Jim,
How many times has the President said that we need to raise taxes on those making more than $1 million per annum?
Some believe that the government will also confiscate gold and silver.
As many know, our government already confiscated gold in America, circa 1933.
Even so, collectable coins were exempt, which is reason enough to own gold/silver coins that have value beyond the base metal – a discussion topic for another day.
Many of us at retirement age receive some form of retirement income from the federal government.
Some receive disability pay as well, but the feds would take a massive hit for even thinking about taxing or reducing disability pay.
But in that same vein, our government has NEVER met a tax they dislike.
If any of the foregoing is true, or even close, congratulate yourself – you just might be a millionaire!
If you can work backwards for a moment (something left handed people have always done) consider this:
A federal retirement paying you $33,000/year would require a private sector principle of $1,100,000, and paying 3% annually to maintain the principle.
Finding a safe 3% annual yield in this economy is just about impossible, excluding 30 year bonds and junk paper.
If my left handed calculator is correct, that is more than a million dollars – congrats, you are a millionaire.
Even though you may not feel like a millionaire, but you sure look like one on paper.
Remember – this is the same government that tells you that social security is sound.
Bernie Madoff would be pleased.
For those of us that are or will be “quintuple dippers” (military, civilian retirement, disability, TSP/401 K plans, and Social Security) we look like fat on paper.
Nationalizing not just federal retirements, but all retirements would be far easier than confiscating gold or silver.
Of course, the program would be couched as a measure to ensure that everyone receives a fair share – But you’re a millionaire, quit complaining.
Food for thought.
– Dan X. (A retired U.S. Navy Commander.)
Letter Re: Taxes for Millionaires: Food For Thought
