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WhoWhatWhereWhenHowY t1_jeeq466 wrote

Reply to comment by BelichicksBurner in A good article re: repealing interests and dividends tax by BelichicksBurner

They say more than half came from households with more than $200,000 in interest and dividend income. I would then assume that the other half came from those with less than $200,000 in interest/dividend income. That's where my problem would be with it.

I don't think full repeal is the best option here but I do think someone retiring expecting 40k a year from investments shouldn't need to pay additional tax.

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FaustusC t1_jeeso16 wrote

Punishing people for investing in their retirement when the government won't cover their retirement is exactly why our government fucking sucks.

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warren_stupidity t1_jeewf4h wrote

Iras and 401ks are exempt.

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DeerFlyHater t1_jefl5ai wrote

Not everyone has access to 401Ks.

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warren_stupidity t1_jefyh1h wrote

>Punishing people for investing in their retirement

I was responding to that comment. Everyone can put money in a tax deferred savings account, IRA, 401K SEP etc. They are all exempt.

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WhoWhatWhereWhenHowY t1_jefaysf wrote

For many people those still aren't enough to retire on without something like social security. Nevermind if someone becomes disabled before they reach retirement age.

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warren_stupidity t1_jefzt9k wrote

Yeah? So each individual gets a 2,400 exemption, so for people such as you are so concerned about, they will not have 2400 in interest or dividends to tax, so I am not understanding your concern.

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CrowmanVT t1_jeggwds wrote

They also noted that this has no effect on 87% of NH residents. I'd be surprised if the majority of that group "under $200,000" weren't pretty close to that 200k threshold, not that it really matters.

As noted in the table in the article, in order to pay $500 to this tax a one would need between a $250,000 to $825,000 in investments to generate $10,000 in interest and or dividends. If you've got enough money invested to earn that kind of dough then you can afford the $500. If you have that kind of money and you can't afford the $500, take a long look in the mirror and try to figure out why you suck so bad at money management because it's not taxes that are screwing you, it's your own ineptitude.

  • I'm using "you" in the collective sense, not specifically #WhoWhatWhenWhenHowY
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