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I'll probably have to let my butler go.
I have no idea what that USA Today article is talking about. The IRS said it will issue 2013 withholding tables by Dec 31. The 2% payroll tax holiday sunsets on Dec 31 which I don't even think is part of the negotiations and is definitely rolling back (likely permanently). Even with a deal, paychecks will be lighter in January, and without withholding taxes will be affected.
This post was edited by goterpss 16 months ago
For me it's gonna be going out to dinner. My family does that at least 3 times per week. Plus cut back on travel.
Looks like 2012 should be fine. TurboTax isn't waiting on a bunch of forms and says 1040's should be ready for filing by Jan 13.
classlessthug: I have too much on my plate to worry about the fact that my junk intimidates some needle D undergrad.
I've been doing this for years, but I guess I'll be increasing the number of things I try to make at home instead of buying. This includes food, household goods, etc.
Ron Swanson agenda alert
"And I try to har-mo-nize with songs the lonesome sparrow sings...
There are no kings inside the Gates of Eden."
I've been wrestling with this, considering actually lowering contributions to my company's matching limit, and investing the difference elsewhere.
I'm nervous that in 5-10 years they'll come for your 401(k), because that money has never been taxed, and it's only "fair," and we're REALLY in trouble now and need the revenue. Did we mention the new tax rate of 75% for "rich" people?
And even if the rules stay the same, the direction we're headed I'll be paying higher taxes in 20 years than I am now.
I always assume "bullets/weapons" are a big part of frode's budget.
Same. And historical non-fiction books.
In a barter society (i.e. after the breakdown of the financial system), bullets and booze are two of the most sought after commodities.
This post was edited by frode 16 months ago
LOL, like he doesn't craft his own, Brother Mouzone-style.
100% of 401K distributions are taxed right now as ordinary income, there's not really any more they can do except levy a special tax on top of the ordinary rates.
I've never been a huge fan of 401K's for this very reason. The only saving grace in our calculation is we're paying NY State and City income taxes right now. I intend to be a FL resident when I retire so that's 10% right there.
If you factor in the amount of fees and expenses you pay in 401K's, the limited investment options and fact that the money is locked up until you are 60 years (for many that's a 20-30 year horizon) it's not a very good investment vehicle.
ROTH MAFIA! Though I've pretty much come to terms with the thought that my gains will be taxed when they come out regardless...
Congrats to the 2011 Suqueboard WPT Champion: Amyeg
Right, but I'm talking about taking a tax on the account before there is any distribution, thus impacting future growth before distribution time rolls around. Plus a new tax rate.
I'm not even sure that's possible, you'd administer a forced liquidation in peoples accounts? what if you just roll the accounts into IRA's. You can't really do that to IRA's since some investments may be in illiquids such as Real Estate and PE.
The only conceivable extra tax is something like the 3.8% Obama is levying on investment income for earners with AGI above 250K. That and just higher tax rates in 2040
I guess I'll try to limit myself to 3 prostitutes per week
I will refuse to do math, so this won't really impact me.
Yep. 15% is the new 20%.
Between that and not giving to charity anymore, I think I'm back to even.
this will retroactively be changed after jan 1st so they can say we cut your taxes.......
Other than the payroll taxes going back to where they should be, fiscal cliff = Y2K.
Unless you're in the G$ bracket and above.
I don't really see any additional taxes on 401(k)/IRA/Roth/other deferred plans. It's well-known that Social Security needs to be fixed. We also have a substantial percentage of our elderly population living entirely or primarily off of Social Security. Why would the government want to do anything to disincentivize personal retirement saving? It just doesn't make any sense.
Because that would require putting two and two together?
"Maryland football: Where everybody gets hurt and the starting left tackle has an existential crisis."
Semantics but are Roths considered deferred plans considering you're paying the tax upfront?
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