RT Brad Smith (@CommishSmith)Did the Conservative movement flop, as many right-oriented populists claim? Just a few policy examples:In 1980, 1 state had a "shall issue" concealed carry law. Today "shall issue" (or no permit) is the rule in all 50 states.In 1980, the top marginal income tax bracket was 70%. Today it is 37%. Rates are lower in all income brackets.In 1980, there was no indexing of income tax brackets for inflation. Today there is.In 1980, the Soviets were on the march in the cold war. Today, C ...

Core Insights - Transferring retirement savings from a 401(k) to a Roth IRA can reduce or avoid required minimum distributions (RMDs) and income taxes in retirement, providing flexibility in tax planning [1][4] - Roth accounts are not subject to RMD rules, which can help retirees manage their tax liabilities and financial situations better [4][5] - Converting a significant portion of a 401(k) can lead to a substantial immediate tax bill, potentially pushing individuals into a higher marginal tax bracket [2][6] Group 1: Roth Conversion Benefits - Roth conversions allow for tax-free withdrawals for heirs, making them an attractive option for estate planning [1] - By eliminating RMDs, retirees can potentially pay fewer income taxes and have more disposable income for lifestyle expenses [5] Group 2: Tax Implications of Roth Conversions - Amounts converted from a tax-deferred account to a Roth IRA are considered taxable income, which can significantly impact the individual's tax bracket [6] - For instance, converting 25% of a $1 million 401(k) could result in an additional $250,000 in taxable income, leading to a tax bill of approximately $53,014 for a single filer in the 32% marginal tax bracket for the 2024 tax year [7]

New York City's mayoral candidates faced off last night in their final uh debate before the election on November 4th. >> I know that we desperately need to build more housing in this city and I also know that the jobs we create in the building of that housing should be good jobs as well. >> Political answer.What is your opinion Zoran. Yes or no. >> Come on.>> Yes or no. >> What is your opinion. Yes or no.Zoron. >> True. >> Don't be a politician here.I got it. >> They're they're pointing out what I was about ...

Tax Policy - Most states offer at least one tax break to retirees [1] - Some states exempt multiple forms of retirement income [1] - Eight states have no income tax at all [1]

RMD Essentials - The taxes on funds in tax-deferred accounts like 401(k) are delayed, not avoided, and income taxes are due upon withdrawal [4] - Required Minimum Distributions (RMDs) start at age 73, preventing indefinite tax-free growth of retirement savings [4] RMD Rules - RMD rules are strict, and withdrawals before RMDs do not reduce future RMD amounts [5] - Excess withdrawals after RMDs have begun also do not directly affect future RMD calculations [5] Impact of Withdrawals - Taking withdrawals now or later in excess of RMD amounts can lower the account balance, which in turn reduces future RMDs [6] - Withdrawals are taxed as normal income regardless of when they are taken, making early withdrawals potentially beneficial if a higher tax bracket is anticipated post-retirement [6] Additional RMD Strategies - Working after retirement may allow for the delay of RMDs, applicable only to current employer's 401(k) plans [7] - RMDs must still be taken from 401(k) plans from previous employers, and stopping work triggers the need to start RMDs [7]

Welcome back. Squat. Zoran Mandami's primary win in New York City's mayoral race has sparked what might be described as a panic among the wealthy with some business owners and developers threatening to leave the big apple if the Democratic socialist becomes the mayor.Robert Frank joins us now uh at the table this morning with a look at the city's wealthy and what they really think about all of it. What do you think. Good morning, Andrew.Well, Florida real estate brokers say they've seen a surge in interest ...

Tax Benefits for Retirees - Most states offer at least one tax break to retirees [1] - Eight states have no income tax at all [1] Retirement Income Exemptions - Some states exempt multiple forms of retirement income [1]