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Liar, Ignorant, and he can't remember shit.
The one thing we know about the McCain campaign...is that they're very good at negative campaigns, they're not so good at governing- Barack Obama
by wishingwell on Mon Apr 28, 2008 at 10:26:34 AM PDT
... why don't more FP posts have polls?
What do vegetarian zombies eat? Graaaaaaaaaaiiinnns.
by droogie6655321 on Mon Apr 28, 2008 at 10:27:25 AM PDT
[ Parent ]
I understand he's got the monopoly on FP polls and threatens to use force, legal or otherwise, if anyone else uses one on an FP post....
by pmukh on Mon Apr 28, 2008 at 10:40:23 AM PDT
I second that and up you one..McCain's just plain dishonest, too!
by StuHunter on Mon Apr 28, 2008 at 10:43:13 AM PDT
Distributions of 401(k) accounts are taxed at the income tax rate for the basis only (because the basis is considred deferred income). Any amounts attributable to increases in value of the assets in the 401(k), however, are taxed at the (significantly lower) capital gains rate. It is this portion McCain was likely referring to.
The America I knew and loved is finally dead at the hands of bipartisanship.
by TheOrchid on Mon Apr 28, 2008 at 10:54:03 AM PDT
Deferrals into a 401(k) are not subject to income tax. Earnings on the 401(k) are not taxed. Withdrawals are taxed as ordinary income regardless of the characterization of the gains. No portion of a 401(k) is thus ever subject to capital gains tax.
"Well, I'm sure I'd feel much worse if I weren't under such heavy sedation..."--David St. Hubbins
by Old Left Good Left on Mon Apr 28, 2008 at 11:59:51 AM PDT
We are taxed regular taxes on every penny we pull out of an IRA or a 401k. The money you put in is tax deferred, not tax exempt.
Also, if you what you earn in a year plus half of your Social Security you draw, comes to $32,000, then you have to add half of your Social Security to the income on Federal taxes and it is taxed too.
I am not sure if you pay taxes on your 401k/IRA withdrawals according to the tax rate bracket you are in without the 401k/IRA withdrawals.
I think the 401k/IRA tax rate is progressive. The more you pull out, the more your tax rate goes up, if it puts you in the next higher bracket.
If you keep the withdrawals low enough to stay in the under $60,000 bracket, then you probably will pay 15%.
You will pay a higher tax rate on the income that is in the higher bracket, but less on the income that fits in the lower bracket.
Here is a good link to estimate taxes that you can get a good idea of how the taxes are. Be sure you put the IRA/401k in the IRA box and not the capital gains box.
Bottom line, no middle class will be affected, if capital gains taxes are raised.
by relentless on Mon Apr 28, 2008 at 05:55:14 PM PDT
Politics is like driving. To go backward, put it in R. To go forward, put it in D. 89 days until the '08 elections. Let's paint the country BLUE!
by TrueBlueMajority on Mon Apr 28, 2008 at 11:23:52 AM PDT
on veracity, and attribute it to CRS disease with a fair dose of cluelessness about basic tax law.
by rlteiken on Mon Apr 28, 2008 at 02:00:54 PM PDT
wide narrow
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