Posted on 02/06/2010 4:27:06 PM PST by fujimoh
I am pretty sure what they did is illegal.
Ok, so dying to know - WHERE DO YOU LIVE?
Not that I would want to send them a nasty email or anything.
The ultimate solution for places with an affordable housing "problem".
Marietta, Ohio is the city wasting our money.
Too bad the Federal Govt is planning to seize your 401K and turn it into another wealth transfer scheme. What your city did on a small scale, the federal govt is proposing to do on a nationwide scale.
Reagan was all so correct, ‘Whatever you tax more you get less of it’. Idiot lunatics in govt. never learn!
Glad you were able to stick it to them.
Starve the beast!
1.7% on all this? Unreal!
*************************
INCOME WHICH IS TAXABLE
Gross wages, commissions, income from prizes, awards, gaming, wagering, lotteries or schemes of chance, net profits of a business, 401K plans, deferred compensation, bonuses, vacation pay, rental income, income from sales made, work done, services performed in the City of Marietta, Ohio.
http://www.mariettaoh.net/government/tax
bump
401k money is protected by federal law. There should be no one taking tax during the deferal period. I suspect that a huge stink could have been made about this. Your company should have stood on some toes!
Cities and municipalities are getting really greedy. My son lives in Alexandria, Va. and has to pay a property tax on his car. Seventy five dollars a year.
It's not company's money, and the company needs to keep good relations with the city, even if the city government is full of crooks and thieves.
Wow. A city that taxes you on your income? That’s worse than here in libtardia Wisconsin, a long-time Tax Hell.
We have horrible property taxes (real estate).
I have never heard of another city doing what your’s did.
Like a previous poster said, it doesn’t even sound legal, especially taxing 401k money.
Glad you left them in the dust.
It’s actually 1.9% for 2009; I haven’t checked for 2010. They didn’t update their website
The company that I work for is in WV. They used to use a warehouse there but when they did an audit and found out how much they were getting screwed, they emptied the warehouse, cancelled the contract and moved on.
It doesn’t matter who the money belongs to. Municipalities do not have the authority to tax 401k money. If your company doesn’t have the guts to call the taxing entity on the carpet shame on them. I bet money they (city govt) doesn’t tax income on annuities that are in the accumulation phase say like that held by NY Life. They would get smacked down like a gnat!
West Virginia tried to do the same thing. They tried to tax money in the accumulation phase of an annuity without changing statute to say what they said it said. You know how those bureaucrats can mangle the meaning of words. All the “little men” who tried to get this scam through were taken to the woodshed in no uncertain terms. I don’t know why any taxing entity would get away with this type of scam.
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