don't look now

Discussion in 'UPS Retirement Topics' started by Brownslave688, Apr 11, 2013.

  1. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

    The president wants to limit your retirement.

    President's plan might hit more IRAs
  2. texan

    texan Well-Known Member

    It begins. Some would say why would you need more than 3 million in your IRA.

    Class warfare jealousy at it finest.

    If you are very sound investor with a self managed IRA and you pick a stock or many stocks
    that triples in value, you are frowned upon.

  3. Benben

    Benben Active Member

    You are also frowned upon when you make high 6 figures or more and try not to pay your share of taxes by hiding your income in an IRA. Tell me again what good 'ole Mit paid in taxes last year percentage wise.
    3 million in an IRA is not a product of picking a few triple baggers. It is a result of sheltering an obscene income.
  4. moreluck

    moreluck golden ticket member

    So you would turn down "an obscene income"?
  5. texan

    texan Well-Known Member

    And if you were born in 1844, and were 20 years old in 1864, and an anti enterpreneur / socialist
    level playing field / Anti rich / it is not fair type person, you would have stopped Andrew Carnegie
    from investing 40,000 dollars in Story Farm to keep him from earning over 1,000,000 million from his investment.

    In one year, the farm yielded over $1,000,000 in cash(how horrible) dividends, and petroleum from oil wells
    on the property sold profitably.

    He took that money and made Pittsburg, The Steel of the US, the Steelworkers, and the rest is history.
    Carnegie believed in using his fortune for others and doing more than making money. He wrote:
    I propose to take an income no greater than $50,000 per annum! Beyond this I need ever earn, make
    no effort to increase my fortune, but spend the surplus each year for benevolent purposes!

    Let us cast aside business forever, except for others.

    Have you ever been to Pittsburg and seen what he gave and built?

    How MANY were paid and substained familys with his money and investments?


    You would have stopped him from this as it was not fair and he did not pay his fair share
    and "hid it" by using the current laws in 1864-1900.

    By the way, if one has a 789,674 dollar income for a year, what should the per cent be?

    18 % or more? If more than 18.4% please go to this web site below and share this.

    This is the gross income of the President and his wife and their 2012
    taxes and they pay 18.4%

    Last edited: Apr 12, 2013
  6. Benben

    Benben Active Member

    Texan, its Friday. I just knocked down a 192 stop, 102 mile route. just shy of 11 hours with .92 in the box. I am tired and have had a few beers...hey its Friday. Therefore I might not be thinking as clearly as I should. With that being said.............
    Exactly what are you trying to say bringing up Carnegie, saying he only wants $50K A YEAR IN 1844? 1844!!!!! What is that in todays prices? $100 million a year?!?!?! Don't start preaching about history! With enough money one can re-write history any way he or she wants and make themselves look like a saint!

    Obscene is making more in 1 year than 4 average families will make their entire working lives as DUEL INCOME HOUSEHOLDS. 3 million in an IRA is the defination of rich!

    As for the president and his wife paying 18% tax.......GREAT! Its my understanding they both hold Jurris Doctorates. They had to work for those and they still paid twice the % Mit paid.

    From where I am seated, the cheap row I know, ENTITLEMENTS seem to be screamed for by those on the edges. The rich, from rich families born with silver spoons in their mouths (trust fund babies...for example.. the Koch Brothers) and those who never had a pot to piss into nor a window to throw it out of. I wish the middle class wasn't working 60+ hours a week to better their families and actually had the time, and energy, to make their voices heard. It seems to me that all the crying is being done by those whom work the least!

    If you have an IRA with over 3 million in it your ass should be taxed at 50% or more!
    How do you get to $3 million with caps at less than $6,000 per year? Do the math then get back to us!

    Just my 2 cents after 4 beers.

  7. texan

    texan Well-Known Member

    This can go on for quite a while..................

    Funny how it is always Romney, the Koch brothers when using examples.

    Never is Marc Benioff, Marc Lasry, Penny Pritzker, Warren Buffett, James Crown, George Soros, etc.
    ever used for disdain for the rich, as they are all multibillionaires and HEAVILY supported Obama.

    They all get a pass in the loathing of the rich discussions.
  8. texan

    texan Well-Known Member

    In 1850, Carnegie became a telegraph messenger boy in the Pittsburgh Office of the
    Ohio Telegraph Company, at $2.50 per week.

    Starting in 1853, Thomas A. Scott of the Pennsylvania Railroad Company employed Carnegie as a
    secretary/telegraph operator at a salary of $4.00 per week.

    Does not sound like a silver spoon to me mentioned above.
    Last edited: Apr 13, 2013
  9. texan

    texan Well-Known Member

    The math and I am back to you. :happy-very:

    1. People pay taxes when they redeem their IRAs.

    2. If someone is gifted in investments, and puts / purchases stocks that are valued at close to nothing that
    later grew exponentially. The value would increase tax-free in the retirement account and would be subject
    to taxation at ordinary income tax rates when taken out.

  10. bottomups

    bottomups Bad Moon Risen'

    The Obamas donated $150,000 to charities last year. That would put a dent in almost everyones taxable income.
  11. moreluck

    moreluck golden ticket member

    Charitable donations are a loophole that will go away if Obama is I said.....he's against all the grumpy old white men's deductions.....but he takes them too.....thus (hence) the hypocrite!!
  12. brownmonster

    brownmonster Man of Great Wisdom

    Carnegie, the fine employer that he was, brought in a local militia called the Pinkertons to quell a strike at one of his steel mills. The Pinkertons ended up shooting several strikers. It's because of ruthless barons like these guys we have (or had) strong unions and strong labor laws.
  13. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

    Jealous much? What's keeping u from making as much as mitt?

    This is all the more reason for a flat tax. No write offs or anything.
  14. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

    Don't know much about IRA do we? Sepa IRA can put up to 40k a year away.
  15. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    I would personally prefer the Fair Tax over a flat tax.

    There is no denying that our current tax code is cumbersome and favors the wealthy. Simply the tax code, eliminate the loopholes and reduce deductions.
  16. Benben

    Benben Active Member

    The SEP IRA is a retirement plan designed to benefit self employed individuals and small business owners. Sole proprietorships, S and C corporations, partnerships and LLCs qualify.
    The 2013 SEP IRA contribution limit is $51,000 (2012 limit is $50,000). Contributions to a SEP IRA are generally 100% tax deductible and investment earnings in a SEP IRA grow taxed deferred.

    How many UPS employees can you point to with a SEP IRA?

    This POS thread started with someone twisting a news story. The president's propossal would affect an estimated .003% of IRA's. Think about that how small a number that is. Oh, but the president is comming after all of our IRA's! Beg, borrow or buy a clue please.
    "Not only will such a proposal further challenge retirement savings, it will not generate additional revenue,"

    You need to learn to critically evaluate what you read and use your head. Just because its written on the web does not make it the truth.
  17. Benben

    Benben Active Member

    I think if America was ever allowed to vote on moving to a flat tax with all loopholes closed, and deductions limited to 10% of income it would pass hands down. The vote would not even be close!
  18. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    I like the Fair Tax as it is a consumption tax. I also like it as it provides for a prebate to those under a certain income level.

    Can you imagine going to the store for the first time after the Fair Tax is implemented and paying 23% sales tax?
  19. toonertoo

    toonertoo Most Awesome Dog Staff Member

    Easy to donate 150k, when you live like he does, and we pay for it.
  20. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

    Lol I started the thread. It also said that the way Obama or whoever wrote this that as inflation goes up the amount your allowed to have would go down. Now if that ain't ass backwards I don't know what is.

    Nothing is stopping you from becoming a multi millionaire. Other than the fact your not willing to take a chance to do it. Or don't have a good enough idea. Somehow the fact that everyone that everyone who gets rich had an advantage is ludicrous.