Can we all agree this is a bad idea???

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.

Yes

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.

quote:

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increase tax revenue.

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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

And this tax deal continues to look more and more like a gigantic F-You to the middle class.

I thought this whole thing was about the middle class? Getting rid of this deduction would be a huge blow to the middle class. FWIW I’m ok with getting rid of basically all deductions and just slashing the tax rates/simplifying the tax code.

It's a matter of time before liberals get their hands on 401K money. The average American doesn't give a frick about promises made to people previously. It's why I find Roth IRA is to be somewhat suspect. Eventually there's going to be a bunch of people with large accounts in Congress is going to have something that sounds really cool and free for everybody else or at the least they'll justify the theft in the name of avoiding some pain.

Take your old age money to give to people without money so they can live to old age and continue to siphon of you when you get to be old. frick the government

It's a bad idea.

But as long as they stay away from Roth, I'm selfishly ok with it