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BelichicksBurner OP t1_jeeolym wrote

Reply to comment by Missedanother1 in A good article re: repealing interests and dividends tax by BelichicksBurner

This tax doesn't even impact the vast majority of NH citizens in any way. This is one of those examples where if you want lower taxes...this is something that should remain in place. They should be finding ways to lower property taxes, not helping out wealthy families lower their tax rate. I want lower taxes and my wife and I make a decent amount of money. We're not saving a dollar if this goes away, just means that money will wind up coming from somewhere else.

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WhoWhatWhereWhenHowY t1_jeeq466 wrote

They say more than half came from households with more than $200,000 in interest and dividend income. I would then assume that the other half came from those with less than $200,000 in interest/dividend income. That's where my problem would be with it.

I don't think full repeal is the best option here but I do think someone retiring expecting 40k a year from investments shouldn't need to pay additional tax.

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FaustusC t1_jeeso16 wrote

Punishing people for investing in their retirement when the government won't cover their retirement is exactly why our government fucking sucks.

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warren_stupidity t1_jeewf4h wrote

Iras and 401ks are exempt.

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DeerFlyHater t1_jefl5ai wrote

Not everyone has access to 401Ks.

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warren_stupidity t1_jefyh1h wrote

>Punishing people for investing in their retirement

I was responding to that comment. Everyone can put money in a tax deferred savings account, IRA, 401K SEP etc. They are all exempt.

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WhoWhatWhereWhenHowY t1_jefaysf wrote

For many people those still aren't enough to retire on without something like social security. Nevermind if someone becomes disabled before they reach retirement age.

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warren_stupidity t1_jefzt9k wrote

Yeah? So each individual gets a 2,400 exemption, so for people such as you are so concerned about, they will not have 2400 in interest or dividends to tax, so I am not understanding your concern.

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CrowmanVT t1_jeggwds wrote

They also noted that this has no effect on 87% of NH residents. I'd be surprised if the majority of that group "under $200,000" weren't pretty close to that 200k threshold, not that it really matters.

As noted in the table in the article, in order to pay $500 to this tax a one would need between a $250,000 to $825,000 in investments to generate $10,000 in interest and or dividends. If you've got enough money invested to earn that kind of dough then you can afford the $500. If you have that kind of money and you can't afford the $500, take a long look in the mirror and try to figure out why you suck so bad at money management because it's not taxes that are screwing you, it's your own ineptitude.

  • I'm using "you" in the collective sense, not specifically #WhoWhatWhenWhenHowY
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Missedanother1 t1_jeewea4 wrote

I understand why you think it is the wealthy that benefit. And to some extent that may be true. Interest and dividends are a vital way for many senior citizens to fund retirement. As inflation continues to eat away at buying power, the income that is generated by interest and/or dividends is crucial for many. Not just “rich people.” Keep in mind that as people approach retirement age, the amount required to maintain your standard log living will easily require a net worth over 1 million dollars? Is that rich? I guess the real debate is, what is rich and does that vary according to geography as well?

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