wtf is wrong with the right?

ILLove1997

6432
+80/-2018

Re: wtf is wrong with the right?

« Reply #660 on: September 21, 2020, 04:33:31 PM »

Quote from: murphstahoe on September 21, 2020, 02:52:48 PM

I got into this with my cousin and finally gave up.

They can *already* raise the tax any time they want.

In 2011, the Illinois government temporarily raised the personal income tax rate from 3% to 5% in order to raise revenues. The rate was set to drop to 3.75% in 2015.[8] In January 2014, the non-partisan business group Civic Federation of Chicago estimated that the prescribed cut in income tax would yield decreased revenues of $1.4 billion in FY15 growing to $2.7 billion in FY16.[9] In its own analysis, the federation projected that the loss of revenue "would dramatically destabilize Illinois' already weak financial condition." They argued that the loss of revenue would be bad for Illinois' businesses, due in part to the fact that the state still owed many private businesses money.[10] Governor Pat Quinn proposed extending the 5 percent flat tax indefinitely, while other groups sought to use a graduated tax to raise revenues.[8]

The ballot measure is pretty narrowly written from what I can see - it just allows a graduated rate instead of a flat rate.

What does this have to do with your 401k? Nothing in your 401k is income until you take it out, and when you take it out, it's taxable if it's a regular 401k, and not taxable at all if it's a Roth.

The weird misinformation on the right with respect to this ballot measure is truly baffling

Incorrect - The state of Illinois currently does not tax retirement distributions

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illiniray

9231
+618/-2093

Re: wtf is wrong with the right?

« Reply #661 on: September 21, 2020, 04:36:04 PM »

Quote from: murphstahoe on September 21, 2020, 02:52:48 PM

I got into this with my cousin and finally gave up.

They can *already* raise the tax any time they want.

In 2011, the Illinois government temporarily raised the personal income tax rate from 3% to 5% in order to raise revenues. The rate was set to drop to 3.75% in 2015.[8] In January 2014, the non-partisan business group Civic Federation of Chicago estimated that the prescribed cut in income tax would yield decreased revenues of $1.4 billion in FY15 growing to $2.7 billion in FY16.[9] In its own analysis, the federation projected that the loss of revenue "would dramatically destabilize Illinois' already weak financial condition." They argued that the loss of revenue would be bad for Illinois' businesses, due in part to the fact that the state still owed many private businesses money.[10] Governor Pat Quinn proposed extending the 5 percent flat tax indefinitely, while other groups sought to use a graduated tax to raise revenues.[8]

The ballot measure is pretty narrowly written from what I can see - it just allows a graduated rate instead of a flat rate.

What does this have to do with your 401k? Nothing in your 401k is income until you take it out, and when you take it out, it's taxable if it's a regular 401k, and not taxable at all if it's a Roth.

The weird misinformation on the right with respect to this ballot measure is truly baffling

Illinois currently does not tax most retirement income at all. People with 6 figure pensions pay no state tax in Illinois. There is talk of taxing large retirement incomes if the graduated tax passes. The claim is they will eventually tax more modest retirement incomes.

Also, as you likely know, Biden favors a plan that would shift the 401(k) and IRA deductions to a flat refundable credit that is equal across brackets. This has nothing to do with state taxes, but people do get confused. Some are saying Biden plans to tax our 401ks. That is technically sort of correct. They re taxed, then the tax is credited back. Most of the people howling would receive a credit larger than the tax.

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alum74

2669
+1442/-124

Re: wtf is wrong with the right?

« Reply #662 on: September 21, 2020, 07:40:25 PM »

Trump supporters boo Ohio Gov. Mike DeWine, masks at Dayton rally

“President Donald Trump supporters booed masks and the name of GOP Ohio Gov. Mike DeWine at a Monday rally outside Dayton.”

“Lt. Gov. Jon Husted, a Republican, entered the stage wearing a red "Trump" mask, saying “I’m trying to make masks in America great again.”

“He was met with boos.”

https://www.cincinnati.com/story/news/politics/elections/2020/09/21/trump-supporters-boo-ohio-gov-mike-dewine-masks-dayton-rally/5858399002/

As the old marketing saying goes: know your audience.

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Custard

12251
+235/-2961

Re: wtf is wrong with the right?

« Reply #663 on: September 21, 2020, 09:05:06 PM »

Quote from: illiniray on September 21, 2020, 04:36:04 PM

Illinois currently does not tax most retirement income at all. People with 6 figure pensions pay no state tax in Illinois. There is talk of taxing large retirement incomes if the graduated tax passes. The claim is they will eventually tax more modest retirement incomes.

Also, as you likely know, Biden favors a plan that would shift the 401(k) and IRA deductions to a flat refundable credit that is equal across brackets. This has nothing to do with state taxes, but people do get confused. Some are saying Biden plans to tax our 401ks. That is technically sort of correct. They re taxed, then the tax is credited back. Most of the people howling would receive a credit larger than the tax.

Yes when politicians tell you they’re only temporarily taking money from you, you should def believe them.

In this instance the government is exchanging long term assets for cash. With a promise to you that they’ll take good care of your money.

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Somewhere in Mn

12595
+179/-2593

Re: wtf is wrong with the right?

« Reply #664 on: September 22, 2020, 05:22:55 AM »

Quote from: ThePAMan on September 21, 2020, 07:16:55 AM

MN, you hang with these guys?

https://news.yahoo.com/armed-black-group-men-licensed-100029374.html

Nope, but I'm on a fishing trip with guys I've known for 50 years.
They're all left leaners.
The Trump hatred clouds their thinking.

« Last Edit: September 22, 2020, 05:59:21 AM by Mn »

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Custard

12251
+235/-2961

Re: wtf is wrong with the right?

« Reply #665 on: September 22, 2020, 07:09:18 AM »

Nice eye!

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ThePAMan

31455
+607/-2431
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Re: wtf is wrong with the right?

« Reply #666 on: September 22, 2020, 08:12:59 AM »

Catch and release?

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murphstahoe

8114
+1976/-142

Re: wtf is wrong with the right?

« Reply #667 on: September 22, 2020, 02:30:17 PM »

Quote from: ILLove1997 on September 21, 2020, 04:33:31 PM

Incorrect - The state of Illinois currently does not tax retirement distributions

Non Roth IRA/401k are taxable federally - do you make an adjustment in your state tax return to deal with that?

The ballot issue as written is very narrow - from my reading, either they would be able to tax your distributions already (but aren't) or if they can't now, they can't even if this passes.

From that reading, for the vast majority of people, this measure is great, by increasing the amount of revenue for people above 400k, it would be easier for Springfield to avoid dipping into new generalized revenue streams.

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ThePAMan

31455
+607/-2431
Because "PussyMan" and "PenisMan" were trademarked

Re: wtf is wrong with the right?

« Reply #668 on: September 22, 2020, 04:10:43 PM »

Quote from: ThePAMan on September 04, 2020, 01:58:22 PM

@Murphy and ILLove, I have the feeling it is time.to sell all my 401k stocks, mutual.funds, etc. and buy them back after the election. Thoughts?

Things were not looking too good since this post until today? Yea or nay?

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ThePAMan

31455
+607/-2431
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Re: wtf is wrong with the right?

« Reply #669 on: September 22, 2020, 04:12:17 PM »

Quote from: murphstahoe on September 22, 2020, 02:30:17 PM

Non Roth IRA/401k are taxable federally - do you make an adjustment in your state tax return to deal with that?

The ballot issue as written is very narrow - from my reading, either they would be able to tax your distributions already (but aren't) or if they can't now, they can't even if this passes.

From that reading, for the vast majority of people, this measure is great, by increasing the amount of revenue for people above 400k, it would be easier for Springfield to avoid dipping into new generalized revenue streams.

It does not matter without doing squat about property taxes (and the SALT repeal).

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Mark Carman: "The Whitlock!...Caleb Williams failed Wayne Whitlock." Been told I need to take my dick out my mouth so maybe I "wont [sic] sound like such a fucking faggot all the time[.]"

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Custard

12251
+235/-2961

Re: wtf is wrong with the right?

« Reply #670 on: September 22, 2020, 04:21:40 PM »

Quote from: ThePAMan on September 22, 2020, 04:10:43 PM

Things were not looking too good since this post until today? Yea or nay?

Yeah true but who the hell knows what will happen after the election and when that’ll even be

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murphstahoe

8114
+1976/-142

Re: wtf is wrong with the right?

« Reply #671 on: September 22, 2020, 05:21:37 PM »

Quote from: Custard on September 22, 2020, 04:21:40 PM

Yeah true but who the hell knows what will happen after the election and when that’ll even be

The market has already priced in a Biden win. There is a bit of uncertainty now about the Supreme Court...

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murphstahoe

8114
+1976/-142

Re: wtf is wrong with the right?

« Reply #672 on: September 22, 2020, 05:22:39 PM »

Quote from: ThePAMan on September 22, 2020, 04:12:17 PM

It does not matter without doing squat about property taxes (and the SALT repeal).

SALT repeal is a federal issue. Pretty hard for Pritzker to lower state taxes to give people relief for the increase they are paying in Federal Taxes that Mitch McConnell then funnels to Kentucky.

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IlliniGolf

873
+34/-689
Fuck your feelings !

Re: wtf is wrong with the right?

« Reply #673 on: September 22, 2020, 05:31:40 PM »

Quote from: murphstahoe on September 22, 2020, 05:21:37 PM

The market has already priced in a Biden win. There is a bit of uncertainty now about the Supreme Court...

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ThePAMan

31455
+607/-2431
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Re: wtf is wrong with the right?

« Reply #674 on: September 22, 2020, 06:43:23 PM »

Quote from: murphstahoe on September 22, 2020, 05:22:39 PM

SALT repeal is a federal issue. Pretty hard for Pritzker to lower state taxes to give people relief for the increase they are paying in Federal Taxes that Mitch McConnell then funnels to Kentucky.

No one said anything about lowering them. We are talking about raising them.....

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