T1B

Windfall Tax on Retirement Income

Adding a tax to your retirement is simply another way of saying to the American people, you're so darn stupid that we're going to keep doing this until we drain every cent from you. That's what the Speaker of the House is saying. Read below...............

Nancy Pelosi wants a Windfall Tax on Retirement Income. In other words tax what you have made by investing toward your retirement. This woman is a nut case! You aren't going to believe this.

Madam speaker Nancy Pelosi wants to put a Windfall Tax on all stock market profits (including Retirement fund, 401K and Mutual Funds! Alas, it is true - all to help the 12 Million Illegal Immigrants and other unemployed Minorities!

This woman is frightening.

She quotes....' We need to work toward the goal of equalizing income, (didn't Marx say something like this?), in our country and at the same time limiting the amount the rich can invest.' (I am not rich, are you?)

When asked how these new tax dollars would be spent, she replied:

'We need to raise the standard of living of our poor, unemployed and minorities. For example, we have an estimated 12 million illegal immigrants in our country who need our help along with millions of unemployed minorities.

Stock market windfall profits taxes could go a long way to guarantee these people the standard of living they would like to have as 'Americans'.'

(Read that quote again and again and let it sink in.) 'Lower your retirement, give it to others who have not worked as you have for it'.

Where did you ctrl-cuda this from, Derron?

PSUFAN wrote:Where did you ctrl-cuda this from, Derron?

Ahh....just some bullshit e mail...dude emailed me back and said it was bullshit cause he checked it on snopes.com...whatever...it will make the liberals hopping mad..that is good enough..besides I read it on the Internet..it must be true..

So blast me...I am a conservative Republican..I don't give a fuck...

Even if it is bullshit..it probably is not too far off the truth...

Hell--I have to pay some income tax on my Social Security payments ! Nothing surprises me when it comes to these Stalinist Socialists. I lost over $50K on some stock sales and I get to deduct a whopping $3K per year on capital losses--whoop de--fucking --do ! Last year I had to pay an extra $1,200 taxes because one of my uncles left me $5K in his will !!! Sadly I'll never live to see real tax reform--- then again probably no one will.

Even if it is bullshit..it probably is not too far off the truth...

You seem to have quite an interesting grasp on the truth, Derron. Ah well - at least you're not m2ool.

Wolfman wrote:Hell--I have to pay some income tax on my Social Security payments !

Probably not for much longer.

PSUFAN wrote:Where did you ctrl-cuda this from, Derron?

I quit ctrl-cuda-ing a long time ago. The licensing fees were killing me. If anyone has an "open source" alternative for
ctrl-cuda, that also complies with GNU General Public License Standards, let me know, so I can put a request in to the Fedora and Ubuntu communities to include it in their repositories.

Wolfman wrote:Last year I had to pay an extra $1,200 taxes because one of my uncles left me $5K in his will !!!

uh dude, you need to get yourself a new accountant...why would he include $5k as income when it was an inheritance...

inheritances of less than $13,000 are not taxable-period

Wolfman wrote:... I lost over $50K on some stock sales and I get to deduct a whopping $3K per year on capital losses--whoop de--fucking --do !...

I lost around $8k and saw that same $3k deduction. Whats the deal on that? Why cant we take the full 8k, or in Wolfies case 50k, deduction?

Trampis wrote:

Wolfman wrote:... I lost over $50K on some stock sales and I get to deduct a whopping $3K per year on capital losses--whoop de--fucking --do !...

I lost around $8k and saw that same $3k deduction. Whats the deal on that? Why cant we take the full 8k, or in Wolfies case 50k, deduction?

Any losses are offset against future capital gains -

This means in 2009 if you make $5,000 on stock sales you won't owe any cap gains on that money.

The losses also don't "expire" meaning that if it's 2010, 11, 12 - when you make the profit you will still be able to count it against the loss in 2008.

Martyred wrote:

PSUFAN wrote:Where did you ctrl-cuda this from, Derron?

I quit ctrl-cuda-ing a long time ago. The licensing fees were killing me.

The drop in income is killing me, Comrade

uh dude, you need to get yourself a new accountant...why would he include $5k as income when it was an inheritance...
inheritances of less than $13,000 are not taxable-period

My "accountant" is H and R Wolfman. I did not count it as income, but the IRS said that it was. I was not anxious for a protracted battle with the Treasury Department over that amount.

If BSmacked ever pays you back, what of that will go to taxes?

PSUFAN wrote:If BSmacked ever pays you back, what of that will go to taxes?

depends on where or not he took the original thievery as a cap loss.

Maybe RtS will offer some tax advice?

Wolfman wrote: I did not count it as income, but the IRS said that it was.

It's not income, and the IRS said no such thing....you obviously either read it wrong or got some piss poor advice....as you described it it's an inheritance, plain and simple and given that it's under the de minimis, it's not subject to being taxed....don't believe me, read it for yourself under Chapter 13 of IRS Publication 17

file an amended tax return and get your money back....if you don't, you've got no one to blame but yourself

Wolfman wrote:
uh dude, you need to get yourself a new accountant...why would he include $5k as income when it was an inheritance...
inheritances of less than $13,000 are not taxable-period

My "accountant" is H and R Wolfman. I did not count it as income, but the IRS said that it was. I was not anxious for a protracted battle with the Treasury Department over that amount.

Jim is right - you don't pay taxes on first $13,000

I'm sure your inability to articulate this or put it into the correct section of the return played a major factor.

Have you considered just going to the the ice floe...... errr..... Shady Acres where you won't need to "do" anything?

Derron's freaking out over words Pelosi didn't utter.

Wolfman's freaking out over paying a tax that he was never asked to pay.

Two good guys getting bad information, or two simpletons getting their stupid on?

PSUFAN wrote:Derron's freaking out over words Pelosi didn't utter.

Wolfman's freaking out over paying a tax that he was never asked to pay.

Two good guys getting bad information, or two simpletons getting their stupid on?

Freaking out ????

Bwwhhaaa....

Maybe in your tards view of the world...I just threw out some bait and your the first fish to bite...who is a simpleton ?

That's right, Derron...FREAKING OUT, you ASSHOLE