Performance Boats Forum banner

1 - 20 of 22 Posts

·
Boatless Member :(
Joined
·
3,006 Posts
Discussion Starter #1
So I withdrew from my 401k to be responsible and pay down some high interest debt.

Because I did this, some of my write offs phase out.

I now owe $700 federal $1600 state.

I went ahead and pretended I didn't do this by deleting out the withdraw. In this case I would get back $400 feds and owe state $1000.

So being responsible and paying down $6,000 @ 12.25% cost me $1,800 or two and a half years of interest.

What a joke. Where is the consumption tax or flat tax. I hate our system so much.
 

·
Colts fan & Stoker owner
Joined
·
8,170 Posts
Agree. I got hit a fw years back when I withdrew my ROth IRA money to help buy my medical insurance when I was out of work.
 

·
VOTE!
Joined
·
2,123 Posts
So I withdrew from my 401k to be responsible and pay down some high interest debt.

Because I did this, some of my write offs phase out.

I now owe $700 federal $1600 state.

I went ahead and pretended I didn't do this by deleting out the withdraw. In this case I would get back $400 feds and owe state $1000.

So being responsible and paying down $6,000 @ 12.25% cost me $1,800 or two and a half years of interest.

What a joke. Where is the consumption tax or flat tax. I hate our system so much.
The tax code is a joke for many reasons but your example is not one of them. You talk alot a sh-t abut being debt free and blah blah blah. You should have never touched your retirement money to address your short-term debt.
 

·
Premium Member
Joined
·
25,975 Posts
The tax code is a joke for many reasons but your example is not one of them. You talk alot a sh-t abut being debt free and blah blah blah. You should have never touched your retirement money to address your short-term debt.
Of course you think there are other problems with the tax code, and Icy's deal is not the problem. With you, CVX, shue, 1986 and the other marxists you are all pissy because you think the wealthy should be tax to the point of poverty, or at least until they just give up trying to make money and employee MILLIONS. We get that R&J. We always have. You have made that perfectly clear over and over. You a communist. We get it!

Now, stand up and exclaim it you pussy! Proclaim your alliance to your beloved Karl Marx. Be proud of your convictions!

PS ICY, as much as I understand your desire to be debt free, and responsible, R&J is right, and paying down debt with you 401(of all things) is not good. They deliberately made it that way.
And I hate agreeing with R&J ON ANYTHING!

Was this a straight withdrawl, or a loan from your 401?



100% free webcam site! | Awesome chicks and it is absolutely free! | Watch free live sex cam - easy as 1-2-3
 

·
I don't feel tardy
Joined
·
845 Posts
The tax code is a joke for many reasons but your example is not one of them. You talk alot a sh-t abut being debt free and blah blah blah. You should have never touched your retirement money to address your short-term debt.
Damn Rod, now you are a tax advisor? What a joke. Where were you when Timothy tax cheat Geightner needed tax help? Oh, that's right, Tim had many Socialists coming to his defense to bail him out.
You kill me man. You seem to be one brain washed out of touch and sold out individual.
I have serious questions about the way you see the direction of OUR Country.
Are you a patriot? Will you defend and will you put your life on the line to protect and preserve the Constitution of the United States?
Simple question. No rhetoric, a simple yes or no.
Jewish Hallett Dave
 

·
Premium Member
Joined
·
25,975 Posts
HD, R&J sees himself as the forums financial expert. He always has. He has PERSONALLY worked thru the numbers, and there is nithing wrong with the country's current financial problems that weren't caused by the wealthy, and can't be fixed by taking everything they possess.
We don't have a spending problem, we have a revenue problem, and it is caused solely by those the create jobs fpr the PRIVATE SECTOR. In R&J mind, eliminating private sector jobs, and a 100% nationalized society is the answer.



100% free webcam site! | Awesome chicks and it is absolutely free! | Watch free live sex cam - easy as 1-2-3
 

·
Boatless Member :(
Joined
·
3,006 Posts
Discussion Starter #7 (Edited)
The tax code is a joke for many reasons but your example is not one of them. You talk alot a sh-t abut being debt free and blah blah blah. You should have never touched your retirement money to address your short-term debt.
Debt is slavery. A tax code that punishes reducing monthly obligations does not help stimulate a consumption economy.

This was a withdraw and you're concern for my retirement is a joke when you and your generation is robbing me every day I go to work in social security taxation that I will never see.

Last time I checked, 20 years is not short term either.

Why is it shit talk to want to be debt free? I don't get it? Did I miss something? Is this something not to strive for? Let me guess, you are like 50 with 600k in debt because your income allows it?

Why is the phase out of benefits acceptable? Especially when I live in a high cost of living state that also taxes me very heavily. If I moved to a state with lower taxes and made less money I would actually net more in our current tax code. How is this correct? All 75,000 pages are a joke and you know it.
 

·
Premium Member
Joined
·
25,975 Posts
Icy, you are correct, debt is slavery, as are the taxes we pay. Thats the EXACTE word the founders called it, yet R&J posted that it BAD to fight your government, and prison and or death is 100% deserved by those that turn against their government. Goodthing he was around in 1776.

Imagine the debt we are leaving our children and grand children. Because the socialists believe in instant gradifiation. There is NOTHING that R&J thinks he doen't deserve to get NOW!, And from the backs of the enslaved.



100% free webcam site! | Awesome chicks and it is absolutely free! | Watch free live sex cam - easy as 1-2-3
 

·
Premium Member
Joined
·
7,810 Posts
Well, I just did my taxes. In the past I'd always get about a thousand back. I set it up that way to cover any little bit extra I'd have to pay. Since O has been in office (the last four filings), I've always had to pay. Nothing has really changed. Last year I paid another $750. This year I'm paying $1700. Funny how that's happened.
 

·
Premium Member
Joined
·
4,020 Posts
So I withdrew from my 401k to be responsible and pay down some high interest debt.

What a joke. Where is the consumption tax or flat tax. I hate our system so much.

hmm, I often remind peeps that the conservative thing to do is cut taxes. As nice as the 401k concept is, IMO it is just an admission that taxes are too high. Cut taxes, and let peeps do what they want with their $.
 

·
VOTE!
Joined
·
2,123 Posts
Debt is slavery. A tax code that punishes reducing monthly obligations does not help stimulate a consumption economy.

This was a withdraw and you're concern for my retirement is a joke when you and your generation is robbing me every day I go to work in social security taxation that I will never see.

Last time I checked, 20 years is not short term either.

Why is it shit talk to want to be debt free? I don't get it? Did I miss something? Is this something not to strive for? Let me guess, you are like 50 with 600k in debt because your income allows it?

Why is the phase out of benefits acceptable? Especially when I live in a high cost of living state that also taxes me very heavily. If I moved to a state with lower taxes and made less money I would actually net more in our current tax code. How is this correct? All 75,000 pages are a joke and you know it.
You can spin this anyway you like but you still made a bad decision. Debt free is always a good goal, wish I was. As for the tax code, it's a mess but tax reform in the shape of a flat tax isn't the answer either.
 

·
Registered
Joined
·
5,217 Posts
You can spin this anyway you like but you still made a bad decision. Debt free is always a good goal, wish I was. As for the tax code, it's a mess but tax reform in the shape of a flat tax isn't the answer either.
Care to elaborate more ? I have posed the question to you before but you don't answer. If we had a flat tax rate say (10% for example) and one person made $50,000 and paid $5,000 in Fed taxes. Another made 5mil and paid $500,000 in Fed taxes. The guy that made 50mil paid 100X's as much in Fed taxes as the guy that made $50,000. We all recieve the same Fed representation regardless of how much we pay in taxes. Yet at a flat rate one guy pays 100X's as much as the other. yet that's not good enough for you as you want him to pay a higher rate on top of it. How in all honesty can you say the rich guy is not already paying more than his fair share and needs to pay more ?
 

·
VOTE!
Joined
·
2,123 Posts
Because it is regressive. Everyone understands the math, even Icy. The most recent flat-tax proposal is 17%. I am all for a slimmed-down code, but a graduated schedule just the same.
 

·
Registered
Joined
·
5,217 Posts
Because it is regressive. Everyone understands the math, even Icy. The most recent flat-tax proposal is 17%. I am all for a slimmed-down code, but a graduated schedule just the same.
So basically what you are saying is you don't want to pay your fair share.:hmmm:
 

·
VOTE!
Joined
·
2,123 Posts
At 17% I would be paying alot more. I have never had a problem paying my fair share, that is why I have also argued for property tax reform in CA. Any of these proposals will cost me.
 

·
Registered
Joined
·
5,217 Posts
At 17% I would be paying alot more. I have never had a problem paying my fair share, that is why I have also argued for property tax reform in CA. Any of these proposals will cost me.
BUt at least you would be paying your fair share. Seems you guys don't get the definition of "Fair Share". Fair means the same, as in equal, either in $'s and cents or %. But then you would have to pay more so it's not fair. Seems you are the people that have not been paying thier fair share. Expecting me and the rest of us that worked harder than you, and prospered more than you, to pick up the tab for your not paying your fair share.:duh:
 

·
Registered
Joined
·
1,449 Posts
Talking about taxes, The piece of shit. Bill Maher stated he could end his association with liberals, because he feels he is paying more than his "fair share". Seems the California increase of Prop 30 put him over the edge. Poor fellow, it seems he would trade his ideolgy for less taxation.
 

·
Premium Member
Joined
·
7,810 Posts
Because it is regressive. Everyone understands the math, even Icy. The most recent flat-tax proposal is 17%. I am all for a slimmed-down code, but a graduated schedule just the same.
The last one I saw was 9% with no deductions. The one you're talking about at 17% was allowing for mortgage deductions. Which is fine by me as well. You still won't pay 17% once you factor in your mortgage.

I hate the word regressive. What it really means is that some people actually have to pony up for once in their lives. It's not regressive. It just makes everyone put some skin in the game. Some people actually get more money back than they actually put in. You think that's their fair share???
 
1 - 20 of 22 Posts
Top