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There’s talk of capping 401(k) contributions at $2,400 per year
Market Watch ^
| October 20, 2017
| Anne Tergesen and Richard Rubin
Posted on 10/20/2017 9:58:58 AM PDT by C19fan
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/src on/Wonderful./src off/ Given my age social security will be kaput after the Boomers had their fill and now my ability to save for retirement will be crippled. This is a Peter/Paul situation. Under a traditional 401 k/IRA contributions are tax deductible but one pays income tax when the money is withdrawn. This plan is sacrificing revenue in the future to pay for so-called tax reform. gov;'t
1
posted on
10/20/2017 9:58:58 AM PDT
by
C19fan
To: C19fan
Meh. 401k’s are a ripoff anyway.
Go Roth IRA.
2
posted on
10/20/2017 10:01:45 AM PDT
by
robroys woman
(So you're not confused, I'm male.)
To: C19fan
Looks like I’ll be cutting my hours to save on taxes.
3
posted on
10/20/2017 10:02:05 AM PDT
by
Kozak
(DIVERSITY+PROXIMITY=CONFLICT)
To: C19fan
4
posted on
10/20/2017 10:02:26 AM PDT
by
God luvs America
(63.5 million pay no income tax and vote for DemoKrats...)
To: C19fan
Republicans are looking for ways to generate revenue to support broad reductions in individual tax rates
IDIOTS!!!! Yes, I screamed that at the top of my lungs.
5
posted on
10/20/2017 10:02:49 AM PDT
by
pgkdan
(The Silent Majority Stands With TRUMP!)
To: C19fan
This makes zero sense, and will never happen. If anything they will raise the amount.
The government wants people to save more.
To: C19fan
I remember how long Obama’s trial balloon of eliminating 529 plans lasted. Hopefully this is shot down as quickly.
7
posted on
10/20/2017 10:03:39 AM PDT
by
KarlInOhio
(The Whig Party died when it fled the great fight of its century. Ditto for the Republicans now.)
To: C19fan
currently put in over $30,000+ a year when you include employer matching.
To: robroys woman
Meh. 401ks are a ripoff anyway. Why do you say that?
To: C19fan
More fake news from these lying liberals pretending to be concerned about our financial concerns/futures.
10
posted on
10/20/2017 10:05:06 AM PDT
by
Grampa Dave
( Trump is kicking their a$$es, they, ______________, want to quit. (Fill in the blank!))
To: robroys woman
Ahh... there are ROTH 401Ks also.
11
posted on
10/20/2017 10:05:12 AM PDT
by
House Atreides
(BOYCOTT the NFL, its products and players 100% - PERMANENTLY.)
To: robroys woman
Understand but with a wife and two kids to educate, house and feed need all the after-tax income I can get.
12
posted on
10/20/2017 10:05:15 AM PDT
by
C19fan
To: C19fan
If the GOP does something as mega stupid as this, it will guarantee Maxine Waters will be elected POTUS in’20.
To: C19fan
Sound like more made up stuff to stir the pot.
14
posted on
10/20/2017 10:05:35 AM PDT
by
DoughtyOne
(John McBane is the turd in the national punch-bowl.)
To: C19fan
The lie has been "invest in 401k's or IRA's as a way to reduce your tax, and then when you are living off of those accounts you'll be in a lower tax bracket anyway." That has not proved to be true in my case.
I think a savy investor should pay the tax on income as they go.
15
posted on
10/20/2017 10:06:10 AM PDT
by
kjam22
(America need forgiveness from God)
To: C19fan
Stupid Congress critters are trying to make this revenue neutral
They refuse to actually cut spending
16
posted on
10/20/2017 10:06:50 AM PDT
by
Nifster
(I see puppy dogs in the clouds)
To: C19fan
All the talk about tax-cuts, and no one talks about spending.
17
posted on
10/20/2017 10:09:23 AM PDT
by
PGR88
To: C19fan
Uh... wouldn’t reducing an incentive to contribute to retirement have the unintended consequence of people becoming more goobermint dependent in retirement?
And wouldn’t reducing the incentive to contribute to mutual funds often found in a 401K reduce investment?
My financial wizardry is lacking, the part about wizardry. So perhaps I have this wrong?
18
posted on
10/20/2017 10:10:14 AM PDT
by
Made In The USA
(Next thing you know, 'ol Jed's a millionaire)
To: Cementjungle
My brother is an SEC licensed investment broker, for 30 years. He considers 401k’s to be poison. We’ve talked enough about them for me to agree.
If they are all you got, they are better than nothing, but they are not all we have. Even “wage earners”. The roth IRA is MUCH better. I hear there is a Roth 401k now, but I don’t know anything about it other than it being a 401k.
Google the difference between them. You may be surprised.
19
posted on
10/20/2017 10:10:23 AM PDT
by
robroys woman
(So you're not confused, I'm male.)
To: DoughtyOne
surely they meant to say IRA not 401(k)
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