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In reply to the discussion: NY Times Op-Ed: Tax Wealth, Not Income [View all]Retrograde
(10,063 posts)6. Let's see
I save up the down payment for house, scrimp to pay the mortgage, spent money to repair and maintain it, and when I reach retirement age I get hit up with taxes again because it appreciated after all those years? And does this "wealth" include retirement savings (for most people, job-provided pensions are a thing of the past) that's supposed to cover all of one's needs for 20 or more years?
There are already provisions for taxing this "wealth" - property taxes, inheritance taxes. The problem is the very wealthy - Romney, for example - can afford accountants and lawyers who can find loopholes for them to exploit.
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Yet this can be a problem esp. for elderly who own their house or farm yet have
SharonAnn
Nov 2012
#15
and we can't kill them either, obviously. That's why it's such a thorny problem.
librechik
Nov 2012
#34
aren't bank transfers over a certain amount, maybe $1K, already flagged? by homeland security? eom
amborin
Nov 2012
#37
AFAIK, that's already the case. Bank accounts have required your 'SS# or Tax ID#' for years.
freshwest
Nov 2012
#35
Most people I know have no saved wealth... the entire paycheck goes to bills...
Comrade_McKenzie
Nov 2012
#21
My 88-yr-old mother, as well. Lives really frugally, so she can have some U.S. bonds.
WinkyDink
Nov 2012
#28
The virtual elimination of the inheritance tax, something the Founders approved of, destroys that.
freshwest
Nov 2012
#36
Well, there are a whole slew of retireees like me---from public education---who think this is a bad
WinkyDink
Nov 2012
#27
I do find it fascinating that now that the top marginal rate is likely to go back to 39%
Warren DeMontague
Nov 2012
#32