This retired fool wonders why the powers that be in our legislatures - both State & Federal - don't offer the citizenry the opportunity and inducement to save/invest by eliminating the tax on earnings up to a given annual sum of, say, $10,000. I believe if people could save, knowing that they would not have to pay taxes on their earnings up to a given "decent" limit, they would be inclined to save more and spend less, thus living below their income. The idea of allowing workers to invest a small portion of their Soc.Sec. taxes does not do enough. What say you fools about petitioning for this or a similar idea???
GrandmaTerry:Why do you say, "Both State & Federal"? My Domicile is in Texas, and Texas doesn't tax my earnings!Next, since Congress can (by their own rules) be only revenue neutral in tax changes; what do you wished to see taxed by Washington to make up the difference?But anyway...a novel concept, and that's why we have discussion boards.--WauseonFox--
FYI You, or any one with earned income above $2000,can save $2000 before taxes in an IRA. (I know, thereare more caveats.)An increase in this amount is under consideration.Ron
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |