Death Taxes

[Kidlicious]

Originally posted by aneeshm
Basically, all the arguments against the tax are based on the invocation of the rights of the person who has the money to do with it as he wishes, whereas all the arguments for it are based on "We know better, and we want to do it because it fits in with out vision, so we'll do it."

In what country does the govt not have the right to tax? What are you talking about?

[Caligastia]

Originally posted by aneeshm
Basically, all the arguments against the tax are based on the invocation of the rights of the person who has the money to do with it as he wishes, whereas all the arguments for it are based on "We know better, and we want to do it because it fits in with out vision, so we'll do it."

Yup. Guess which side I'm on.

[Kontiki]

Originally posted by aneeshm
Basically, all the arguments against the tax are based on the invocation of the rights of the person who has the money to do with it as he wishes, whereas all the arguments for it are based on "We know better, and we want to do it because it fits in with out vision, so we'll do it."

Which would be precisely the same for every type of tax there is. What's you point?

[Imran Siddiqui]

Originally posted by Patroklos
Which in turn created many millions more working jobs.

I'm guessing the difference in Bill Gates's income if the infrastructure wasn't there would be far, far greater than the difference in income for a factory worker putting together Vista CDs.

[MRT144]

Originally posted by Imran Siddiqui


I'm guessing the difference in Bill Gates's income if the infrastructure wasn't there would be far, far greater than the difference in income for a factory worker putting together Vista CDs.

If bill even survived the looting.

[Imran Siddiqui]

He'd likely be one of the first up against the lampposts. Realistically, there have been very, very, very few governments throughout history that have put the poor first or even equal (regardless of what some communist and socialist states said, they usually placed the party elite ahead of the working poor).

[Arrian]

Originally posted by Kidicious

Since you can only contribute 4k a year (tax deferred) you are way off anyway.

Wait, are we talking about 401(k) or IRA now? 4k sounds waaaay low for 401(k). In fact, I'm reasonably certain I've put in more YTD. EDIT: yeah, I have, and that's not counting the company match. I make no claim of being "average," but my income is far from impressive. It's my wife that makes the big bucks. So this stuff about how you can't accumulate wealth by working & saving is overblown.

As for aneeshm's "point" - it's more than a bit silly. The same could be said about any tax whatsoever. So, unless one wishes to live in anarcho-capitalist libertarian land, you kinda have to get past that.

-Arrian

[LordShiva]

Originally posted by Kidicious
Since you can only contribute 4k a year (tax deferred)

No

[Arrian]

$4k is the Roth IRA cap, IIRC. The 401(k) limit is $15,500.

Anyway, the average American is not going to rack up $2 million in their retirement accounts. Partly because you do need an above-average income to put in enough for it to grow that high, and partly because Americans are piss poor at saving.

-Arrian

[Kidlicious]

Folks the thread is not about 401ks. Neither of you will aquire 2M in your lifetime so let it go.

[LordShiva]

Actually, I sure as hell will. Through working.

[Kidlicious]

Originally posted by LordShiva
Actually, I sure as hell will. Through working.

No, you still have to contribute about 15k a year. What type of work do you do?

[Arrian]

It depends on how the markets do, obviously, but I'm not going to concede that either. Especially if I bump my contribution up from 15 to 20% like I'm pondering doing.

-Arrian

[Kidlicious]

Originally posted by Arrian
It depends on how the markets do, obviously, but I'm not going to concede that either. Especially if I bump my contribution up from 15 to 20% like I'm pondering doing.

-Arrian

Over a 45 year period it's not going to depend on how the markets do much. You are going to get about 3-5% return after inflation.

[Arrian]

True, over time things even out (though I'm not sure about 3-5%, but whatever). What I meant was that, for the purposes of determining whether I managed to get $2mil, where the market is in its cycle of boom/bust when I hit 59 1/2 will matter. Also, my own decisions will matter too. Say the market is riding high when I'm about 55 and I time things right and switch my money over into stable funds at just the right time. I do well. Say I don't - I don't do as well.

-Arrian