Instead of a higher minimum wage how about a pre tax savings account that the interest isn't taxed and you put money it for a house or car?
Not only would people save more it would mean they could buy a car at least outright
and have a higher down payment for a house or even start a business.
- random_manLv 72 weeks ago
If you can't afford rent and food, you're not in a position to save for a house or car.
- princess pounderLv 72 weeks ago
democrats have no interest in tax reduction. Any freebies they do now will be followed by extracting money from you in the future.
- yLv 72 weeks ago
And eventually the government would figure out a way to tax that down the road.
- RobertLv 72 weeks ago
That sounds like a very responsible idea. But there isn't a way for the democraps to get into that pocket of cash so I don't believe it will ever be seriously considered
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- Anonymous2 weeks ago
How does deferring tax help anyone buy a car or home? Funds in pre-tax accounts are taxed fully as ordinary income when the funds are withdrawn. Withdrawing a lump sum from such an account may result in putting that person in a higher tax bracket for that year. In addition, some people may be irresponsible and not set aside the money for the taxes which may result in debt to the IRS, wage garnishment, asset seize, etc.
If you're implying people should get tax free income as long as they use it to buy a car, home or business...absolutely not. That's just giving tax breaks to people who can afford to buy nice things while not giving tax breaks to people who can't afford those things. It's regressive.
- Not YouLv 62 weeks ago
For people struggling to pay bills, another savings account is not useful.
- 2 weeks ago
I have similar thinking along those lines, but I believe that standard financial education from elementary school on up could achieve better results.