(10-25-2020, 12:12 PM)StroudCrowd1 Wrote: [ -> ]I recommend everyone on here look at how repealing Trump's tax reform will impact your personal financial situation before heading to the polls. The "won't raise taxes if you make under 400k" is a smokescreen for uninformed people.
Also, focus on the capital gains proposal for Joe Biden. If you ever have to sell stock to dip into an emergency fund, this will directly impact you.
If you hate Trump enough to want to pay the government more taxes, then that is your decision to make. Be informed.
Capital gains should be treated more like ordinary income. Ideally you'd be able to deduct inflation, but, inflation has been low lately. If you use a roth account you can avoid those taxes.
(10-25-2020, 01:20 PM)StroudCrowd1 Wrote: [ -> ] (10-25-2020, 01:19 PM)mikesez Wrote: [ -> ]Capital gains should be treated more like ordinary income. Ideally you'd be able to deduct inflation, but, inflation has been low lately. If you use a roth account you can avoid those taxes.
Early withdraw penalty?
Yep those are the problems with how it is setup. You paid taxes on income, then pay more to not spend your money. I have a large amount vesting next month. I wasn't going to sell it, but I may have to do it quickly based on the election. It should all count like income because it shouldn't matter where it came from.
Sent from my SM-T820 using Tapatalk
(10-25-2020, 01:29 PM)p_rushing Wrote: [ -> ] (10-25-2020, 01:20 PM)StroudCrowd1 Wrote: [ -> ]Early withdraw penalty?
Yep those are the problems with how it is setup. You paid taxes on income, then pay more to not spend your money. I have a large amount vesting next month. I wasn't going to sell it, but I may have to do it quickly based on the election. It should all count like income because it shouldn't matter where it came from.
Sent from my SM-T820 using Tapatalk
I have no clue what Mike is talking about. Sure, capital gains in a Roth acct aren't going to be taxed, but you don't have access to that money before 59 1/2 without taking a penalty. 401(k) loan is an option, but typically not a good one.
My point was, Democrats like to sell "capital gains" as a 1%er thing, and uninformed people believe them.
(10-25-2020, 01:31 PM)StroudCrowd1 Wrote: [ -> ] (10-25-2020, 01:29 PM)p_rushing Wrote: [ -> ]Yep those are the problems with how it is setup. You paid taxes on income, then pay more to not spend your money. I have a large amount vesting next month. I wasn't going to sell it, but I may have to do it quickly based on the election. It should all count like income because it shouldn't matter where it came from.
Sent from my SM-T820 using Tapatalk
I have no clue what Mike is talking about. Sure, capital gains in a Roth acct aren't going to be taxed, but you don't have access to that money before 59 1/2 without taking a penalty. 401(k) loan is an option, but typically not a good one.
My point was, Democrats like to sell "capital gains" as a 1%er thing, and uninformed people believe them.
I'm saying, I'm not opposed to raising the capital gains rates to be more like the ordinary income rates.
But I agree that it is dishonest to say it would only affect the 1%. It would affect anyone who owns any stocks or mutual funds. But for people outside the top 1%, it's not a big effect either way.
(10-25-2020, 01:46 PM)mikesez Wrote: [ -> ] (10-25-2020, 01:31 PM)StroudCrowd1 Wrote: [ -> ]I have no clue what Mike is talking about. Sure, capital gains in a Roth acct aren't going to be taxed, but you don't have access to that money before 59 1/2 without taking a penalty. 401(k) loan is an option, but typically not a good one.
My point was, Democrats like to sell "capital gains" as a 1%er thing, and uninformed people believe them.
I'm saying, I'm not opposed to raising the capital gains rates to be more like the ordinary income rates.
But I agree that it is dishonest to say it would only affect the 1%. It would affect anyone who owns any stocks or mutual funds. But for people outside the top 1%, it's not a big effect either way.
It's a big effect on me and I'm not in the 1%. I make good money but I'm not that rich. If I want to sell my shares to have access to the cash I get affected. Most people won't have stocks given to them, but with more people working for startups, etc it does effect a lot more than the 1%. Lower income people may want the cash as apposed to the stock.
Even regular employees are getting stock at Amazon and other tech companies yearly. They aren't 1%.
Sent from my SM-T820 using Tapatalk
If anything pushes this election to Biden will be the political ads. Not only are they ubiquitous, but they're all positive in tone. Most of Trump's are attack ads. The Trump campaign committee is not as good this time around and they're really dropping the ball.
Does anyone else have an issue with a presidential candidate calling kids before noon every day and hiding out? This doesn't feel right.
Biden said he is sick and tired of smart people. Mike, you were born to be a Biden supporter.
You’re a gift... ?
https://t.co/pSivfIfrZX
(10-25-2020, 12:12 PM)StroudCrowd1 Wrote: [ -> ]I recommend everyone on here look at how repealing Trump's tax reform will impact your personal financial situation before heading to the polls. The "won't raise taxes if you make under 400k" is a smokescreen for uninformed people.
Also, focus on the capital gains proposal for Joe Biden. If you ever have to sell stock to dip into an emergency fund, this will directly impact you.
If you hate Trump enough to want to pay the government more taxes, then that is your decision to make. Be informed.
I don't know if you're aware of this, but most Americans cannot afford to play the stock market. They are just trying to get by.
(10-25-2020, 04:15 PM)TheO-LineMatters Wrote: [ -> ] (10-25-2020, 12:12 PM)StroudCrowd1 Wrote: [ -> ]I recommend everyone on here look at how repealing Trump's tax reform will impact your personal financial situation before heading to the polls. The "won't raise taxes if you make under 400k" is a smokescreen for uninformed people.
Also, focus on the capital gains proposal for Joe Biden. If you ever have to sell stock to dip into an emergency fund, this will directly impact you.
If you hate Trump enough to want to pay the government more taxes, then that is your decision to make. Be informed.
I don't know if you're aware of this, but most Americans cannot afford to play the stock market. They are just trying to get by.
As of 2017, 32% of Americans have 401(k)'s. That is 31% more than the 1%.
50% have access to one. This means 18% of Americas are not very smart.
(10-25-2020, 01:46 PM)mikesez Wrote: [ -> ] (10-25-2020, 01:31 PM)StroudCrowd1 Wrote: [ -> ]I have no clue what Mike is talking about. Sure, capital gains in a Roth acct aren't going to be taxed, but you don't have access to that money before 59 1/2 without taking a penalty. 401(k) loan is an option, but typically not a good one.
My point was, Democrats like to sell "capital gains" as a 1%er thing, and uninformed people believe them.
I'm saying, I'm not opposed to raising the capital gains rates to be more like the ordinary income rates.
But I agree that it is dishonest to say it would only affect the 1%. It would affect anyone who owns any stocks or mutual funds. But for people outside the top 1%, it's not a big effect either way.
What a moronic statement Mike. For those of us outside the top 1% that have planned, scrimped and saved this is devistating
(10-25-2020, 04:15 PM)TheO-LineMatters Wrote: [ -> ] (10-25-2020, 12:12 PM)StroudCrowd1 Wrote: [ -> ]I recommend everyone on here look at how repealing Trump's tax reform will impact your personal financial situation before heading to the polls. The "won't raise taxes if you make under 400k" is a smokescreen for uninformed people.
Also, focus on the capital gains proposal for Joe Biden. If you ever have to sell stock to dip into an emergency fund, this will directly impact you.
If you hate Trump enough to want to pay the government more taxes, then that is your decision to make. Be informed.
I don't know if you're aware of this, but most Americans cannot afford to play the stock market. They are just trying to get by.
Perhaps you are not aware of this but everyone with a 401k is playing the stock market.
(10-25-2020, 04:17 PM)StroudCrowd1 Wrote: [ -> ] (10-25-2020, 04:15 PM)TheO-LineMatters Wrote: [ -> ]I don't know if you're aware of this, but most Americans cannot afford to play the stock market. They are just trying to get by.
As of 2017, 32% of Americans have 401(k)'s. That is 31% more than the 1%.
50% have access to one. This means 18% of Americas are not very smart.
Having access, does not mean that they have enough disposable income to put into a 401k. They are worried about getting by in the present. They can't thinking about the future.
(10-25-2020, 05:36 PM)copycat Wrote: [ -> ] (10-25-2020, 04:15 PM)TheO-LineMatters Wrote: [ -> ]I don't know if you're aware of this, but most Americans cannot afford to play the stock market. They are just trying to get by.
Perhaps you are not aware of this but everyone with a 401k is playing the stock market.
Not everyone can afford to put into a 401k. They barely make enough to pay their bills.
(10-25-2020, 05:30 PM)copycat Wrote: [ -> ] (10-25-2020, 01:46 PM)mikesez Wrote: [ -> ]I'm saying, I'm not opposed to raising the capital gains rates to be more like the ordinary income rates.
But I agree that it is dishonest to say it would only affect the 1%. It would affect anyone who owns any stocks or mutual funds. But for people outside the top 1%, it's not a big effect either way.
What a moronic statement Mike. For those of us outside the top 1% that have planned, scrimped and saved this is devistating
If you feel like you were scrimping and saving to make it, you're probably in a low tax bracket, and at that low level, there isn't much difference between the capital gains rate and the ordinary income rate.
(10-25-2020, 05:47 PM)TheO-LineMatters Wrote: [ -> ] (10-25-2020, 04:17 PM)StroudCrowd1 Wrote: [ -> ]As of 2017, 32% of Americans have 401(k)'s. That is 31% more than the 1%.
50% have access to one. This means 18% of Americas are not very smart.
Having access, does not mean that they have enough disposable income to put into a 401k. They are worried about getting by in the present. They can't thinking about the future.
(10-25-2020, 05:36 PM)copycat Wrote: [ -> ]Perhaps you are not aware of this but everyone with a 401k is playing the stock market.
Not everyone can afford to put into a 401k. They barely make enough to pay their bills.
It doesn’t change my statement one iota.
(10-25-2020, 06:06 PM)copycat Wrote: [ -> ] (10-25-2020, 05:47 PM)TheO-LineMatters Wrote: [ -> ]Having access, does not mean that they have enough disposable income to put into a 401k. They are worried about getting by in the present. They can't thinking about the future.
Not everyone can afford to put into a 401k. They barely make enough to pay their bills.
It doesn’t change my statement one iota.
I'm well aware of what a 401k is.
(10-25-2020, 05:56 PM)mikesez Wrote: [ -> ] (10-25-2020, 05:30 PM)copycat Wrote: [ -> ]What a moronic statement Mike. For those of us outside the top 1% that have planned, scrimped and saved this is devistating
If you feel like you were scrimping and saving to make it, you're probably in a low tax bracket, and at that low level, there isn't much difference between the capital gains rate and the ordinary income rate.
Bull! Saving, paying your bills, not over extending yourself and sacrificing for the future is what responsible people used to do. Income and tax bracket have nothing to do with it.
(10-25-2020, 06:27 PM)TheO-LineMatters Wrote: [ -> ] (10-25-2020, 06:06 PM)copycat Wrote: [ -> ]It doesn’t change my statement one iota.
I'm well aware of what a 401k is.
And that still does not change my statement one bit.
(10-25-2020, 09:14 AM)The Real Marty Wrote: [ -> ] (10-25-2020, 09:06 AM)StroudCrowd1 Wrote: [ -> ]Biden could shoot someone in the streets and not lose your support.
Do you take a shower after defending Joe? It feels so dirty.
Is that like all the evangelicals who support a guy who cheats on his wife, pays off porn stars, and brags about grabbing women by their private parts?
You think all evangelicals support Trump?
.gif "Laughing")
That's cute. I know many who aren't even Republican.