Halon1211

could you elaborate on how they already are?

flynd94

VP Harris had proposed a tax on “unrealized gains” in retirement accounts for anyone who earns over $100M /yr.

It’s the proverbial “camels nose under the tent”. Reminds me of the 90’s/2000’s and the explosion of RJ flying

GoCats67

It is even worse than that. The problem is it has nothing to do with your earnings! It is just if you are worth that much money according to a yet to be determined government bureaucracy. They will tell you how much they have determined your assets are worth and then tax you as though you have that much money in your pocket. It will never pass and is probably not even constitutional, but you know it makes for a good soundbite every time you can say that the rich aren't paying "their fair share."

Rest assured we are the rich and they don't think you are paying your fair share, so at the very least you shouldn't get any Social Security. Doesn't matter that you (and your employers) have been forced to pay into for your entire lifetimeou , you have been responsible and saved well for your retirement outside of Social Security and the government has been spending the Social Security Trustfund for generations, so you will just have to do without, Sorry!

WHACKMASTER

Bingo!!!

.......

RJSAviator76

Y U P ! ! ! ! !

Margaritaville

Most of the people I know under the age of 50 are already expecting not to recieve social security. They are self funding their full expected retirement.

I fully expect the government to begin heavily taxing 401k accounts going forward when the national debt finally overtakes GDP sometime next year. That's when the real hurt starts. And it will be sold to the poors as "those rich people making over $200K a year aren't paying their fare share! They hide too much in those generous 401k accounts! Up to 18% of their income every month!"

Tax exemptions on 401k and Roth accounts will be eliminated and unrealized gains on those accounts will be taxed. Employer contributions will be classified as "imputed income". Most pilots over 40 have at least $1m in those accounts. You're a millionaire! Someone has to pay for all the social programs and wars you know. It ain't the guy working at Walmart.

I see this happening whether Trump or Harris win. The government is broke and they need the money wherever they can get it. American's 401ks are an irresistable piggy bank waiting to be raided.

rickair7777

There are certainly politicians and .gov people talking about this stuff (in fringe corners like SMF), but they can really only take it so far. Most of these ideas would *really* pizz off the middle and upper middle class, which is still the vast majority of voters (and the people who make the economy run). They can't just ignore all of those people, they really would get an insurrection, or more likely (and even worse) for big government a mass secession of states.

I'm not sure how it's all going to play out but hopefully elected officials will blow with popualist winds and figure out a solution. The last election cycles have had some distractions going on, hopefully that will settle down in 2028.

Margaritaville

But the problem is that the middle/upper middle class Americans are the only ones paying taxes. Ultra rich and ultra poor people pay nothing. The money has to come from somewhere. I guarantee you that the super rich aren't going to volunteer and the poor aren't going to cough it up. Forget about the corporations they own the government. Middle class americans are going to get told to shut up and take it.

Elections don't seem to matter any more anyhow when two terrible candidates are evenly split at 50-50 and the last three elections the winner of the popular vote did not become the president.

OOfff

this is completely wrong. of the last three presidential elections, only one (2016) had such a result.

hockeypilot44

Our country was intentionally designed so the majority didn’t have complete say. There’s a reason why it’s supposed to take 2/3’s of the Senate to pass a bill.

The democratic party has finally decided that since they have the majority of the popular vote, they should get to do whatever they want with no input what-so-ever from the other side. They are doing this by using the media, social media, and hollywood as propaganda machines. They are censoring the other party and flat out lying. They don’t even hide it anymore. If you disagree, you are a “Trumper”, “bigot”, “racist”, or “intolerant.”

They even say the biggest threats to democracy are Trump, the Supreme Court, the electoral college, fillibuster, etc. Basically any of the constitutional protections that get in their way.

Meanwhile we have a president with dementia that is in hiding, and a vice president running for president without ever winning a primary election. That all being said, the other side is the threat according to them.

It’s living in a twilight zone. FWIW, when she says tax the the rich, she is referring to those making $250k-$500k per year. That’s us. The real rich class just has money and isn’t getting taxed on anything directly.