Hi , The plaintive cries from those who feel their assets are being taken from them, perhaps they dont understand what is actually proposed?
A Hypothetical. If i have 4 million bucks in assets , I will still have 4 million dollars in assets after these changes happen. I will just not be able to have more than 3 million bucks in a particular tax advantaged vehicle.
So if I make profits on investing the 1 million that has been returned to me from that tax advantaged vehicle elsewhere , I have to pay tax on it at a different rate , like the rate that I pay on any other investments. Does this seem like the end of the world? I struggle to feel that way. For those that do , my bet when you look back , as dreadful and financially violated as you feel now , it wont be such a big deal.
