Outsmart the Money Magicians by Christopher R. Manske

Author:Christopher R. Manske
Language: eng
Format: epub
Publisher: McGraw Hill LLC
Published: 2024-11-15T00:00:00+00:00

WHAT TO DO: AVOID THE SYSTEM, AVOID THE PROBLEMS

Edgar and Marianne sought deductions because they couldn’t save any more money in their retirement plans. Currently, regulators use contribution limits to make sure that individuals cannot save too much of their money in retirement plans (and that seems to be a very clear statement about the real systemic goal being pushed on the public). The Money Magicians encourage individuals to play the Ultimatum Game because they need society to continue to spend and consume. With those limits on the amount they can save in retirement accounts, the government removes our ability to make tax-deferred savings of whatever amount we wish, which is a powerful motivator for consumerism.

It’s easier for consumerism to flourish when people don’t have a tax incentive to save beyond a contribution limit. This environment creates more transaction-minded citizens. Those contribution limits also take away people’s ability to truly lower their tax bill. Enforcing a limit on how much people can save in retirement plans is a powerful way to make sure Americans stay plugged into the IRS’s Ultimatum Game because we’re not allowed to save “too much” of our money in retirement accounts that truly lower our taxes.

Unfortunately, Edgar and Marianne used up hours of their life focused on spending their money on transactions for exercise equipment and other things. The government can benefit from people being consumers like this because those transactions probably generated sales tax and income tax for the businesses that sold them those items. That means the government got more money while Edgar and Marianne gave up theirs. Instead of just saving their money, they played the Ultimatum Game with the IRS, and every year that they do this, they will be less wealthy and less financially secure.

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