Boy I hope we get rid of taxes on savings interest

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QuantumPion

Diamond Member
Jun 27, 2005
6,010
1
76
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.

That's because you're part of the 47%. For the rest of us with savings and investments, especially retired seniors, this is a huge win.
 

randomrogue

Diamond Member
Jan 15, 2011
5,449
0
0
I easily made this during HS. 40K is only 10K a year. Doesn't take a full time job to do that even.

I'm quoting you arbitrarily. Either way I was talking about working after college. I blew all my money in HS on a car, beer, and girls.

I'm literally saying that I put about $35K in the bank after taxes and bills during my first year working. It's simply a matter of working and living within your means. I put about $100K in my second year since I didn't have to buy furniture, a car, etc, and I was making more money.

The problem that people have is they go out and buy depreciating assets like cars the second they make more money. Yes I bought a car when I graduated from college but I bought it used and I kept it in good shape for 10 years. That's a huge savings compared to blowing money on a new car every 3 years. The other huge thing I did was not buy into the housing bubble. It was obvious to me that something was wrong so I rented and that made me far wealthier than everyone around me who bought property thinking they were going to get rich on it. None of them did. Everyone's property is worth less than when they bought it unless they bought property a long ass time ago. Add to that the lack of a need to buy each iphone and a flat screen TV for each room in my place and suddenly I have a nice nestegg and zero debt.
 

shadow9d9

Diamond Member
Jul 6, 2004
8,132
2
0
That's because you're part of the 47%. For the rest of us with savings and investments, especially retired seniors, this is a huge win.

The 47% has the biggest percentage makeup of seniors on social security.. hence they "don't pay taxes."

For the rich it would be a huge win...that is kind of the point.

Hell, Romney's help the rich plan would be a huge boon for me. Luckily greed doesn't run my life. All people like Spidey see is me, me, me. I couldn't sleep at night if I thought like that.
 

yottabit

Golden Member
Jun 5, 2008
1,671
869
146
That's because you're part of the 47%. For the rest of us with savings and investments, especially retired seniors, this is a huge win.

I'm not sure if you're trolling or not, but thanks for confusing me with my single-mother

My long term financial goals involve helping her. The point I was trying to make is that Mitt Romney was trying to say these were really going to help those who are struggling, when IMO it only helps people who already have it pretty well. The upper range of the middle class.
 
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yottabit

Golden Member
Jun 5, 2008
1,671
869
146
I'm quoting you arbitrarily. Either way I was talking about working after college. I blew all my money in HS on a car, beer, and girls.

I'm literally saying that I put about $35K in the bank after taxes and bills during my first year working. It's simply a matter of working and living within your means. I put about $100K in my second year since I didn't have to buy furniture, a car, etc, and I was making more money.

The problem that people have is they go out and buy depreciating assets like cars the second they make more money. Yes I bought a car when I graduated from college but I bought it used and I kept it in good shape for 10 years. That's a huge savings compared to blowing money on a new car every 3 years. The other huge thing I did was not buy into the housing bubble. It was obvious to me that something was wrong so I rented and that made me far wealthier than everyone around me who bought property thinking they were going to get rich on it. None of them did. Everyone's property is worth less than when they bought it unless they bought property a long ass time ago. Add to that the lack of a need to buy each iphone and a flat screen TV for each room in my place and suddenly I have a nice nestegg and zero debt.

I agree with your sentiment, but this blows my mind. In the state I work in (Massachusetts) as a single with no real tax deductions I'd have to pull in $200k to take home $132k for the year. Then I could probably save $100k. 150k only equates to $116k takehome and 16k probably wouldn't be enough to live off of.

I see a lot of stories like this on the net and I don't know if they are just that. Like I graduated, saved 100k per year for the first two years and bought my house with cash, blah blah blah. I get that you can be a financial genius and stingy but are all these people graduating out of college and pulling 200k? Or using some clever scheme to escape taxes?

If you meant you brought your savings up to $100k in the second year, that seems more achievable to me
 
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piasabird

Lifer
Feb 6, 2002
17,168
60
91
One thing Romney wants to do is to do away with paying any capital gains or taxing interest payments (Dividends), if the person makes less then $250k It is just too much trouble to compute this on your taxes and it is not worth policing for the IRS for lower income stock traders. Basically my wife lost her job and I put her money in an IRA. We just buy a few stocks to make a little money. We have had to withdraw some funds for necessities like a car, but we have managed to hold onto most of our capital. I dont really think we make a lot of money except on the Apple stock, and we could not afford to buy too much of that.

As long as I keep her funds in the IRA I dont pay taxes on it.
 
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