5:30 to 8:00 pm
Panera Bread
28551 Schoolcraft Road
Livonia, Michigan
Discussing chapter 8 & 9 of Henry Hazlitt's Economics in One Lesson, the questions on the corresponding study guide, Modern Day Protectionism by Vedad Krehic, and Jack Spirko's Survival Podcast #327
Once again I picked the podcast unheard, but I have since given it a cursory listening. I have never listened to one of his "listener questions" show and am pleasantly surprised by this one. Spirko does a good job of making himself look reasonable and not a conspiracy theorist nutjob. None of the topics are discussed in great depth. That doesn't seem to be a drawback other than the 401k question which leaves some things unanswered in my mind. The podcast and topics discussed are below. Spirko's "housekeeping" runs long this episode, so you can skip the first 7 minutes before getting into the actual questions & answers.
- What is better a well and private septic or city water and sewer or both
- What do I think of Bob Chapman’s latest predictions
- Will the government ever try to go after 401K earnings by changing the rules
- Is buying land today buying “stolen land”
- Thoughts on using paint cans for food storage
- What to plant on remote land
- Are the prices at coinflation the “spot price”
- Setting a gun argument between a husband and wife, is there a cut and dry answer
Posts
Spirko is wrong about how withdraws from retirement accounts are taxed. I was going to comment on his site, but the last poster had already addressed it:
ReplyDelete"I’m going to have to correct you on the statement that withdrawals from standard IRAs and 401ks etc is earned income. It isn’t; it is ordinary income. Earned income is basically employment income.
"Yes, both earned and ordinary income are usually taxed at the same rates (currently much higher than long term capital gains rates and reasonably expected to stay this way) but ordinary income is not something that creates a requirement for a fica/social security payment into the system like earned income does.
"I may have misunderstood your point but I thought you were suggesting that we have to pay 7.5% into social security on withdrawals from IRAs. This is just not the case."
Unfortunately he doesn't address if the govt will ever nationalize 401Ks & IRAs to shore up the social security system.