Roth IRA

[palefrost]

In May, Congress eliminated the restriction barring anyone who makes more than $100,000 from converting a traditional IRA to a Roth IRA. Now no matter what your income is, you'll be able to enjoy the chief benefit of a Roth: tax-free income when you retire.


Full article here and it looks interesting! http://money.cnn.com/magazines/moneymag/moneymag_archive/2006/08/01/8382153/index.htm

[Brandon]

I always approve of government reducing its control on peoples bank accounts and savings. A larger step would be to remove taxes on savings all together. I hate the idea of government taxing you for growing your asset base and general wealth.

Most likely those laws were in place to tax the wealthly but how can poorer people climb out of poverty if you are taxing there savings?

[OneofaKind]

The problem with taxation is that the very rich always found a way around it and the poor or just alright people pay the price.

So tax relaxation is definitely a good thing.

[sushimonster]

The problem with taxation is that the very rich always found a way around it and the poor or just alright people pay the price.

So tax relaxation is definitely a good thing.

Does this mean you are for lesser taxation or better ways to tax the rich?

[Martyr]

Most likely the former. Tax relaxation.


Mailing my Roth IRA application to USAA tomorrow. Wish you could invest more than $4,000 a year. =\

[Brandon]

Welcome Martyr!

I am lucky if I can save 4K a year.

[Martyr]

Hola.

The only monthly bill I have to pay right now is my phone bill so I'm trying to set $350-400 aside per month.

[LyricB]

I guess I never really thought about it, but yeah, it stinks that we get taxed on savings. I guess interest income is income after all, and that's how it's justified.