Posted on 10/20/2017 9:58:58 AM PDT by C19fan
In Canada we have a hard cap of 18% of earnings to a maximum of about $25,000 per year. If you have an employer pension plan your permissible contributions to your private 401K (called RRSP here) are reduced by the amount of pension plan contributions.
Congress can’t wait to figure out a way to skin that 401K honey pot...
At some point they will force investment companies to sell their holdings to the treasury and give them usless government paper to replace...
I agree, this is, with near certainty, FAKE NEWS.
There is no net tax cut; amount of overall tax money the Fed collects will stay the same. What the GOP is trying to do is lower rates by taking a hatchet to all the deductions and credits. If you are rich living in FL or TX the GOP has your back.
So they want to eliminate the State and Local tax deduction, currently used by 44 million taxpayers, most of them middle class. But the bill allows businesses and corporation to keep the same deduction!! Now this. The “tax cut” bill is turning out to be a MASSIVE tax increase on middle class Americans, so that corporate rates can be slashed. Can everyone now figure out that it is interests of the rich lobbyist who Congress cares about, and not the average, hard working American? I don’t remember Trump running on a platform to raise my taxes until I bleed.
I don’t think they’ll cap either one.
That would be pretty stupid.
Too many corporations have quit pensions and replaced them with 401k matching up to a certain percentage.
Don’t spend too much time worrying about this one.
Yeap. There was no clamor for tax reform. We are not in 1981 with a 90% top rate and inflation causing bracket creep. I think this whole tax reform is a K street, Wall Street, and Chamber of Commerce astro-turf operation.
There’s a new scandal or more per day these days.
It’s looks like the purveyors of chaos are running their enterprises at full speed.
Hope not...my company matches 9%
Bad. But not nearly as bad as the trial balloon Bill Clinton floated shortly after being elected. His proposal was a one time “tax” on the current value of all 401k’s and other private retirement accounts, (10% - 20% were the amounts floated)to shore up Social Security. He got so much blowback he quickly stated he never supported such a plan in the first place and, if I recall, the economist behind it was fired. But don’t think for a minute Washington wouldn’t LOVE to get ahold of all the private money that right now by law they can’t touch.
This must surely be a voodoo sham put forth by libs in both parties, who are always looking for "ways to pay for tax cuts!"
Notice they never look for ways for US to "pay for their tax increases" disguised as Obama's "contributions,' do they?
It's bad enough that we are forced to pay into their Welfare for the Elderly, known as Social Security, knowing that it would never be enough to live on, even if it is solvent by the time we retire but carving out special programs that "allow" us to use our own money to create something else for our own retirement, using Washington rules, naturally.
Now to determine that "they are giving us too much money to invest in our own retirement" must be limited, needs to be nipped in the bud!
Because government is so much smarter than you!
If they want tax receipts they should “allow” us to take 1-2% annually out at say a 10% penalty for education expenses.
Instead of “looking for ways to generate revenue” how about “looking for ways TO CUT SPENDING!!!!!!!!!!!!!!!!”
me either, but that number makes zero sense when it comes to 401(k) and would be much closer to what a change to the IRA limits might look like.
I read stories about the Left wanting to get their hold on the 401k/IRA pot. People wanting the gov’t to force the 401k funds to invest in their pet projects to a wealth tax to nationalizing the whole pot and giving people public pensions.
I tend to agree. Might be some idiot foundations pushing for this type of agenda, but it makes no sense. Fake politics, fake news.
Wow, that’s great. Good for you...
yet the GOPe and Democrats BOTH continue to grow the government with extra money for themselves and cronies.
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