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Started By
Message
401(k) Caps
Posted on 11/1/17 at 3:31 pm
Posted on 11/1/17 at 3:31 pm
LINK
The new limit that we'll find out tomorrow hopefully is said to be between the current level (18k) and the original GOP proposition of ($2400).
The question is why do this at all? Almost everyone I know invests heavily in their 401(k). Why should we limit middle class investment?
The new limit that we'll find out tomorrow hopefully is said to be between the current level (18k) and the original GOP proposition of ($2400).
The question is why do this at all? Almost everyone I know invests heavily in their 401(k). Why should we limit middle class investment?
27
Posted on 11/1/17 at 3:33 pm to atlgamecockman
Yeah, I don't understand this one. At all. Not from a republican, anyways.
Posted on 11/1/17 at 3:33 pm to atlgamecockman
I'd like to know as well, considering 401(k) is a main source for retirement of the middle class.
Why lower the contributions?
Why lower the contributions?
Posted on 11/1/17 at 3:34 pm to atlgamecockman
quote:
Why should we limit middle class investment?
Because the middle class doesn't fill the re-election coffers of the people writing this bill like the people getting the benefits do.
Posted on 11/1/17 at 3:36 pm to atlgamecockman
This makes no sense whatsoever. It was reported on by ABC, which I'm not certain of. The 401k plan is immensely successful in helping people save for retirement. Why would Republicans frick with it?
Posted on 11/1/17 at 3:37 pm to atlgamecockman
More tax revenue now vs. future. "Rothification" of your retirement savings vs. deferred taxes on standard 401k's.
This post was edited on 11/1/17 at 3:40 pm
Posted on 11/1/17 at 3:38 pm to atlgamecockman
The government doesn't care about the middle class.
A reduction in 401(k) caps shouldn't surprise anyone.
A reduction in 401(k) caps shouldn't surprise anyone.
Posted on 11/1/17 at 3:39 pm to atlgamecockman
Because they're counting on you to still pull the lever for R for cultural issues over your economic interests.
Posted on 11/1/17 at 3:40 pm to TigerDoc
quote:Not this guy
Because they're counting on you to still pull the lever for R for cultural issues over your economic interests.
Posted on 11/1/17 at 3:40 pm to TejasHorn
quote:Ding ding Ding ding
More tax revenue now vs. future.
Posted on 11/1/17 at 3:40 pm to TigerDoc
quote:
Because they're counting on you to still pull the lever for R for cultural issues over your economic interests.
If you look at my post history, you'll see I haven't ever pulled the R lever. I'm looking to see if I can find opinions justifying this from the Rs here on this board.
Posted on 11/1/17 at 3:41 pm to atlgamecockman
quote:
If you look at my post history, you'll see I haven't ever pulled the R lever. I'm looking to see if I can find opinions justifying this from the Rs here on this board.
I can't give you one, that's for sure.
Even if they "Rothify" the 401K, I still don't like it. I'm not at all sure that somewhere down they line, they won't look for a way to tax the disbursements anyways.
This post was edited on 11/1/17 at 3:43 pm
Posted on 11/1/17 at 3:43 pm to SSpaniel
quote:
Even if they "Rothify" the 401K, I still don't like it.
That's the thing. Is it really "Rothifying" anything if you're contributing to a pre-tax plan anyway? You just contribute less and pay more taxes without seeing a benefit down the road.
The only way this would help you is if you were already in a Roth and were paying up front taxes anyway.
Posted on 11/1/17 at 3:45 pm to atlgamecockman
quote:So cutting taxes "over there" while shadow taxing us by lowering caps here?
You just contribute less and pay more taxes without seeing a benefit down the road
This post was edited on 11/1/17 at 3:47 pm
Posted on 11/1/17 at 3:45 pm to atlgamecockman
My quick email to my congressman,
quote:
Congressman Burgess, News reports indicate that Republicans in Congress are targeting the 401k plan by lowering the amount of tax deferred investment. If this is true, I would like to know why? This is a very successful retirement vehicle for myself and many others who are counting on this to be used towards our retirement. Congress should be encouraging savings and investment, not discouraging it.
Posted on 11/1/17 at 3:47 pm to HubbaBubba
They already have roth 401k plans.
Posted on 11/1/17 at 3:47 pm to SSpaniel
They keep falling for this revenue neutral bullshite instead of cutting some of the government spending.
ETA: It is funny how revenue neutral wasn't even a term the last 8 years until you start talking about taking our money out of Washington
ETA: It is funny how revenue neutral wasn't even a term the last 8 years until you start talking about taking our money out of Washington
This post was edited on 11/1/17 at 3:50 pm
Posted on 11/1/17 at 3:49 pm to Yak
If I max my pre-tax 401(k) every year, and they cut the limit in half, I am going to be taxed on that income I can't put in there this year upcoming, while still being taxed on the back end when I eventually cash out.
It's not a tax cut. It raises middle class taxes.
It's not a tax cut. It raises middle class taxes.
Posted on 11/1/17 at 3:50 pm to HubbaBubba
quote:
This is a very successful retirement vehicle for myself and many others who are counting on this to be used towards our retirement.
For "me", not "myself".
Posted on 11/1/17 at 3:50 pm to HubbaBubba
I don't have a 401k. I do have a SEP-IRA. Would this also have decreased limits?
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