed. Putting $5K into a Roth IRA each year not only gets you a deduction, but it also is untaxed when you withdraw it after you retire.

From what I understand, deposits into a Roth IRA are taxed. Traditional IRA's are taxed upon withdrawal.

[petegz28]

Originally Posted by listopencil

From what I understand, deposits into a Roth IRA are taxed.

Well, the deposits are made with after-tax $'s, so.....

[listopencil]

Originally Posted by petegz28

Well, the deposits are made with after-tax $'s, so.....

Imagine if the US had a consumption tax replacing the income tax.

[patteeu]

Originally Posted by La literatura

We can still do all of that, even with an income tax.

Not true.

[La literatura]

Originally Posted by listopencil

From what I understand, deposits into a Roth IRA are taxed. Traditional IRA's are taxed upon withdrawal.

So rollover your traditional into a Roth. Here's the point: you don't even do the bare minimum of saving and taking advantage of the tax code's IRA advantages. So spare us the lecture of how if only there was no income tax your life would be so much better. Not really: you would just spend it all.

[Comrade Crapski]

Originally Posted by La literatura

So rollover your traditional into a Roth. Here's the point: you don't even do the bare minimum of saving and taking advantage of the tax code's IRA advantages. So spare us the lecture of how if only there was no income tax your life would be so much better. Not really: you would just spend it all.

You don't even work so just shut the **** up.

[patteeu]

Originally Posted by La literatura

So rollover your traditional into a Roth. Here's the point: you don't even do the bare minimum of saving and taking advantage of the tax code's IRA advantages. So spare us the lecture of how if only there was no income tax your life would be so much better. Not really: you would just spend it all.

It doesn't matter whether listo takes full advantage or not. The point is that he doesn't have that option. None of us do. That's a byproduct of the income tax. It's a bug, not a feature.

Oh, and I'm not sure what your point is about rolling over a traditional into a Roth. No matter which way you do it, you pay taxes on one end or the other. If you start out traditional and then roll to Roth, you pay taxes in the middle. A traditional IRA is the closest approximation to the treatment you'd get from a consumption tax. But it's limited, so it's an inferior approximation.

[La literatura]

Originally Posted by patteeu

Not true.

Yes it is true. If you put the $5500 each year into a Roth IRA for 40 years, you will have a nice little nest egg when you retire that isn't taxed. That doesn't take into account any additional savings you do on your own or employer savings.

Everyone has that option. Most people choose not to. Whose fault is that?