Mallardsx2
Well-known member
- Joined
- Apr 4, 2015
- Messages
- 2,709
Wondering if anyone else is concerned with this new proposal.
I'm a bit concerned that since I have already paid thousands in tax on my Roth 401K accounts that I will potentially be taxed on once again when I purchase goods, in essence, double taxation.
Will the govt give me my taxes back that I have paid on my Roth contributions? Doubtful. But I, like a lot of people, have paid a LOT in taxes on money already put into a Roth. This would be a double taxation. This is a new tax. All of those others already exist... along with income. Income would go away and be replaced with consumption, but it needs to be from that point forward to be fair. Any exclusion would have to come through some filing with some govt agency until those exclusions were used up. It is doable. And it would put the burden on me to reclaim that money, not on anyone else. People without savings get an unfair advantage of not being taxed on that money a second time. In order to be fair this unfortunately needs exclusions. I scrimped and saved and I pay my own way. I did it the right way. This would punish me with double taxation.
I'm not necessarily opposed to a flat tax rate, and I highly doubt this will go anywhere but I am wondering how it will play out with peoples Roth accounts if it does pass.
What are your thoughts?
I'm a bit concerned that since I have already paid thousands in tax on my Roth 401K accounts that I will potentially be taxed on once again when I purchase goods, in essence, double taxation.
Will the govt give me my taxes back that I have paid on my Roth contributions? Doubtful. But I, like a lot of people, have paid a LOT in taxes on money already put into a Roth. This would be a double taxation. This is a new tax. All of those others already exist... along with income. Income would go away and be replaced with consumption, but it needs to be from that point forward to be fair. Any exclusion would have to come through some filing with some govt agency until those exclusions were used up. It is doable. And it would put the burden on me to reclaim that money, not on anyone else. People without savings get an unfair advantage of not being taxed on that money a second time. In order to be fair this unfortunately needs exclusions. I scrimped and saved and I pay my own way. I did it the right way. This would punish me with double taxation.
I'm not necessarily opposed to a flat tax rate, and I highly doubt this will go anywhere but I am wondering how it will play out with peoples Roth accounts if it does pass.
What are your thoughts?
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