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I was reminded by the Wall Street Journal last week, that I have only a few days left to convert my IRA to a Roth IRA to take advantage of a tax deferral. For those of you who are unfamiliar, contributions to a Roth IRA are not tax-deductible, but the money is not taxed when you take it out of a Roth IRA. If I convert my regular IRA to a Roth IRA, I will have to pay income tax on the entire amount. I can convert at any time, but if I do it be the end of the year, I can spread the tax liability out over 4 years. I've been contributing to my IRA since I graduated from U of M in 1981 (17 years ago). Conversion would cost me a lot of money. It would also make an assumption that the tax system would not change by time I am ready to start drawing from my IRA - some 25 years from now. I'm ready to put my money where my mouth is. I believe that the LP will continue to grow. I believe that we will have more electoral success. And, I believe that we will repeal the income tax before I start drawing from my IRA. I have put a lot of time and money into the Libertarian movement. I have been a pledger since 1995 and plan to continue doing so. Now, I am betting my future on it as well. It's kind of like the old saying: The chicken is involved in breakfast, the pig is committed. Now, I am committed.
Fellow Libertarians, On Thursday, December 17, the Wayne County Board of Commissioners will vote upon a resolution that would ban smoking in all restaurants, bars, and other public facilities. This presents a opportunity to show everybody that the LP is serious about out Smokers Right's campaign. I am planning on attending the meeting and encourage as many of you who can to also come. Contact me at gstempfl@gopher.chem.wayne.edu or 313-565-4407 if you want more information. Greg Stempfle |
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