To: President Donald Trump, The United States House of Representatives, and The United States Senate
Help US ALL Get Fair Retirement Savings Taxes
Please join me in screaming at our deaf congress by signing below if you agree it is completlely unfair that at retirement age, the top 1-2-3% wealth holders pay no federal income tax each year on municipal bonds or pay low capital gains on stocks in regular accounts. At the same time - the 50% who could save something for retierment - almost always in a 401K or IRA - have to pay non sheltered normal income tax on the money we take out to pay the bills - even when we followed the rules and played the game as good citizens and hard workers. How is that fair taxation? Where is our representation?
Crony capitalism and redistribution of wealth and income by means of the tax code to the top 1-2-3% must finally end. Fair is Fair for all of us. If you agree - sign below to this NON radical idea that simply asks for equity -- or is a defensive motion in the class war the wealthy have started and rage against the rest of us by controlling the congress and the tax law
We need representation so our retirement savings are not beat up by income taxes just as we need that money to pay the bills after we stop working at our jobs..
Crony capitalism and redistribution of wealth and income by means of the tax code to the top 1-2-3% must finally end. Fair is Fair for all of us. If you agree - sign below to this NON radical idea that simply asks for equity -- or is a defensive motion in the class war the wealthy have started and rage against the rest of us by controlling the congress and the tax law
We need representation so our retirement savings are not beat up by income taxes just as we need that money to pay the bills after we stop working at our jobs..
Why is this important?
Most of the 50% who have managed to put away some retirement savings - not counting the top 1-2% - have these savings or investments in an IRA or a 401K. Money that we draw out is then taxed at the higher ordinary income tax rate - even if it all that money was invested for the long term in the types of risky investments that otherwise are rewarded with lower capital gain tax rates..
The top 1-2% percent have most of their money (as in 95-99%) where they pay no federal income tax or the lower capital gains rate. They use municipal bonds and Real Estate for investment and pay no tax or capital gains taxes – maybe a generation later – after they avoid any income tax.
Fair is fair and it’s time for a level playing field. Those over 65 – below some income level say $100,000 and $200,000 (to get a lot of upper middle but still not wealthy savers) when withdrawing money to live on should see the first 5-6% taxed at a capital gains rate - the lower rate in all cases.
This is simply fair and levels the playing field - and will encourage more of us to save for retirement. It is pure capitalism - but crony capitalism rules have created a situation where the IRAs and 401Ks not really used by the 1-2-3% are marketed to the rest of us – and then we are over taxed just as we start to use the money to pay the bills when we retire.
Ask Congress to pass a law that for those below some income level – the first 5% annual withdrawal from an IRA or 401K (Middle and Upper Middle America’s savings location) not be pay the higher income tax then that of the 1-2-3%. Simple enough – set the rate at the capital gains rate or half that persons or families’ income tax rate.
The top 1-2% percent have most of their money (as in 95-99%) where they pay no federal income tax or the lower capital gains rate. They use municipal bonds and Real Estate for investment and pay no tax or capital gains taxes – maybe a generation later – after they avoid any income tax.
Fair is fair and it’s time for a level playing field. Those over 65 – below some income level say $100,000 and $200,000 (to get a lot of upper middle but still not wealthy savers) when withdrawing money to live on should see the first 5-6% taxed at a capital gains rate - the lower rate in all cases.
This is simply fair and levels the playing field - and will encourage more of us to save for retirement. It is pure capitalism - but crony capitalism rules have created a situation where the IRAs and 401Ks not really used by the 1-2-3% are marketed to the rest of us – and then we are over taxed just as we start to use the money to pay the bills when we retire.
Ask Congress to pass a law that for those below some income level – the first 5% annual withdrawal from an IRA or 401K (Middle and Upper Middle America’s savings location) not be pay the higher income tax then that of the 1-2-3%. Simple enough – set the rate at the capital gains rate or half that persons or families’ income tax rate.