The Motley Fool Discussion Boards

Previous Page

Investing/Strategies / Retirement Investing

URL:  http://boards.fool.com/sounds-like-bush-thinks-abolishing-or-reducing-21144921.aspx

Subject:  Re: Roth VS Traditional Date:  8/11/2004  1:38 PM
Author:  rookieJoe Number:  41932 of 75340

Sounds like Bush thinks abolishing or reducing income tax in favor of sales tax is worth considering.

A quote from Bush:
You know, I'm not exactly sure how big the national sales tax is going to have to be, but it's the kind of interesting idea that we ought to explore seriously

The chances are probably slim to none that this will actually happen any time soon, but if it did... Ouch! Everyone who did ROTH conversions would have basicly made a donation to uncle sam. They voluntarily pay income tax to convert to a ROTH, then income tax goes away, then we can pay extra sales tax in retirement.

-Joe

http://money.cnn.com/2004/08/11/news/economy/election_bush_tax.reut/index.htm?cnn=yes
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us