Yes, I paid taxes on my money BEFORE I rolled into IRA's, except my 401k. I do not want the government to tax me twice. Roth IRA's are best. You work for 40 years, get 3 promotions in the mix, save your money, pay your taxes, and then the government want's to tax you again, no way. They also want to tax the NET worth of billionaires AFTER they pay their income tax. Mark Cuban, said the only way to do this is to sell off their companies to pay the net worth tax. They may be worth billions, but not in money, but in stock or ownership of a valuable company. It is not in money they own, but in buildings, factories, inventories, and workers. Elon Musk last year paid more income tax than anyone in history. He had to sell some Tesla stock just to pay the taxes.
Same with a mom and pop business. They may be work a million dollars or more, but it may be in a store, store inventory, or in construction equipment. Not in cash. If they have to sell part of their business to pay tax, this is nothing but communism trying to get rid of capitalist owned business. Mark Cuban said if he has to sell off his companies, it would have to be sold to foreigners because Americas would have to pay the net worth tax, then in just a few years there would be no more American owned business, and we would basically be at the mercy of foreigners or become a socialist/communist state.
Because of the value of my home, vehicles, and our retirement money, my wife and I have a net worth of over $1 million. Yeah, when we withdraw money from our IRA's and pension accounts, we have to pay income tax. We are retired so not earning anything. In about 10 years our money will be gone if it doesn't grow. I can't afford to pay a tax on my net worth. Our money has to last until we die. I am 70 and she is 68. So, right now it is not growing much, but during Trump years it grew far more than we took out. We can't afford another demoncrat in office. Between low growth in the stock market and high inflation, it is sapping us.
