Up next ladies and gents, your retirement!!!-Page 3: Off-topic discussion forum: Grassroots Motorsports Magazine

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April 16, 2010 1:31 p.m. slefain Dork

oldsaw wrote:

In reply to slefain:

Look for the beltway-bandits to pull a Kirchner and "nationalize" private retirement accounts.

There's a whole bunch of money out there and they can get their greedy hands on it in one fell swoop.

/ /puts on tinfoil hat \

Maybe that is just what will happen? Think about it. The topic of Kirchner'ing everyone's 401k accounts makes it to Congress. Can you imagine the thunderous sound of millions of people running to the bank to withdraw their 401k funds, early penalties be damned? So now all the people who were spooked have their cash in their hands and the government takes their cut in early withdrawal penalties. Congress "defeats" the proposed Kirchner'ing and everything goes back to normal, except now the money from the early withdrawal penalties are gravy.

/ /takes off tinfoil hat \

I'm sure don't want that to happen, but how would we know it wasn't the plan?
April 16, 2010 2:08 p.m. DILYSI Dave SuperDork

For several years, my "Holy E36 M3 I hope I'm wrong" prediction of the end of our great nation has revolved around an inability to keep up with Social Security payouts. As the boomers retire, they will be getting unsettled at reduced benefits, while the working folks are going to grow more and more tired of increasing SS taxes that they know damn well they will never see. A tipping point is reached and there begins an emigration of the working generation, in order to escape the overburdening taxes. As more and more boomers retire, and more and more of their kids move away in order to escape, the nation spirals into bankruptcy. At some point, hyper inflation results as the government tries to keep the boomer sated with printed money, and then it's all over but the riots and famine.
April 16, 2010 2:12 p.m. Dr. Hess SuperDork

Odds are we'll all expire before SS. Tuna, there is no difference. I know it's a fraud. I always knew it was a fraud. I have tried my hardest to vote out the losers that perpetuate the mess (the ones that started it are all long dead). It has done no good at all to vote.

The Feds eyeing the 401K's has already been suggested by The O (or his administration, to pull the heat off The O.) The suggestion is to force an "investment" in government IOU's on all 401K's.

Seen on another board: "I asked my stock broker what stocks I should be buying. He said: 'Canned goods and ammo.'"
April 16, 2010 3:50 p.m. RX Reven' Reader

...retirement party
April 16, 2010 4:16 p.m. 93celicaGT2 SuperDork

alfadriver wrote:

93celicaGT2 wrote:

nocones wrote:

93celicaGT2 wrote:

When i run the math... i've seen about 44% of my gross pay so far this year actually hit my bank account. I honestly consider that to be criminal.

Your saying you have a 56% tax rate? That seems pretty high.
Ours for my wife and me is in the 40% range all inclusive.

even if you gross 100K a year and have 0 deductions of anykind (all of your income is tax exposed) and are self employed your tax is:

21.8% fed, 3.4% Indiana state tax (flat rate), 10.6% OASI, 1.8% DI, 2.9% HI, 4% property taxes

For a total of 44.5% tax rate.

If you just make standard purchases with the rest you would add 4.025% for sales tax.

I'm not saying this number is low, but it seem like your claim is pretty high.

Overtime is taxed pretty high here, i claim 0 exemptions, and that's including EVERYTHING taken out of my paycheck. I'm not saying i get "taxed" 56%. Health insurance, Social security, medicare, fed and state income tax, etc etc etc...

Put it this way.... 40 hours of overtime = ~$350 extra on the check. Overtime is time and a half, and my base hourly is ~$16/hr. I get SCREWED on overtime.

the withholdings may be more, since they withold based on that check coming every pay period, but OT isn't taxed any more than normal wage.

Do your taxes, be amazed by your refund, and then come back telling us that your actual taxes match your salary.

As for taxing healthcare, I'm sure your care isn't going to be taxed- it's on benefits that are over 10k worth for one person- and that's a pretty hefty cost to get to that. I know I'm about half that, and have very good care.

As for SS- a pretty easy fix is to increase the annual salary where they stop taking it. Right now, once you earn more than $109k, you STOP paying SS tax. Not sure why, but the Rich sure aren't paying this bill like everyone pretends. The high point does not follow inflation, so as wages have gone up, the limit does not follow.

The math just doesn't add up. I wasn't amazed by my refund at all. Oh well. Moving on to the next item:

Are you talking about health CARE or health INSURANCE? I'm already taxed on my health insurance.