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re: I thought taxes weren't going up- Biden eyeing 401k
Posted on 3/3/21 at 11:58 am to Bayou_Tiger_225
Posted on 3/3/21 at 11:58 am to Bayou_Tiger_225
quote:
The intention (IMO) is to help lower income individuals with their retirement savings and give them an incentive to start using a 401k. It's shocking the amount of individuals who either don't know or don't care about using one, and have little to zero understand of retirement savings.
This is because these idiots like to live their lives by keeping up with the Joneses on Facebook. It's all about appearances and instant gratification.
0
Posted on 3/3/21 at 11:59 am to thelawnwranglers
Should 5 percent appear too small
Be thankful I don't take it all
Cause I'm the taxman, yeah I'm the taxman
Be thankful I don't take it all
Cause I'm the taxman, yeah I'm the taxman
Posted on 3/3/21 at 12:03 pm to thelawnwranglers
My uncle was a life-long tobacco chewer and his teeth weren't this yellow.
This post was edited on 3/4/21 at 6:20 am
Posted on 3/3/21 at 12:06 pm to lsu13lsu
quote:
How does this proposal impact the average worker?
as proposed int he article, prolly wont. But anything government gets touches...they frick up. That goe for both parties, the damn patriot act was supposed to be about terrorist now they monitor every phone call made and have the damn local cops driving around in the tanks.
Anytime they get their foot in the door, they take advantage and take more and more.
For me personally, just mean we are going to be creative in how my wfie does her salary and 401k for herself.
Posted on 3/3/21 at 12:07 pm to thelawnwranglers
frick this gay earth
Posted on 3/3/21 at 12:09 pm to thelawnwranglers
Democrats can't keep their hands off other people's money.
Crooks to the very end.
Despite the ridiculous nature of this proposal. Few people making a gross $50,000 in annual income contribute $7,500 to a 401(k).
Another example of liberal bait and switch. This benefits nobody making $50k, and steals from people making more.
Crooks to the very end.
Despite the ridiculous nature of this proposal. Few people making a gross $50,000 in annual income contribute $7,500 to a 401(k).
Another example of liberal bait and switch. This benefits nobody making $50k, and steals from people making more.
Posted on 3/3/21 at 12:11 pm to mylsuhat
quote:
hurts the middle class
what, you think the political class would stick it to themselves?
Posted on 3/3/21 at 12:12 pm to thelawnwranglers
I take 100 per event of my salary now. frick putting it in a 401k for no reason at this point
Posted on 3/3/21 at 12:40 pm to Jorts R Us
No I’m not. I just don’t want to keep opening the door.
Posted on 3/3/21 at 12:46 pm to BiteMe2020
quote:Care to explain to me how this steals from people making more than 50k?
This benefits nobody making $50k, and steals from people making more.
Posted on 3/3/21 at 12:53 pm to Big4SALTbro
quote:You dont like tax credits?
frick putting it in a 401k for no reason at this point
Posted on 3/3/21 at 1:09 pm to Geauxgurt
quote:
I mean it is hitting high earners more so that if your effective tax bracket is above 26% than you pay more. If your highest tax bracket is below the 26%, you actually gain.
It seems a lot in this thread are missing this simple thing.
You can argue all day about government intrusion and all of that, but this change isn't going to hurt middle class people.
Posted on 3/3/21 at 1:11 pm to thelawnwranglers
Such bullshite. Glad I’m already in a Roth 401k.
Posted on 3/3/21 at 1:21 pm to thelawnwranglers
Long game. Push high earners to Roth, then create a wealth tax for it. Bottom line, you can’t hide money from Democrats or socialist.
Posted on 3/3/21 at 1:31 pm to lsu13lsu
This plan will benefit any single person/family making less than $163k/$326K if they save in a traditional 401k.
It will hurt anyone in the 32% or higher tax brackets. Switching to a ROTH 401k may be the answer but I couldn't tell from the article if or how the Roth would be affected.
That's bullshite. Most people will not hit the estate tax limit in their lifetime so 99% of workers don't even need 401Ks as an estate planning tool. Further, the beneficiary will be taxed at their own tax rate if they take a distribution instead of a rollover. It IS primarily used as a retirement tool and most people still don't save enough.
It will hurt anyone in the 32% or higher tax brackets. Switching to a ROTH 401k may be the answer but I couldn't tell from the article if or how the Roth would be affected.
quote:
The problem is too many are not using retirement accounts for retirement. They are using them for estate planning tools.
That's bullshite. Most people will not hit the estate tax limit in their lifetime so 99% of workers don't even need 401Ks as an estate planning tool. Further, the beneficiary will be taxed at their own tax rate if they take a distribution instead of a rollover. It IS primarily used as a retirement tool and most people still don't save enough.
Posted on 3/3/21 at 1:33 pm to thelawnwranglers
Yeah spend my 401k in Israel or bailing out Blue states retirement fund.
Posted on 3/3/21 at 2:15 pm to thelawnwranglers
So friggin backwards
We already have limits on how much you can put in. That is incredibly dumb.
This country should be encouraging people to save money.
The left has no interest in seeing capitalism succeed and will do all it can to hinder it
We already have limits on how much you can put in. That is incredibly dumb.
This country should be encouraging people to save money.
The left has no interest in seeing capitalism succeed and will do all it can to hinder it
This post was edited on 3/3/21 at 2:21 pm
Posted on 3/3/21 at 2:20 pm to lsu13lsu
quote:
The problem is too many are not using retirement accounts for retirement. They are using them for estate planning tools. I know everyone will go Reeeeeeee! When they read this but it is true.
It doesnt matter their reasons. They have been playing by the rules and now the democrats will try everything they can to screw us.
It similar to Trumps taxes. They bitch about how little he pays but he is doing everything legally within the system.
If the democrats want to make changes to 401k rules then it should be from now on, and not applicable to prior savings or investments.
How would you like to have them decide we are going to tax everyone an extra 15% on your 2017 earnings? You already filed your taxes for that year, and made sure you did it correctly (legally). Now they say you didnt pay enough and they require you to pay extra.
frick that.
Posted on 3/3/21 at 2:48 pm to alphaandomega
quote:
If the democrats want to make changes to 401k rules then it should be from now on, and not applicable to prior savings or investments.
How does this proposed 401k change impact prior savings?
Posted on 3/3/21 at 3:04 pm to jimbeam
quote:
Did anyone actually read the article? This will affect very few people in this thread I would imagine.
I felt it was misleading
I don't make $500k and general max 401k contribution
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