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Started By
Message
Can we all agree this is a bad idea???
Posted on 10/20/17 at 1:57 pm
Posted on 10/20/17 at 1:57 pm
21
Posted on 10/20/17 at 1:58 pm to acrossenemylinesmofo
quote:
Can we all agree this is a bad idea???
quote:
Congress
yep.
Posted on 10/20/17 at 1:59 pm to acrossenemylinesmofo
Yes. There will be a time in my lifetime when they come for 401k monies in entirety and not just try to cap allowable contributions.
It's already been floated a few times as a trial balloon.
It's already been floated a few times as a trial balloon.
Posted on 10/20/17 at 2:00 pm to acrossenemylinesmofo
So now the folks that are supposedly for small govt now want you to depend on the govt for your retirement.
Posted on 10/20/17 at 2:00 pm to acrossenemylinesmofo
Yes
Posted on 10/20/17 at 2:01 pm to upgrayedd
quote:
So now the folks that are supposedly for small govt now want you to depend on the govt for your retirement.
Hint: They all want that up there. They don't view "your money" as your money. It is up to them to tell you how much you can keep. It is harder for politicians to wield power over you if you plan and prepare for yourself and don't need their table scraps.
Posted on 10/20/17 at 2:02 pm to jamboybarry
Agreed, Clinton first floated this in mid 90's. I would bet they come up with "we just need a 5% payment" at first as a one time charge.........Then it becomes permanent and a larger percentage. Just like our income tax
Posted on 10/20/17 at 2:03 pm to jamboybarry
If anything, she should be expanding or eliminating the cap. Incentivize people to save for their own retirement rather than counting on SS
Posted on 10/20/17 at 2:03 pm to acrossenemylinesmofo
quote:
Congress debating whether to cap 401k contributions to $2400 to increase tax revenue.
If these frickers would quit spending more than the U.S. government takes in they wouldn't be trying to trick frick everyone at every turn.
Hate these sorry bastards. ALL of them.
Posted on 10/20/17 at 2:03 pm to jamboybarry
quote:
Hint: They all want that up there. They don't view "your money" as your money. It is up to them to tell you how much you can keep. It is harder for politicians to wield power over you if you plan and prepare for yourself and don't need their table scraps.
The hilarious part would be if people started taking their money out of banks so the govt couldn't get their hands on it. Their big bank buddies would be shitting bricks.
Posted on 10/20/17 at 2:08 pm to acrossenemylinesmofo
I would like to think that if anything like this began gaining serious traction, people in their 30s and 40s would turn out in droves to vote out every incumbent member of congress.
Wishful thinking, of course.
Wishful thinking, of course.
Posted on 10/20/17 at 2:08 pm to acrossenemylinesmofo
Yep. It would serve to increase the reliance on a bankrupt Social Security. Just trying to create more “give me more for free” voters.
This post was edited on 10/20/17 at 2:10 pm
Posted on 10/20/17 at 2:09 pm to GeauxLax
Not time to charge the Capital with pitchforks and torches just yet. So long as Roth 401(k) and Roth IRA gains are tax exempt, this isn't as bad as it sounds. Chances are they're going to tax the hell out of your traditional 401k withdrawals when you're old... so the Roth is a better vehicle to begin with.
Now... that said, if they start talking about taxing ROTH capital gains, then your Roth 401k retirement account just became a standard brokerage account... THEN it will be time to storm the Capital!!
Now... that said, if they start talking about taxing ROTH capital gains, then your Roth 401k retirement account just became a standard brokerage account... THEN it will be time to storm the Capital!!
This post was edited on 10/20/17 at 2:11 pm
Posted on 10/20/17 at 2:09 pm to acrossenemylinesmofo
quote:
increase tax revenue.
Not the issue.... issue is they spend more then they take in. give them more they will just spend more
also, if we raised taxes to match spending we will need to raise taxes again next year because entitlement spending is growing faster then rate of GDP....
we have a spending problem....plain and simple
Posted on 10/20/17 at 2:10 pm to acrossenemylinesmofo
quote:
increase tax revenue
I thought revenues were at all-time highs?
Posted on 10/20/17 at 2:11 pm to acrossenemylinesmofo
I'd be willing to bet that Trump signs this if it gets passed.
Posted on 10/20/17 at 2:11 pm to acrossenemylinesmofo
And this tax deal continues to look more and more like a gigantic F-You to the middle class.
Posted on 10/20/17 at 2:13 pm to acrossenemylinesmofo
That is a massive reduction. Even modest company matches would have to change.
Company Can't match 6% if you can only contribute 2.5%
Company Can't match 6% if you can only contribute 2.5%
This post was edited on 10/20/17 at 2:14 pm
Posted on 10/20/17 at 2:13 pm to upgrayedd
quote:
The hilarious part would be if people started taking their money out of banks so the govt couldn't get their hands on it
That's exactly what I would do, $9,999,99 at a time. I got five acres to hide coffee cans in.
Posted on 10/20/17 at 3:11 pm to jamboybarry
quote:
Yes. There will be a time in my lifetime when they come for 401k monies in entirety and not just try to cap allowable contributions.
I've heard people talk about this but never paid too much attention. Do you mean they'd then start taxing 401K money, or literally seize the 401K money out of people's accounts?
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