For Hindus, Buddhist, Jainism, Sikhism and Taoist . what happens when everyone is rel

what happens when everyone is released from the cycle of rebirth? What if one chooses to live a life of luxury and wealth here on earth forever and many rebirths of doing so is that good or bad?

I am a follower of the Tao, but I don't believe in a release from Samsara.

The Buddhist believe that one must rid themselves of themselves in order to escape rebirth, this is to say they have to get rid of self, so as to achieve a state of escaped nirvana, but I don't see the point of wanting something when the self is not included in the achievement. To me its like wanting to swim in a dried up pond.

i'm Hindu...in Hinduism rebirth and karma are correlated...

Reincarnation...................
As per Hinduism, the life on earth is not a discrete one time event. It is just one episode in the play. There would be multiple appearances (births) before the soul finally takes leave from the cycle. The birth is not just limited to being born as human, it includes the births as the animals, plants, even as the divines who rule the parts of nature ! After-all, all these things have a life. The appearance of the soul in any of such forms is called reincarnation. After so many births when the soul is freed of any more reincarnation, it is in the state of mukti or liberation. This is the ultimate state.

karma..........................
As the soul moves from one body to another, it carries forward something along with it, which is nothing but what it has accumulated performing various deeds. This can be thought of as a global account that each soul is associated with, irrespective of the place it is in currently. This account would have both the logs of good and bad deeds it performed similar to the credit and liabilities. This account is what is called karma.

This karma is further categorized. In the example let us assume the person on moving to the new place gets a new local account into which initially some of the credits and liabilities from the global account get transferred to start with. Subsequently till the person is in that location the day to day transactions occur onto that local account. Similarly from the global account of karma, which is known as prArabdham, some portion is transferred to the new local account when the soul reincarnates into a new body and this portion of karma is called sanchitham. In the day to day affairs the soul enjoys the fruits of the good deeds from the karma bank and suffers the fruits of bad deeds. In the process due to the deeds it performs the soul accumulates new good and bad karma to add to its account. This newly earned karma is called AkAmiyam. When the soul leaves that body the balance gets transferred back into the global account. The journey goes on.

Why is it so ?.......................
In the life we see in this world, we work to get the results. The work is the action and the result is fruit of it. This is exactly what is karma. The fruit may come in a minute in a day, in a week, in a year or much much later that the delay may even make one forget the action that triggered the fruit got ! If there is no correlation between the action and the fruit, won't the world be in a mess ?! This theory would also explain why unexpected things happen - either good or bad. (As the situation undergoing due to the function of various past deeds.)

The reincarnation (in conjunction with karma) explains why some people never gets to see the fruits of their action in their life time and why some children die when they have committed no sin. When the karma exist one would have to undergo the fruits of it for which one may have to go through multiple births in multiple forms - plants, animals... The bank doesn't let you go unless the account is settled !

moksha that translates into liberation, is the fourth and final goal of the lives in the purushArtha sequence. What it is and why is this so important a concept ?

Hinduism puts forward the idea that the cycle of birth-death-rebirth again keeps going on, making the soul accumulate and at the same time undergo the fruits of such previously accumulated karma. It is both heaven and hell that come on the way giving the good and bad fruits. They are not permanent. They are only transient spots and the journey of the soul continues beyond.

Along with the karma there are two culprits - ego and illusion - that make the soul do more deeds and accumulate more and more karma. Put together these impurities are referred as pAsha or bondage, as they bind the soul in this never ending vicious circle.

Liberation is when the soul is no longer bound to these impurities and comes out of the cycle and the result is Eternal Bliss. Supreme or parabrahman is the One which stays beyond these cycles and that Supreme is invoked by the soul to come out of the cycle and stay in the Bliss without reincarnating. This is the ultimate state all the bonded souls need to get to !

While the concept of liberation and the soul freed from bondage and staying in Eternal Bliss is the core Hinduism concept shared by all philosophies of it, the philosophies describe the finer details differently like the relation between the soul and the God at the state of liberation etc. Those interested in the analysis of the philosophy and enjoy the wisdom they bring to the seeker can go through in detail about the philosophies like advaita, siddhantha, dvaita etc.

Once you ac hive Mischa or liberation from Samara, in Sikhism we be live that it lead the the final destination which is spiritual merger with god. And your soul ac hive eternal bliss. It's basically heaven, but not so materialistic!

Also the answer above is really good, though a little long! It applies mostly to Sikhism too!