This Is How You Lose the Tariff War

[Methais]

Where Back believes elites keep their money:

Back almost certainly believes shit like this because he doesn't understand cash vs. net worth.

[Parkbandit]

What is happening right now is exactly why I have always viewed 401ks as problematic for the employees. This just proves my point.

My state has a retirement plan. The money that I put into it has lost 20% of its value since last week. It's a good thing I'm not relying on it right now. Imagine all the people who had planned on retiring this week? All the people who are drawing on it currently?

The working class are getting savaged by the elites on a massive scale right now.

How many people do you believe this has affected:

1) Retired last week
2) Have no other source of income
3) Cannot wait a week for the Market to rebound (it's currently back up 600 points)

SPOILER: That is a very, very miniscule part of the population.

Stop being a Chicken Little. The sky isn't falling. You weren't affected at all... and neither was 99.9% of the population.

Trump is fundamentally changing the economy for the better. Look at all the countries that are clamoring for a meeting with Trump to remove all the tariffs. That will help every American.

[Suppa Hobbit Mage]

I was affected by the recent market fallout. We had a particularly good year and we had nearly 19k in taxes due (not what we'd already withheld). Mostly due to planning on my wife and I's part - perhaps poor planning, perhaps not, we rolled the dice.

We shuttered an annuity we had and at the time (mid January) I figured I could make more in the market with that money than pay the taxes on it. It was just shy of $100k. I mean, why loan the government money for 16 months right? So I invested, we did perfectly fine and it did appreciate much more than it would have had I taken 30% off the top. Can't say exact figures without doing a lot of math because I was in and out of things, but the account grew over 40% in that time. I'd probably do it different were I to do it again, as I knew the tax man was coming and to get it to $140k I did increase my tax burden due to selling short term gains and I was sweating the last 16 months. Worked out though.

Now taxes are due, I actually sold 10k worth VERY LUCKILY two weeks ago because I knew I only had $15k in the bank. All in, long story short, I probably broke even re: taxes and the recent downturn and have solid stocks I'm now invested in long term.

Honestly it's my best year on paper in my lifetime. Thanks Obama.

[~Rocktar~]

What ever made you think an annuity was ever a good idea?

[Suppressed Poet]

I was affected by the recent market fallout. We had a particularly good year and we had nearly 19k in taxes due (not what we'd already withheld). Mostly due to planning on my wife and I's part - perhaps poor planning, perhaps not, we rolled the dice.

We shuttered an annuity we had and at the time (mid January) I figured I could make more in the market with that money than pay the taxes on it. It was just shy of $100k. I mean, why loan the government money for 16 months right? So I invested, we did perfectly fine and it did appreciate much more than it would have had I taken 30% off the top. Can't say exact figures without doing a lot of math because I was in and out of things, but the account grew over 40% in that time. I'd probably do it different were I to do it again, as I knew the tax man was coming and to get it to $140k I did increase my tax burden due to selling short term gains and I was sweating the last 16 months. Worked out though.

Now taxes are due, I actually sold 10k worth VERY LUCKILY two weeks ago because I knew I only had $15k in the bank. All in, long story short, I probably broke even re: taxes and the recent downturn and have solid stocks I'm now invested in long term.

Honestly it's my best year on paper in my lifetime. Thanks Obama.

I sold an investment property last year. Needed cash to pay my oldest kids college tuition & expenses (just 1 more year left until they are off the payroll), home renovations, wife wanted/needed a new car, etc. Despite my every attempt to document & maximize every expense to deduct (hide) what I profited off the sale, I still had a good bit of capital gains tax owed. I’m with you on waiting until the day taxes are due before they get my money, except I kept a reserve in a MMA for this purpose.

My tax bill was less than I thought it would be, but still… Something about the painful act of writing a check to the IRS makes me want to go dump tea in the harbor. Our government legalized armed robbery back in 1913. Fuck those dickless monkeys at the IRS.

[Suppa Hobbit Mage]

I sold an investment property last year. Needed cash to pay my oldest kids college tuition & expenses (just 1 more year left until they are off the payroll), home renovations, wife wanted/needed a new car, etc. Despite my every attempt to document & maximize every expense to deduct (hide) what I profited off the sale, I still had a good bit of capital gains tax owed. I’m with you on waiting until the day taxes are due before they get my money, except I kept a reserve in a MMA for this purpose.

My tax bill was less than I thought it would be, but still… Something about the painful act of writing a check to the IRS makes me want to go dump tea in the harbor. Our government legalized armed robbery back in 1913. Fuck those dickless monkeys at the IRS.

Yeah, they get you every way they can. We paid taxes when we earned the money that we invested, we pay taxes (more) if we make money on the investment and it's short term, still pay taxes if it's long term. Nevermind city, state and local tax.

I know, go IRA. My company didn't offer an 401k Roth until about 6 years ago, since then I have, and I'm old enough I'm in "catch up" years so I can put more than 23.5k (I can do 31k this year). Regarding a straight IRA I'm old enough I can do 8k there and my MAGI is enough I can do even more than that. I was dumb when I was younger and had a straight pre-tax investment account. Now I'm maybe 70% 401k, 25% 401k Roth, 5% IRA.

I need to talk to a retirement expert though, we've decided my wife is retiring in 3 years, I WFH so I'll milk this job until I'm tired of it, then retire. We owe nothing anymore, so it's really a lifestyle choice at this point what we do next. I like my job and the income that comes with it, so I'm lucky there.

[Suppressed Poet]

Yeah, they get you every way they can. We paid taxes when we earned the money that we invested, we pay taxes (more) if we make money on the investment and it's short term, still pay taxes if it's long term. Nevermind city, state and local tax.

I know, go IRA. My company didn't offer an 401k Roth until about 6 years ago, since then I have, and I'm old enough I'm in "catch up" years so I can put more than 23.5k (I can do 31k this year). Regarding a straight IRA I'm old enough I can do 8k there and my MAGI is enough I can do even more than that. I was dumb when I was younger and had a straight pre-tax investment account. Now I'm maybe 70% 401k, 25% 401k Roth, 5% IRA.

I need to talk to a retirement expert though, we've decided my wife is retiring in 3 years, I WFH so I'll milk this job until I'm tired of it, then retire. We owe nothing anymore, so it's really a lifestyle choice at this point what we do next. I like my job and the income that comes with it, so I'm lucky there.

Word. I just started a Roth last year so I’m not preaching. I did a lot of stupid things in my younger years, but what I did right was contributed to a traditional 401k since my first big boy job in my early 20s. Last year I got close to the max contribution limit but not quite. I’m raising my contribution by 1% of my salary every year now when I get my annual raise. I need to talk to a financial advisor to see if the math makes sense to convert my traditional 401k to Roth. It’s on my to do list this year. I’m in my early 40s and making steps to be retirement ready by 55 1/2, and for sure get out of the rat race before I turn 60.

[Gelston]

Back almost certainly believes shit like this because he doesn't understand cash vs. net worth.

Bill Gates has the most cash out of anyone alive. Libs love him.

[ClydeR]

Apparently economics expert Ron Vara was the intellectual genesis of the tariffs..

https://www.youtube.com/watch?v=3I8VDkfbHkI

As far as I'm concerned, this is proof that we live in a simulated universe. Nothing this stupid could happen in a real universe.

Elon Musk referred to the same thing today in his online feud with Peter Navarro, Trump's senior trade advisor. I'm honestly surprised that Musk and Trump's team were able to work together for this long.

[~Rocktar~]

Some perspective.