Joseph Lombardi
speaker
429 appearances
1 recordings
1 series
first heard Mar 2025
last heard Mar 2025
Joseph Lombardi’s voice in public audio — every appearance, attributed to the second.
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Appearances
And that is in a Roth IRA.
Meaning if I put 10,000 in it and it grows to 20,000 and I need the money before I'm 59 and a half, the government is going to penalize you, federal tax, state tax, FICA, Medicare,
All taxes and fees on a tax-free asset?
Really?
And what's the percentage of somebody taking money out of a retirement account?
It's like 70%.
Or the government wouldn't bother putting a 10% penalty in.
So they know the whole system, not to put a tinfoil hat on, just looking at the numbers and looking at facts.
The fact is, is that when you invest in IRA or 401k, the government is enriching themselves because half of that account belongs to them.
If you lose all your money, the government doesn't lose anything.
If you triple or quadruple your money, they get half of whatever you gain with no risk inside of it.
That doesn't seem fair to me.
And then on top of it, if taxes were to go up, well, that's even more of your money.
And by the way, we owe $38.6 trillion in debt with $42 trillion in Medicare and $27 trillion in Social Security and $227 trillion in U.S.
unfunded liability debt.
All could be found at usdebtclock.org, by the way.
And where were taxes in the 1980s?
Oh, they were, what, 67?
They were 70%.
And the 80s, not 1802, 1984, 5, 6.
Showing 301–320 of 429 · page 16 of 22
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