John Cochran, Targeted Tax, Craig discussed on Maximised Living

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Eight hundred nine five five 1770s six i am do come off the reservation a little bit on the issue that we should just be talking about cutting taxes even if that means big cuts in revenue generally if you do smart targeted tax cuts have you do tax simplification if you do tax reform you should be able to increase revenue at the same time that you're increasing business activity because you're getting lots of growth and because people don't have to waste so much of their time just trying to deal with tax compliance and that's the idea let's go to craig in louisville kentucky craig you're on the medved show michael beck career took him i call you bet um i i i'm a huge proponent of a consumption tax love the idea but one thing i can't get around though is all but flavonols everybody don in a roth ira or a rock off 401 k because the author speak it out in any way or do you have an opinion i i do first of all with a with a 401 k or an ira that's not money you pay taxes on already right there other pensions there's other savings that you have and i think that most people who talk about he does not in the piece that i just read from john cochran whose with the hoover institution he does not talk about this but i've i've heard other people address it in other words if you're putting money away in a 401 k or you're putting money away in a separate ira or a roth ira or something like that then you're not paying taxes on that money now but you are expected the pay taxes on that money when you take it out the reason that's considered advantageous has because when you take it out the uh you'll be paying taxes it probably a lower rate than when you're earning at your peak so there is some anticipation that if you are spending less when you're in retire and then also be pang at a lower rate but it will be based on your spending now there needs.

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