Boy I hope we get rid of taxes on savings interest

[mizzou]

I really hate paying that tax on my savings account every year.

Oh wait, I never make enough to even be taxed in the first place.

What a stupid plan, Someone give me a % of households that make under 100k a year actually make in interest income.

 

[Thump553]

Last time I looked passbook rates were one tenth of one percent. I daresay nearly all of Americans will already fall into the category where the bank isn't even required to issue us a 1099 for the interest income. Nonsolution to a nonproblem.

 

[Engineer]

Capital gains, interest and dividends. Makes Roth 401k and IRA plans worthless for those falling under the income brackets as every account will now be a Roth.

 

[dmcowen674]

Boy I hope we get rid of taxes on savings interest

I really hate paying that tax on my savings account every year.

Oh wait, I never make enough to even be taxed in the first place.

What a stupid plan, Someone give me a % of households that make under 100k a year actually make in interest income.

Last interest statement from savings was like .001

Woohoo I'll be rich not paying taxes on that.

 

[Acanthus]

Futurama said best.

Bank accounts are places for money that isn't properly invested.

 

[Dulanic]

That shit cost me $10 last year on my interest checking.. how dare they!

 

[Anarchist420]

All capital gains taxes need to be abolished overnight... doing so wouldn't reduce inequality. In fact, the reduction of the rate to more than zero wouldn't increase savings because of inflation. Too much money is going into the govt coffers allowing too much anti-competitiveness and more inflation and more borrowing because the govt spends proportionately to what it receives.

They weaken the dollar since they tax commodities which causes a weak dollar, which then hurts poor the poor. Taxing CG also makes it easier for wall street to make more cash and they're the first to get it so they can buy all of the commodities they want to.

I hate how so many people want all income taxed. That is so stupid because it would never work. Even if all income received was taxed at 1%, it could bring in more revenue than there is now. Think about how much a financial transaction tax would theoretically bring in to thegovt coffers if taxed at even .1% and then think about how much it would bring in practice.

 

[Zstream]

Last time I looked passbook rates were one tenth of one percent. I daresay nearly all of Americans will already fall into the category where the bank isn't even required to issue us a 1099 for the interest income. Nonsolution to a nonproblem.

Even at 1 penny, they're required to report it and it does cost banks quite a bit of postage and processing fees.

 

[yottabit]

I too thought this was hilarious. This will really help the middle class! My mom won't be taxed on her $3 of interest for the year.

 

[dank69]

I too thought this was hilarious. This will really help the middle class! My mom won't be taxed on her $3 of interest for the year.

Just shows how far out of touch Romney is with real Americans.

 

[nehalem256]

Just shows how far out of touch Romney is with real Americans.

I believe I had >$1000 in interest on my savings last year (Hooray for rewards checking). Am I not a real American?

And honestly I have always thought it was silly to tax interest on savings accounts since most of the "income" is just inflation adjustment. Or given today's low rates all of it is.

 

[dank69]

I believe I had >$1000 in interest on my savings last year (Hooray for rewards checking). Am I not a real American?

And honestly I have always thought it was silly to tax interest on savings accounts since most of the "income" is just inflation adjustment. Or given today's low rates all of it is.

"I believe"? Maybe you should double check and get back to us. I'd be interested in the details on how you acheived that number. How much money tied up and what rates?

Regardless, unless you can show that a majority of Americans have the same numbers, you are the exception rather than the rule.

 

[nehalem256]

Unless you can show that a majority of Americans have the same numbers, you are the exception rather than the rule.

Actually it makes perfect sense why liberals would oppose this.

The oppose anything that protects savers/investors from the ravages of inflation.

Because hey people who save money are less dependent on the government. And we certainly would not want that

 

[dank69]

Actually it makes perfect sense why liberals would oppose this.

The oppose anything that protects savers/investors from the ravages of inflation.

Because hey people who save money are less dependent on the government. And we certainly would not want that

Yes, it isn't that most people would not realize any savings from this move at all, it's that liberals want to control you.

 

[flyboy84]

I make 1.76% interest on my checking account with Provident. If you are in NJ, I suggest you check them out.

http://www.providentnj.com/site/PersonalServices/Checking/ProvidentSmartChecking/Content.aspx

You have to look in the fine print at the bottom to see 1.76%. It was even higher when I first enrolled last year (2.51% in June 2011) but still a lot higher than most places. Also, this is only on balances up to 25,000, but I don't know why you'd want to keep more than 25k liquid.

 

[dank69]

I make 1.76% interest on my checking account with Provident. If you are in NJ, I suggest you check them out.

http://www.providentnj.com/site/PersonalServices/Checking/ProvidentSmartChecking/Content.aspx

You have to look in the fine print at the bottom to see 1.76%. It was even higher when I first enrolled last year (2.51% in June 2011) but still a lot higher than most places. Also, this is only on balances up to 25,000, but I don't know why you'd want to keep more than 25k liquid.

You should get with Nehalem then because by my calcs you'll only make $440 in interest if you keep the account maxed at $25k but he was able to get $1000.

 

[nehalem256]

Yes, it isn't that most people would not realize any savings from this move at all, it's that liberals want to control you.

Liberals oppose incentivizing savings, because people with savings are less dependent on the government.

And considering I was pulling in close to $1000/yr in interest when I was 20 maybe people should stop sucking at life.

 

[PokerGuy]

Don't blame Romney because you guys are too stupid to properly earn and invest money. People who properly save and invest money would really benefit from this as they would be able to grow their savings much faster.

 

[nickbits]

I make about 3000-5000/yr on interest, dividends and cap gains, so I wouldn't mind if it was all tax free.

 

[PokerGuy]

Liberals oppose incentivizing savings, because people with savings are less dependent on the government.

And considering I was pulling in close to $1000/yr in interest when I was 20 maybe people should stop sucking at life.

Yep, pretty much this. Idiots want to drag everyone else down to their level instead of trying to achieve something.

 

[dank69]

Don't blame Romney because you guys are too stupid to properly earn and invest money. People who properly save and invest money would really benefit from this as they would be able to grow their savings much faster.

So now we've shifted from "tax breaks for regular Americans" to "tax breaks for people that don't need any more help." I'm shocked. SHOCKED, I tell you.

 

[michal1980]

Capital gains, interest and dividends. Makes Roth 401k and IRA plans worthless for those falling under the income brackets as every account will now be a Roth.

but it makes normal 401k plans amazing

 

[nehalem256]

So now we've shifted from "tax breaks for regular Americans" to "tax breaks for people that don't need any more help." I'm shocked. SHOCKED, I tell you.

The problem is your definition of "regular Americans" appears to be people who suck at life.

But hey lets keep all the tax breaks and government support for single mothers because they "need help", because of their own stupidity.

 

[PokerGuy]

So now we've shifted from "tax breaks for regular Americans" to "tax breaks for people that don't need any more help." I'm shocked. SHOCKED, I tell you.

That's why people like you and obummer can never help the economy grow. You view taking less money away from people who produce things as a negative. Newsflash: I AM a "regular American", and I do need lower taxes.

 

[halik]

I make about 3000-5000/yr on interest, dividends and cap gains, so I wouldn't mind if it was all tax free.

This, essentially all my immediate money is invested as well, so that would cut down on the hassle quite a bit (anyone that has DIY filed cap gains and interest with many transaction will attest to the PITA that it is).

Although capital gains should really be progressive with income to prevent tax avoidance via carried interest and what not.