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Post by sd51555 on Jul 3, 2017 20:17:49 GMT -6
I added the strikethrough word that is noticeably missing. Sustainable is the only word that matters, and this deal isn't it.
S&P Global Ratings issued a notice Monday that a House vote to raise $5 billion through an income-tax increase "represents a meaningful step toward the enactment of a sustainable comprehensive budget."
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Post by sd51555 on Jul 3, 2017 20:27:29 GMT -6
"The state House on Sunday voted to raise the state's income tax rate to 4.95% from 3.75% for individuals and to 7% from 5.25% for corporations."www.clickorlando.com/news/politics/illinois-inches-toward-budget-as-downgrade-fears-loomI don't think the governor can do shit to stop it either. Pending real reforms, their issues will continue to worsen. Business and people of means will begin to quietly exit the state before the cannibalism really ramps up. Business hates uncertainty. They can raise taxes all they want, they can't grow fast enough for the increased revenue to keep pace with their spending. WWisconsin's rate is higher than that and we have brackets not a flat rate. You gotta look at total tax burden. You don't need near as much state subsidized juice when you can sop up 250% more property tax locally than other states. They've also got some heavy add-on sales taxes in parts of the state that can push their total sales tax rate to 11+% www.illinoispolicy.org/illinois-has-highest-overall-tax-burden-in-the-nation/Illinois was ranked the worst in the nation, with state and local governments effectively taxing median households at 14.76 percent. WalletHub used several taxes to calculate Illinois’ percentage; however, the most damning was the property tax. Illinois ranked second-worst in the nation for property taxes. People in homes with the U.S. median home value pay $4,105 annually in Illinois, according to WalletHub. Illinois’ crushing property taxes combined with income and sales taxes make the Prairie State the most taxed in the country.
And high taxes are driving Illinoisans to the border. From 2006 to 2015, a net 700,000 people migrated out of Illinois. Polling by the Paul Simon Public Policy Institute showed 47 percent of Illinoisans want to leave the state, and the single biggest reason is Illinois’ high tax burden.
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Post by wklman on Jul 4, 2017 10:29:42 GMT -6
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Post by sd51555 on Jul 4, 2017 12:03:46 GMT -6
This is the big reason I'm racing to convert as much of my retirement savings to Roth as possible. If all goes well, I'll finally be done in January of 2019. Beyond that, I'm avoiding racking up any more deferred tax savings. My 401k at work, I'm 100% Roth, but my match is deferred. I don't want to risk being the feds revenue patsy in 25 years when I'm finally eligible to start taking distributions.
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Post by Freeborn on Jul 4, 2017 15:01:39 GMT -6
This is the big reason I'm racing to convert as much of my retirement savings to Roth as possible. If all goes well, I'll finally be done in January of 2019. Beyond that, I'm avoiding racking up any more deferred tax savings. My 401k at work, I'm 100% Roth, but my match is deferred. I don't want to risk being the feds revenue patsy in 25 years when I'm finally eligible to start taking distributions. I'm hoping for a government incentive to convert. Maybe the Republicans will put forth a wealth savings bill to help many retirees convert at a lower rate. It should be interesting as one thing retired people do is vote.
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Post by Foggy on Jul 4, 2017 15:38:54 GMT -6
^ There was a special opportunity a few years ago....to convert your IRA dollars to Roth......and pay the taxes now. I converted about 1/2 my IRA to Roth.....but the tax event was kinda painful. The nice thing about Roth is that if you do not need to spend those dollars in retirement.....you can make a tax free transfer to your heirs.....and they can contribute to grow that money for their tax-free benefit one day. Compounding gains on a tax-free basis over the long-term is pretty sweet. I wish somebody woulda done that for me.
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Post by mnfish on Jul 4, 2017 17:07:19 GMT -6
I did the same thing Foggy did. Man did that tax year SUCK! But the best financial move i ever made.
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Post by Sandbur on Jul 7, 2017 6:07:25 GMT -6
I wish I had more in a Roth.
When I think of guys that are Chris's age, I wonder if the government just might decide to grab a share of the Roth anyway. Us older guys are probably OK.
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Post by Foggy on Jul 7, 2017 7:22:19 GMT -6
I wish I had more in a Roth. When I think of guys that are Chris's age, I wonder if the government just might decide to grab a share of the Roth anyway. Us older guys are probably OK. Those ROTH IRA dollars should be the very last dollars you use in retirement. Other dollars will get taxed as you withdraw them.....not the ROTH. But the real beauty of this "investment" is that you can pass it to others and they will never pay tax on the gains made by the ROTH held funds. Not many vehicles like that. Thus....if you have enough other dollars / investments to live on.....use those first...and give this ROTH to your kids or grandkids. Compounding money tax-free is Juuge. I believe it would pay to sell land and home and use that funding before touching the ROTH money.
Maybe some knowledgeable guy like Freeborn could confirm?
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Post by sd51555 on Jul 7, 2017 8:31:56 GMT -6
I wish I had more in a Roth. When I think of guys that are Chris's age, I wonder if the government just might decide to grab a share of the Roth anyway. Us older guys are probably OK. They'll have to come for it at some point. The mob won't stand for a wealthy class not paying taxes. I foresee America devolving into severe economic canabalism when the can gets kicked the last time and falls apart from rust. It's been the model so far: -Raise the SS tax -Push out the full benefit age -Tax it again -Tax it higher for those that paid the most -CPI used to avoid COLA increases in SS -Socialized medical via mandatory insurance -Uncapping the Medicare tax -Pension benefit reductions -Rising pension contributions -Bank bail-ins -Bank bail-outs -State aid falling and getting dumped on property tax payers. I just hope I'm the last target.
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Post by sd51555 on Jul 7, 2017 8:36:46 GMT -6
I forgot the new Medicare surtax too
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Post by Freeborn on Jul 7, 2017 8:57:55 GMT -6
I wish I had more in a Roth. When I think of guys that are Chris's age, I wonder if the government just might decide to grab a share of the Roth anyway. Us older guys are probably OK. They'll have to come for it at some point. The mob won't stand for a wealthy class not paying taxes. I foresee America devolving into severe economic canabalism when the can gets kicked the last time and falls apart from rust. It's been the model so far: -Raise the SS tax -Push out the full benefit age -Tax it again -Tax it higher for those that paid the most -CPI used to avoid COLA increases in SS -Socialized medical via mandatory insurance -Uncapping the Medicare tax -Pension benefit reductions -Rising pension contributions -Bank bail-ins -Bank bail-outs -State aid falling and getting dumped on property tax payers. I just hope I'm the last target. Looks like you have most of them covered. It will never end unless the citizens of this country demand politicians actual solve problems rather than argue who pays for it.
Private companies have revamped themselves many times over the years to keep up with current times, when was the last time government restructured? How about never.
At this point you need to have enough banked that even with the higher taxes you can live the life you want to.
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Post by MoBuckChaser on Jul 7, 2017 9:05:35 GMT -6
I love how all you guys think you have it figured out.
All branches of state and local government are broke. I don't care how well you think you have your tax strategies figured out with all these IRA's. When they want your money you are protecting so dearly, they will change the law's and just take what they want. LOL
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Post by sd51555 on Jul 7, 2017 13:01:26 GMT -6
There's one tax move that works pretty good, and it's playing out every day across the country; LEAVE. The northeast has been moving to the southeast. The midwest has been moving to the southwest, and California has been moving to Texas. That just leaves the feds to solve for.
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Post by Reagan on Jul 7, 2017 15:08:03 GMT -6
There's one tax move that works pretty good, and it's playing out every day across the country; LEAVE. The northeast has been moving to the southeast. The midwest has been moving to the southwest, and California has been moving to Texas. That just leaves the feds to solve for. That's fine when a rational non liberal chooses to escape high tax areas. But Libtards are still libtards and when they move from a commie state it just turns good states into liberal shit holes. Moving just spreads the disease.
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