Retirement-Savings Cap?

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greengrass
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Retirement-Savings Cap?

Post by greengrass »

The Wall Street Journal's Anne Tergesen and Richard Rubin on Friday reported that GOP tax writers on the House Ways and Means Committee were considering a proposal that would cap the amount people are allowed to put into a traditional, tax-deferred 401(k) account or IRA. Those who go over that cap would be forced to contribute to a Roth account.

WTH

DeathStar
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Re: Retirement-Savings Cap?

Post by DeathStar »

Rumors and propaganda!!!

greengrass
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Re: Retirement-Savings Cap?

Post by greengrass »

Wall Street journal, Fox Business, Business Insider, and The Hill all reporting the same thing. I'm fairly confident that it's not propaganda.

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head
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Re: Retirement-Savings Cap?

Post by head »

With Trump pushing for a tax cut for the 1%, the money to run the government has to come from somewhere. IRA's have been sitting ducks for the government because of the tax implications. With ROTH IRA's, the government gets their cut right away, instead of waiting until money is withdrawing from a traditional IRA at the age of (sic) 59 1/2 years old.

greengrass
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Re: Retirement-Savings Cap?

Post by greengrass »

They'll have a ton of headwind.

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head
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Re: Retirement-Savings Cap?

Post by head »

I agree greengrass, and I hope the headwind is strong enough to win...

DeathStar
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Re: Retirement-Savings Cap?

Post by DeathStar »

Nothing is sacred.

OBJmedford
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Re: Retirement-Savings Cap?

Post by OBJmedford »

Absolutely.

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cswift01
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Re: Retirement-Savings Cap?

Post by cswift01 »

head wrote:With Trump pushing for a tax cut for the 1%, the money to run the government has to come from somewhere. IRA's have been sitting ducks for the government because of the tax implications. With ROTH IRA's, the government gets their cut right away, instead of waiting until money is withdrawing from a traditional IRA at the age of (sic) 59 1/2 years old.
Am I the only one upset about the repeal of the estate and alternative taxes? Someone has to pay for that and its been hinted that Medicare and Medicaid are next.

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mjedlin66
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Re: Retirement-Savings Cap?

Post by mjedlin66 »

cswift01 wrote:
head wrote:With Trump pushing for a tax cut for the 1%, the money to run the government has to come from somewhere. IRA's have been sitting ducks for the government because of the tax implications. With ROTH IRA's, the government gets their cut right away, instead of waiting until money is withdrawing from a traditional IRA at the age of (sic) 59 1/2 years old.
Am I the only one upset about the repeal of the estate and alternative taxes? Someone has to pay for that and its been hinted that Medicare and Medicaid are next.

Best

Me
No, you aren't. A lot of people are quite upset. But it hasn't happened yet.

It is also worth noting that the estate tax in its current form is a joke.

http://fortune.com/2017/04/27/trump-tax ... state-tax/
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OBJmedford
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Re: Retirement-Savings Cap?

Post by OBJmedford »

That's for sure.

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cswift01
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Re: Retirement-Savings Cap?

Post by cswift01 »

mjedlin66 wrote:
cswift01 wrote:
head wrote:With Trump pushing for a tax cut for the 1%, the money to run the government has to come from somewhere. IRA's have been sitting ducks for the government because of the tax implications. With ROTH IRA's, the government gets their cut right away, instead of waiting until money is withdrawing from a traditional IRA at the age of (sic) 59 1/2 years old.
Am I the only one upset about the repeal of the estate and alternative taxes? Someone has to pay for that and its been hinted that Medicare and Medicaid are next.

Best

Me
No, you aren't. A lot of people are quite upset. But it hasn't happened yet.

It is also worth noting that the estate tax in its current form is a joke.

http://fortune.com/2017/04/27/trump-tax ... state-tax/
20 billion is a lot for very little effort. I hope it stays, but we'll see.

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skiehawk11
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Re: Retirement-Savings Cap?

Post by skiehawk11 »

I am a fan of an extremely high estate tax. No exemption amount and taxed at 50 percent or higher. Maybe use those funds to fund a national education fund.

It'll instill self-reliance for the next generation.

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Aitrus
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Re: Retirement-Savings Cap?

Post by Aitrus »

I'm in favor of no estate tax. Taxing a man's money twice (thrice if you count the various sales taxes) just strikes me as wrong. Just as my children shouldn't be held accountable for my misdeeds, likewise they shouldn't be punished for my hard work and success.

I would rather be taxed less and have a smaller government that lived within it's means, like the rest of us.
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RotorHead
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Re: Retirement-Savings Cap?

Post by RotorHead »

greengrass wrote:The Wall Street Journal's Anne Tergesen and Richard Rubin on Friday reported that GOP tax writers on the House Ways and Means Committee were considering a proposal that would cap the amount people are allowed to put into a traditional, tax-deferred 401(k) account or IRA. Those who go over that cap would be forced to contribute to a Roth account.

WTH
The proposal would lower the 401k limit from the current $18,000, down to $2,400. That would be awful is passed.

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