Ira - You are spot on!Reader comment on: Why John Bogle Is Wrong on Taxes Submitted by Dan Calabria (United States), Feb 27, 2012 23:31 I happen to remember when John Bogle introduced the index management approach in the 70's. And he worked like hell to have it accepted, which resulted in his remarkable success, which was well earned. However, it's nothing less than inconceivable that Bogle would have made any proposal remotely close to the one described at any time during his active, working years in the fund business. The effect on mutual fund shareholders, all of whom are passive investors, who take the time to research and select capable money managers would be devastating, including all those who invested part of their earnings in perfectly legal investments, IRA, Keogh, 401K and 403C Retirement Plans. Does he really believe that changing the current tax treatment of those investments retroactively is fair, honest or legal? If so, what does he cite as his legal basis? What this really amounts to is theft of legally invested and earned shareholder capital, and nothing less. Note: Comments are moderated by the editor and are subject to editing. The Future of Capitalism replies: I don't think he's proposing to apply this to tax-exempt accounts, just to gains in taxable accounts. Other reader comments on this item
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