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What section of the Constitution covers wealth accumulation?

Lutherf said:
There is no tax deduction. As I've said repeatedly, the tax is simply deferred. When you put money into these plans you get an up-front tax break with the understanding that you will pay for it later.
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The income deposited in the acct is ...wait for it.....deducted from their income.

It's a tax deduction.

And as we both agreed, there is no guarantee that you will pay taxes on it when you withdraw it later
 
sangha said:
The income deposited in the acct is ...wait for it.....deducted from their income.

It's a tax deduction.

And as we both agreed, there is no guarantee that you will pay taxes on it when you withdraw it later
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Oh for pete's sake...we're talking about a plan with a value in the 7 figure range. You WILL be paying taxes on the distributions and since tax rates are going up you will likely be paying those taxes at a higher rate than you got benefit for when you put the money in.
 
Lutherf said:
Oh for pete's sake...we're talking about a plan with a value in the 7 figure range. You WILL be paying taxes on the distributions and since tax rates are going up you will likely be paying those taxes at a higher rate than you got benefit for when you put the money in.
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No, we were talking about tax-deferred accts.

But even with large accts, the tax rate you pay when you finally withdraw the money will probably be lower than it would have been if you had to pay the tax in the year you earned it, so it's still a tax deduction.
 
sangha said:
The income deposited in the acct is ...wait for it.....deducted from their income.

It's a tax deduction.

And as we both agreed, there is no guarantee that you will pay taxes on it when you withdraw it later
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This nonsense discussion is far off the topic of the heading; "What section of the Constitution covers wealth accumulation?"

The answer is the Constitution does not cover wealth accumulation. If you know differently then post the Article, Section, that endorses or authorizes such a claim?
 
AllanHampton said:
This nonsense discussion is far off the topic of the heading; "What section of the Constitution covers wealth accumulation?"

The answer is the Constitution does not cover wealth accumulation. If you know differently then post the Article, Section, that endorses or authorizes such a claim?
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The premise of this thread is nonsense because the proposal does not limit wealth
 
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