Malarkey: Proposes $6 TRILLION budget

[Slo Yelo C5]

Are Democrats out of their minds? No really...are they insane?

A $6 trillion budget.

This will be a permanent albatross on future generations. This is absolutely reckless financial activity. This country is completely doomed.

On the plus side, much of the spending is to fix injustices through more spending on "social programs".

Translation: Middle class and upper class going to get F'ed with a hockey stick while the losers will make out like bandits.

This is INSANITY.

https://www.reuters.com/world/us/bid...yt-2021-05-27/

[04 commemorative]

Yes they are and yes it is....our grand kids grand kids will be paying it

[dvarapala]

Originally Posted by Slo Yelo C5

Are Democrats out of their minds? No really...are they insane?

A $6 trillion budget.

This will be a permanent albatross on future generations. This is absolutely reckless financial activity. This country is completely doomed.

It was doomed when they printed that first $2 TRILLION stimulus.

[Slo Yelo C5]

Originally Posted by dvarapala

It was doomed when they printed that first $2 TRILLION stimulus.

Agreed. Fully agreed. But at absolute minimum, I could see the argument for *emergency* stimulus.

But now $6 TRILLION more?! Have Democrats lost their minds?!

This Administration is the worst in history by miles. It's not even close.

They're evil. EVIL.

[Datawiz]

Given the fact that I can work from anywhere in the world, I'm pretty sure when I sell my house, I will be moving to a different country. As a high earner, I refuse to continue to support this nonsense.

[Slo Yelo C5]

Originally Posted by datawiz

Given the fact that I can work from anywhere in the world, I'm pretty sure when I sell my house, I will be moving to a different country. As a high earner, I refuse to continue to support this nonsense.

I'm at the point that I'm truly *considering* leaving the country. This is a disaster. Like 2/3 or more of the Millennials and younger generations are openly Communist. This means that if you're a maker and young, you're destined for a horrific economic existence. All you will do is pay for the stupidity of the weak, lazy communists. While they simply outvote you and forcibly take your hard earned money via "equity".

Poland, Czech, and Hungary experienced the disaster that is Communism and went capitalist. At this point, I may be able to save enough and retire in one of those countries in the next few years.

I don't need to work my *** off (I currently work 60+ hours per week) for my 6-figure salary only to lose nearly half of it via taxes.

This has gotten to the point of lunacy.

[Dan Dlabay]

Problem is it was the dam people that voted these assholes in.

[04 commemorative]

Originally Posted by datawiz

Given the fact that I can work from anywhere in the world, I'm pretty sure when I sell my house, I will be moving to a different country. As a high earner, I refuse to continue to support this nonsense.

You would be missed

[bigblock427]

There is absolutely no way the country can afford to have that large of a budget, nor should it have an annual budget that high.

The F'n liberal democrats have lost their minds!

[dvarapala]

Sadly, there's only one way this can play out: at some point the house of cards implodes, everyone is wiped out, and what's left of the economy starts over again from scratch - probably based on the Gold standard again.

[sublime1996525]

Originally Posted by Slo Yelo C5

I'm at the point that I'm truly *considering* leaving the country. This is a disaster. Like 2/3 or more of the Millennials and younger generations are openly Communist. This means that if you're a maker and young, you're destined for a horrific economic existence. All you will do is pay for the stupidity of the weak, lazy communists. While they simply outvote you and forcibly take your hard earned money via "equity".

Poland, Czech, and Hungary experienced the disaster that is Communism and went capitalist. At this point, I may be able to save enough and retire in one of those countries in the next few years.

I don't need to work my *** off (I currently work 60+ hours per week) for my 6-figure salary only to lose nearly half of it via taxes.

This has gotten to the point of lunacy.

****ing Millennials.

[Slo Yelo C5]

Originally Posted by sublime1996525

****ing Millennials.

Fing Millennials are ruining this country. Them and the younger generations.

They are all trying to outdue themselves by being a bigger Commie than others.

It's sad and pathetic. They're freaking dumb.

[ZipZap]

Originally Posted by datawiz

Given the fact that I can work from anywhere in the world, I'm pretty sure when I sell my house, I will be moving to a different country. As a high earner, I refuse to continue to support this nonsense.

Anybody know if one moved all of the 401k/403b to the cash side, and then moved to another country, it could be protected from this shit? If one had a totally sufficient amount saved up, plus a decent defined benefit, it would be pretty tempting.

I don't even know who one could talk to.

Asking for a friend...

[VatorMan]

It’s not just dems. Pubs try to cut taxes without cutting .Gov. Both sides are totally against the common man. Anyone that voted for Biden is just a douche.

[Slo Yelo C5]

Originally Posted by ZipZap

Anybody know if one moved all of the 401k/403b to the cash side, and then moved to another country, it could be protected from this shit? If one had a totally sufficient amount saved up, plus a decent defined benefit, it would be pretty tempting.

I don't even know who one could talk to.

Asking for a friend...

I'm your guy to answer this.

Won't work, unfortunately. First off, if you're under 59.5 years old (talk about an odd number, eh?), the moment you request a withdrawal or complete distribution from the retirement plan administrator (eg Vanguard, Fidelity, etc) they withhold federal taxes AND funds for your penalty amount (IIRC--but it's been awhile--the "penalty" amount due to you being underage is 10% of the withdrawal amount--PLUS federal taxes).

If you are over 59.5 years old, they will withhold federal taxes.

Depending on your state tax requirements, some also withhold state taxes.

Now...the *only* way I could see you getting the funds "tax free" would be doing a "hardship withdrawal". Basically, you need to furnish documentation to the retirement plan administrator showing you have medical bills, mortgage payments, etc you can't pay (bill must show funds are past due). Then they allow a withdrawal for the amount you owe. But if you can prove you owe more than the total account balance, certain plans (depends on your employers rules in place with the retirement plan administrator) allow a 100% withdrawal. You would then owe the taxes and penalties when you file your annual return. But if you left the country first...

...I guess they'd put out something to stop any future government payments you're due (SS, etc), but other than that...worst they could do is have a judgment against you.

Depends on your plan rules, though. Plus, you need documented evidence of not being able to pay medical bills, mortgage, or burial expenses. The types of hardship withdrawal permitted vary by your employer rules and it's just a handful of reasons.

You could transfer the 401k to an IRA, but I believe in an IRA they collect taxes at the time of distribution.

They've put really strong measures in place to make sure all are slaves of the man.

[ZipZap]

Originally Posted by Slo Yelo C5

I'm your guy to answer this.

Won't work, unfortunately. First off, if you're under 59.5 years old (talk about an odd number, eh?), the moment you request a withdrawal or complete distribution from the retirement plan administrator (eg Vanguard, Fidelity, etc) they withhold federal taxes AND funds for your penalty amount (IIRC--but it's been awhile--the "penalty" amount due to you being underage is 10% of the withdrawal amount--PLUS federal taxes).

If you are over 59.5 years old, they will withhold federal taxes.

Depending on your state tax requirements, some also withhold state taxes.

Now...the *only* way I could see you getting the funds "tax free" would be doing a "hardship withdrawal". Basically, you need to furnish documentation to the retirement plan administrator showing you have medical bills, mortgage payments, etc you can't pay (bill must show funds are past due). Then they allow a withdrawal for the amount you owe. But if you can prove you owe more than the total account balance, certain plans (depends on your employers rules in place with the retirement plan administrator) allow a 100% withdrawal. You would then owe the taxes and penalties when you file your annual return. But if you left the country first...

...I guess they'd put out something to stop any future government payments you're due (SS, etc), but other than that...worst they could do is have a judgment against you.

Depends on your plan rules, though. Plus, you need documented evidence of not being able to pay medical bills, mortgage, or burial expenses. The types of hardship withdrawal permitted vary by your employer rules and it's just a handful of reasons.

You could transfer the 401k to an IRA, but I believe in an IRA they collect taxes at the time of distribution.

They've put really strong measures in place to make sure all are slaves of the man.

Over 60 and looking for options. Sounds like a Tinder ad, I know.

No hardship; just looking for an option to protect assets. I'm pretty much embarrassed at this point that I'm looking for offshore options. But I'm afraid after a lifetime of earning and saving, the country that I supported and served will F me over. Thanks for the comments.

[Slo Yelo C5]

Originally Posted by ZipZap

Over 60 and looking for options. Sounds like a Tinder ad, I know.

No hardship; just looking for an option to protect assets. I'm pretty much embarrassed at this point that I'm looking for offshore options. But I'm afraid after a lifetime of earning and saving, the country that I supported and served will F me over. Thanks for the comments.

Super difficult, unfortunately.

I am looking at the same. Seriously. This country went from rewarding the hardest and smartest to punishing them in a decade.

We've gone downhill more in a decade than the previous 60 years combined.

Sad and pathetic.

But I think what you're thinking of will be near impossible to pull off. They will do anything to keep those funds taxes.

It's funny. When government owes you, it's near impossible to get your dues. When you owe them, they come after you with a sick, swift vengeance.