Government starved of revenues due to tax deferral programs.

[Woodznutz]

Does anyone know how much tax money those 401k's, IRA's, and other tax deferral plans are costing the government in revenues? I think it might be contributing to the budget and national debt problems. The cry goes out to 'tax the rich' but is it actually those middle-class tax deferral programs that are hurting more?

 

[1srelluc]

The .gov always goes after the middle class because that's where the real money is.

Remember when the leftists and FJB said the IRS was not going after those earning 200K or less?

In fact, 63% of new audits as of Summer 2023 targeted taxpayers with income of less than $200,000, according to figures compiled by The Wall Street Journal’s editorial board, which then dubbed the $200,000 man the “IRS’s most wanted.”

https://moneywise.com/taxes/how-to-prepare-for-an-irs-audit#:~:text=In%20fact%2C%2063%25%20of%20new%20audits%20as%20of,dubbed%20the%20%24200%2C000%20man%20the%20%E2%80%9CIRS%E2%80%99s%20most%20wanted.%E2%80%9D

 

[Dragonlady]

Does anyone know how much tax money those 401k's, IRA's, and other tax deferral plans are costing the government in revenues? I think it might be contributing to the budget and national debt problems. The cry goes out to 'tax the rich' but is it actually those middle-class tax deferral programs that are hurting more?

Are you deranged???? How many old people living on welfare do you want??? 401K'S came about because companies no longer offer pensions, and workers don't work for the same company for 40 years any more.

 

[Oddball]

Does anyone know how much tax money those 401k's, IRA's, and other tax deferral plans are costing the government in revenues? I think it might be contributing to the budget and national debt problems. The cry goes out to 'tax the rich' but is it actually those middle-class tax deferral programs that are hurting more?

Why the hell should I give a hoot in hell if the parasites in the District of Criminals have less money, no matter the source?

 

[Oddball]

Are you deranged???? How many old people living on welfare do you want??? 401K'S came about because companies no longer offer pensions, and workers don't work for the same company for 40 years any more.

401ks are yet another federal taxing scam shell game.....That the Kulaks might get some temporary tax benefit is incidental.

 

[JackOfNoTrades]

Does anyone know how much tax money those 401k's, IRA's, and other tax deferral plans are costing the government in revenues? I think it might be contributing to the budget and national debt problems. The cry goes out to 'tax the rich' but is it actually those middle-class tax deferral programs that are hurting more?

That's what two huge tax cuts by Republican presidents gets you. A shortage of money coming in.
And in the absence of a will to actually tax corporations or the "rich", who is it you think the government is going to tax to get that money.
Oh yeah...the biggest pool of taxpayers...just like they always do.

 

[1srelluc]

Fucking with the middle class has always been the IRS way because they are the low hanging fruit.

If they fuck with the rich they know they won't get as much for the effort expended as the rich can fight the IRS for years if need be.

The middle class earner can't so they pay what the IRS claims that they owe.

 

[Woodznutz]

Are you deranged???? How many old people living on welfare do you want??? 401K'S came about because companies no longer offer pensions, and workers don't work for the same company for 40 years any more.

How many old people are actually on welfare?

Anyway, that's a different topic. Also fyi, seniors hold most of the country's wealth.

 

[Damaged Eagle]

Here's an idea. The government can cut their spending by getting rid of useless programs and create a budget that's within their means... Like everybody else.

SMILE

 

[Woodznutz]

That's what two huge tax cuts by Republican presidents gets you. A shortage of money coming in.
And in the absence of a will to actually tax corporations or the "rich", who is it you think the government is going to tax to get that money.
Oh yeah...the biggest pool of taxpayers...just like they always do.

So why offer those tax deferrals to the very class they hope to extract the most revenue from? Doesn't make sense.

 

[Oddball]

Fucking with the middle class has always been the IRS way because they are the low hanging fruit.

If they fuck with the rich they know they won't get as much for the effort expended as the rich can fight the IRS for years if need be.

The middle class earner can't so they pay what the IRS claims that they owe.

The wealthy are savvy enough to ask the auditors how much it will take to make them go away, then cut the check.

The Kulaks get bled to death hiring accountants and lawyers trying to navigate the shit show, and still end up paying the federal mob anyway....The process is the penalty.

 

[Oddball]

So why offer those tax deferrals to the very class they hope to extract the most revenue from? Doesn't make sense.

Because there will be a larger pile of cash from which to loot at the later date.

IRAs and 401Ks have always big a big scam.

 

[Woodznutz]

Because there will be a larger pile of cash from which to loot at the later date.

IRAs and 401Ks have always big a big scam.

But, that money will be taxed at a lower rate (supposedly) when withdrawn in retirement. So, the government loses when the money is earned and later when it is spent. No wonder we're in deep debt.

 

[Woodznutz]

To add to the mess employer contributions to employees 401K's are a deductible business expense.

 

[Dekster]

Does anyone know how much tax money those 401k's, IRA's, and other tax deferral plans are costing the government in revenues? I think it might be contributing to the budget and national debt problems. The cry goes out to 'tax the rich' but is it actually those middle-class tax deferral programs that are hurting more?

$185B a year in 2020 was only estimate I could find and in the 40 year history of these programs, the number of people who have saved for retirement has only increased 2% overall.

 

[Libby von H]

Does anyone know how much tax money those 401k's, IRA's, and other tax deferral plans are costing the government in revenues? I think it might be contributing to the budget and national debt problems. The cry goes out to 'tax the rich' but is it actually those middle-class tax deferral programs that are hurting more?

this is the GOVERNMENT ACCOUNTIING OFFICE and I quote it as an example of the almost TRILLION dollosrs just if Fraud under BIden
Now that and the ensuing inflation and need for increased taxes ,that is the culprit, not savings plans

Federal Government Made $236 billion “Improper Payments” Last Fiscal Year​

Posted on March 26, 2024

And if it happens remember I told you first : Biden the stupid and lazy might imitate the disaster from Scandinavia

" The Swedish central bank reduced its main interest rate below zero for the years 2009 and 2010 and again in February 2015, and then held a negative main interest rate until the end of 2020. The main interest rate then equaled 0 until the beginning of 2022, when it gradually started to grow."

YEs, for keeping your money in a bank you are PUNISHED with Biden taking nibbles at it constantly. He has some godawful stupid advisors, of the Bernie Sanders MMT variety .

 

[Toddsterpatriot]

Does anyone know how much tax money those 401k's, IRA's, and other tax deferral plans are costing the government in revenues? I think it might be contributing to the budget and national debt problems. The cry goes out to 'tax the rich' but is it actually those middle-class tax deferral programs that are hurting more?

Does anyone know how much tax money those 401k's, IRA's, and other tax deferral plans are costing the government in revenues?

Exactly! We have too much in retirement savings.
We must tax it, to hand the money over to people who didn't bother saving. Brilliant!!

 

[Andylusion]

Does anyone know how much tax money those 401k's, IRA's, and other tax deferral plans are costing the government in revenues? I think it might be contributing to the budget and national debt problems. The cry goes out to 'tax the rich' but is it actually those middle-class tax deferral programs that are hurting more?

I'm completely baffled by this entire thread and the logic behind it, that forcing people to retire in object poverty, is somehow going to help the US budget.
Wouldn't having more people impoverished, result in them requiring more government assistance, and thus put a larger strain on the US budget?
By what logic does making retirees poorer, make the budget balance?

 

[Harpy Eagle]

Does anyone know how much tax money those 401k's, IRA's, and other tax deferral plans are costing the government in revenues? I think it might be contributing to the budget and national debt problems. The cry goes out to 'tax the rich' but is it actually those middle-class tax deferral programs that are hurting more?

I started a thread on this, about the end of 401ks as we know it.

401(k)s Will Be Gone Within a Decade

https://www.wealthmanagement.com/retirement-planning/401ks-will-be-gone-within-decade Had this link in a retirement related email I get weekly. I found it pretty interesting .. If you are among the 56% of US workers with a retirement plan, I have some bad news for you: Your 401(k) will be...

www.usmessageboard.com

 

[Woodznutz]

Does anyone know how much tax money those 401k's, IRA's, and other tax deferral plans are costing the government in revenues?

Exactly! We have too much in retirement savings.
We must tax it, to hand the money over to people who didn't bother saving. Brilliant!!

I don't have a tax-deferred saving plan and I'm doing fine.