Jump to content

Recommended Posts

Posted

This would be a tough one. I guess anything can happen but this would be the ultimate bait and switch. Also want about those who converted a traditional to a roth....

Posted

I could see the US possibly ending the Roth IRA (it is such a great vehicle) for new annual contributions at some point well into the future (under more dire circumstances), but not turning accounts that are already ROTH IRAs in to taxed accounts.

Guest ValueCarl
Posted

This is interesting while they don't even address the poorer amongst us who were converting traditional IRA's as a result of lower income thresholds and "paying taxes" on valuations which may or may not be higher at the point of such a change in earlier "promises" by their government.

 

Tea parties, eh?  :(

Posted

I predict they will look at the combined balances in your 401k/IRA/RothIRA, put it through some sort of annuity calculator, and deduct that amount from your annual Social Security benefits.

Posted

They will tax the Roth via the VAT.  That way they don't go back on their word.  It will be years from now, but that is my prediction.

Another possibility is the way they do social security via a sliding percentage based on gross income.

Posted

I think a VAT is inevitable, preceded by higher personal income taxes.

 

Personally, I'd like to follow Michael Burry's advice and move to Canada, where at least the currency is strong and you get something for your taxes!

Posted

It's funny because I was just going to post this same question and see what the board thought.  I asked my accountant about it once and she said it was possible but extremely unlikely.  I decided to add some to 401k and max out the roth every year, in case my tax bracket is higher when I retire.

 

Can someone explain in layman's terms how the VAT would work?

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...