Retirement-Savings Cap?
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Retirement-Savings Cap?
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
WTH
Re: Retirement-Savings Cap?
Rumors and propaganda!!!
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Re: Retirement-Savings Cap?
Wall Street journal, Fox Business, Business Insider, and The Hill all reporting the same thing. I'm fairly confident that it's not propaganda.
Re: Retirement-Savings Cap?
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.
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Re: Retirement-Savings Cap?
They'll have a ton of headwind.
Re: Retirement-Savings Cap?
I agree greengrass, and I hope the headwind is strong enough to win...
Re: Retirement-Savings Cap?
Nothing is sacred.
Re: Retirement-Savings Cap?
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.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.
Best
Me
Re: Retirement-Savings Cap?
No, you aren't. A lot of people are quite upset. But it hasn't happened yet.cswift01 wrote: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.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.
Best
Me
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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Re: Retirement-Savings Cap?
That's for sure.
Re: Retirement-Savings Cap?
20 billion is a lot for very little effort. I hope it stays, but we'll see.mjedlin66 wrote:No, you aren't. A lot of people are quite upset. But it hasn't happened yet.cswift01 wrote: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.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.
Best
Me
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/
Best
Me
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Re: Retirement-Savings Cap?
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.
It'll instill self-reliance for the next generation.
Re: Retirement-Savings Cap?
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.
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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Recommended Reading: http://tspcenter.com/forums/viewtopic.php?f=14&t=13474
"It's not what happens to you, but how you react to it that matters" Epictetus
Re: Retirement-Savings Cap?
The proposal would lower the 401k limit from the current $18,000, down to $2,400. That would be awful is passed.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
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