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Reply to "Should 401ks be phased out? "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Old people Genx and older 401k should be taxed based on their net worth not income [/quote] But they were already taxed on the money that is now net worth.[/quote] Money going INTO 401ks is not taxed ---[/quote] But all of it coming OUT is....what's your point?[/quote] Their point is people avoid state income taxes during the distribution phase by moving to a zero income tax state. Their proposal is to make everyone feudal serfs of the state so they can't move strategically in retirement. [/quote] Or make only you save on Fed taxes when you put in. MoCo, NYC, CA lose those tax dollars forever if people move. Plus even if people stay they are in a way lower tax bracket in retirement and[b] it is delayed by up to 50 years to get payment[/b] [/quote] Delayed gratification that many people never live to use. They die and an heir gets to spend it. [/quote]
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