Now the Govt. would be very upset by my plan because Social Security has become their private "slush fund" that they break into every so often to use that money for something they've screwed up. But tax free savings accounts & capital gains would only be touched by the people who own them.
I know this plan makes way to much sense & if will probally give most libs a heart attack but I think it would solve a lot of problems especially the Social Security one.
2007-10-30 14:22:04 · 8 answers · asked by Anonymous in Politics & Government ➔ Other - Politics & Government
The government already doesn't tax retirement accounts.
2007-10-30 14:24:53 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Interest is reported on Form 1040, Schedule B as ordinary income - starting with the first dollar earned. But suppose you bought a corporate bond for $5,000 that paid 5% interest and suppose this bond was to mature in 10 years and the corporation had no right to pay it off early. And suppose interest rates went down so that $5,000 10 year bonds that were newly issued by the same corporation were paying only 4% interest - Your 5% bond would be worth more - and if you sold it at a gain - say for $5,500 you would report the capital gain on Form 1040 Schedule D.
2016-05-26 03:50:09 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Yes, of course there would be a need for Social Security.
Since its inception, Social Security has been the vehicle by which the elderly have been able to stay off the poverty rolls. Nothing else even comes close to offering that.
2007-10-30 16:24:37 · answer #3 · answered by ? 6 · 0⤊ 0⤋
86% of Americans receive social security. For 68% of them it is over half of their retirement income, for 39% it is 90% of their income and for 25% it is their only income. I really dont think this many people will be inspired to save on their own so we could have a disaster if social security went away.
2007-10-30 14:31:34 · answer #4 · answered by Diane M 7 · 0⤊ 1⤋
Gains on ROTH Ira's are tax free.
Ok, you've made an accusation that the governments raids the Soc Sec trust fund. Site your proof...
2007-10-30 14:45:32 · answer #5 · answered by ♥♥The Queen Has Spoken♥♥ 7 · 1⤊ 0⤋
Won't work. Too many libs will retire at 65 without one penny saved and need a handout from the government just to eat.
2007-10-30 14:25:17 · answer #6 · answered by Anonymous · 1⤊ 2⤋
The libs also have people dipping into social security that don't pay into it...if you don't account for that subclass, you will really upset them.
2007-10-30 14:25:42 · answer #7 · answered by Yahoo Answer Angel 6 · 0⤊ 2⤋
Do you think the amount of money that is taxed equals enough money to live on for 20 years? I don't think so.
2007-10-30 14:31:45 · answer #8 · answered by ditdit 6 · 0⤊ 2⤋