I believe that there have been posts on this proposal. Most of the comments have been a big yawn (me included). So either this thing was much more seriously misunderstood, or it is totally nefarious. Along with demolishing the real estate industry, it will do similar to the stock and bond industry. I understand the national debt is huge. But the very last thing a responsible government should be doing, is to demolish the mechanism to pay off this debt. Which is what this plan is all about.
This tax plan is part of the "intentional destruction of America". Freedom Ship America is being SCUTTLED in front of our very eyes.
%% THANKS; but I live in one of the 7 or more US states that have no state income tax. So we say its NOT really about whether ''we can afford it'' It's about low taxes + limited gov, private sector does so many things better than a big greedy gov. But we pay our cops well+ respect them-------amazing how many big gov types dont even like cops
No. Murray, this is federal 1040 tax, 1) both long term capital gains (LTCG) 2) and qualified dividends - both of which are currently 15% going up to 44%. (nearly a triple) The term "shock and awe" is supposed to refer to our military. But is now applied to the IRS, in their treatment of tax-paying citizens. We have already seen that the current POTUS does not properly pay income tax. Same with his drug-addled son. As far POTUS 44 goes, nobody asks. As far POTUS 42 goes, all "tax free charities". Same result.
%% OK ; BUT that proposal-prediction does not change my current low tax limited gov remark. The last federal tax attempt with debt forgiveness was smacked down by supreme court. I also double checked it, Country Boy641=NO capital gains on Roth accounts. As always, anyone can give the IRS extra money LOL Thanks
I think you know Murray, Retirement accounts are never tax free. just tax deferred. Deferred until you distribute money. Sounds like that is up a lot too.
%% Good move on a new tax prep frim; NO Roth IRA is taxed after 5 years. No wonder, we paid tax before we put money in the Roth + never got any tax deduction. There are limits on amount one can put in Roth, per year. Dave Ramsey also noted back door Roth ............................. For those that dont own a home can with draw $10,000, from Roth but see a CPA anyway I sing in the big choir .