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| Biden Bungles - Taxes / Retirement IRAs https://www.mudmotortalk.com/mmt_v2/viewtopic.php?f=12&t=75618 |
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| Author: | Gigafowl [ Sun Mar 28, 2021 7:49 am ] |
| Post subject: | Biden Bungles - Taxes / Retirement IRAs |
Well we now know that the Biden platform about no new taxes under 400,000 per household is going to be false / a lie.... Biden will be coming for your money in regards to you retirement IRA first and foremost ! Then he will slash the Standard deduction & double Capital Gains ! Before a certain person says he won't - watch this video which explains the math... https://www.youtube.com/watch?v=gImE55o34EQ In it you see that with household income of 200K and up - if you save aggressively for your retirement through IRA programs as you should - you will pay thousands more in income taxes.... |
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| Author: | Gigafowl [ Sun Mar 28, 2021 8:06 am ] |
| Post subject: | Re: Biden Bungles - Taxes / Retirement IRAs |
OK - maybe you are like the 75% that want their money NOW.... You let your employer take the least out possible - you do not do an IRA at all.... Guess what when they cut the Standard Deduction in half - you will need to pay an extra 1000 to 2000 dollars in taxes - no matter what income level you are in assuming you made more than 30,000 per household and don't have kids ! So forget about a refund - get out your checkbook - you are about to write a check in 2021 to the IRS ! You got lied to by the Biden money grab machine ! |
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| Author: | Gigafowl [ Sun Mar 28, 2021 8:17 am ] |
| Post subject: | Re: Biden Bungles - Taxes / Retirement IRAs |
Or - you and your wife are hot young college grads with 150,000 jobs each and a huge house with a huge mortgage and huge car payments - no kids and are just living the dream and kicking azz..... Guess what - they want to cap Itemized Deductions in 2021 & 2022 - so you won't get to write off all that interest - and those electable surgeries that made her / you look so great, well those are about to get slashed so you can't use them in your Itemized Deductions in 2021 like you could in 2020 anyway - so get ready to pay more in 2021 and 2022 for sure ! Plus pay more if you - like the opening post - use you IRA's for retirement savings ! You were lied to the most ! And you may have even believed him and voted for him - once ! ! ! |
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| Author: | Gigafowl [ Sun Mar 28, 2021 8:28 am ] |
| Post subject: | Re: Biden Bungles - Taxes / Retirement IRAs |
Maybe - like me you have been playing by the rules all these years - buying real estate and stacking the cash in banks and the stock market from time to time.... He is coming after my kids at my funeral ! ! ! They stand to loose HALF of their inheritance to the tax man if I die ! ! ! Because... I KNEW I was being lied to and didn't vote for him or any of this BS ! ! ! Estate taxes could see significant changes under Biden’s proposal, including an increase to bring the estate tax to 45%, lowering the exemption level to $3.5 million for individuals (currently $11.58 million) and eliminating step-up basis at the taxpayer’s date of death. As previously mentioned, the elimination of step-up basis could leave taxpayers with significant capital gains that would be recognizable upon their death, and if combined with the proposed ordinary income rates on capital gains for high income individuals, could mean a significant increase in taxes upon a person’s death. |
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| Author: | Gigafowl [ Sun Mar 28, 2021 8:37 am ] |
| Post subject: | Re: Biden Bungles - Taxes / Retirement IRAs |
And - If you are heavy into real estate - every sale of every major "monopoly board property" both big and small is about to see MAJOR TAX INCREASES in Capital Gains Taxes - on each and every sale ! ! ! SO - forget about the increases in State Capital Gains maybe you live in a State that has none but you still have to pay the 3.8% BidenCare tax nationwide... As a candidate, Biden claimed that, for individuals and small businesses earning less than $1 million, capital gains tax rates would not be affected under his presidency. However, Biden proposed to increase the 20% current capital gains tax rate from 20% (plus the 3.8% surcharge) to a whopping 37% (plus the surcharge) for a total federal capital gains tax rate of 40.8%. Ouch that hurts - but you don't get to write off all those real estate taxes you paid over the years as your property increased in value either now - so Ouch again.... You get to pay 50% to 80% more in taxes - all thanks to that "Nice Guy" - Joe Biden ! ! ! |
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