undefined | Better HN

Skip to content

Top Best Ask Show New Jobs

0 points_-david-_4y ago0 comments

>The fact that ownership of businesses is exempt from this is part of the inequitable structure of our laws that benefits the wealthy at the expense of everyone else.

This will hurt the middle class who have 401ks or pensions. I get wanting to tax the rich, but this is absolutely going to hurt more than just the wealthy.

0 comments

6 comments · 2 top-level

baldeagle4y ago· 2 in thread

I think it will only hurt 401k's if they have over a billon in assets, or pull out $100M/annual. In which case... I think I'm still ok with it. I remember someone has a billon+ Roth IRA, and at some point that is just getting really lucky and then abusing the structure.

_-david-_OP4y ago

Income tax was originally only applied to the wealthy. Now look where we are. Even if they do pass the bill with those limits it is only a matter of time until they lower it more and more and it applies to everyone.

kyleee4y ago

Yep, it's a strategy to divide opposition and get people used to the idea of it

SketchySeaBeast4y ago· 2 in thread

401k already have a slew of different rules and exemptions and it would make sense to continue to exempt them from regular taxes.

_-david-_OP4y ago

Seeing how they are talking about unrealized gains, I wouldn't count on an exemption.

SketchySeaBeast4y ago

Well that's clearly not the intent of the bill and regardless:

> The tax proposal would apply to just about 700 taxpayers, Democrats say — people who earn more than $100 million per year or who have more than $1 billion in assets for three straight years.

If you have $1 billion in your 401k, you can probably afford the taxation.

j / k navigate · click thread line to collapse