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It was never ratified. There is no law forcing you to pay income taxes.
http://www.youtube.com/w Details
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yeahyeah | Is the 401k and IRA pretty much a shi**y return because when you take it out you will get taxed on it? |
Additional Details
you do pay TAXES on it when you take it out
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v b
 |
If money in the 401K/IRA has a worse return than money outside the 401K/IRA it's because you made lousy choices in your investments.
All things being equal, most of us will pay tax at a 15% tax rate over our entire lifetime. If you get a 15% deduction on your taxes now, that means you have more money to invest. Even though you pay the same 15% later, the math is on pretty much on your side.
If you experience a bad year and don't make enough to pay taxes, use that year to move some of the money over to a ROTH. Effectively paying $0 in tax. (If you are out of work, it's a small victory to pay 0% on something you got a 25% tax break on the year before.)
That said, some people save "too much." My dad's tax rate in retirement was actually higher than it was when he was working. If the ROTH option had been around, it would have tried to balance the investments so that 1/2 was in Roths and 1/2 was in IRAs. |
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Howard L
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It is a great investment. Besides what Nick said about lower tax rates because it is tax free you are investing more money and the dividends or interest are also tax free so the money compounds much faster than an after tax investment. In a nutshell you end up with a lot more money invested and pay less tax on it. |
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Nick G
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No. When you withdraw it you will probably be taxed at a lower rate since you will be retired. |
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crazydave
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They are good investments because the contributions are pre-tax income and the investments grow tax deferred. The theory is when you make the withdrawals, you will be in a lower tax bracket.
Roth IRAs are not deductible, but the investments grow tax-free and are not taxed when you make withdrawals. |
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?
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Since the contributions made to a 401k and Traditional IRA are tax deductible, you will get taxed when you withdraw the money. Hopefully, you will be in a lower tax bracket when you retire. |
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travelguruette
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No. The idea is when you retire you will be at a lower tax bracket and pay fewer taxes on it. |
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Computer Guy
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People complain because you get taxed on your 401K when you take it out. There are several things to consider:
1) You didn't get taxed on it when you put it in.
2) You company could match anywhere from 25% to 100% of what you put in. If they do, that makes it a terrific investment, right there.
3) You have choices about how it is invested. Educate yourself about those choices, it is up to you to decide.
4) I don't know what the tax rates will be when I retire, but I know I will be making less money when I'm retired than I'm making now. Unless you are very fortunate, you probably will be, too.
Grandpa |
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Jss
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Yes, when you withdraw from IRA or 401K, it is your taxable income.
When you invest in this, the investment is your money on which you do not pay tax.
Read about Trad IRA and Roth IRA http://taxipay.blogspot.com/2008/05/traditional-ira-and-roth-ira.html |
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