Posted on 10/20/2017 9:58:58 AM PDT by C19fan
That has been a wet dream of the left for quite awhile. To them it’s not fair that some people sacrifice and save for their retirement.
I’ve made a fortune off my 401k you kidding!? Especially with company match too. Maybe you are thinking of something vastly different
any major changed to the tax code is highly likely to affect me negatively, since nearly every thing I have done the last 20+ years was done to reduce my tax exposure and overall interaction with all levels of government.
They don’t want the peasants to have “FU Money”.
There is considerable agreement that we in the USofA are not saving enough for retirement. This proposal would exacerbate the problem.
I don’t consider Market Watch to be particularly credible. Its headlines constantly scream that the market is going to crash NOW! (or TOMORROW!) (or REAL SOON!). Also, Republicans are always wrong.
if true this seems more like the crony protection “I got mine” tax.
or as in atlas shrugged the “equalization of opportunity act”
I think I am in the same boat. I itemize taking the income, and mortgage related deductions, and contribute to a 401k plan. Getting ready to bend over for the GOP to blank me.
matching contributions from employer = free money.
we contribute up to the max that the company will match.
same here, plus I take a lot of real estate related deductions.
And in the mean time, Congress gets rich off their retirement program. Blood suckers.
So do I. In fact, the government all but explicitly states that money held in tax-deferred accounts is not really yours until all the taxes are paid. Making their path to eventual confiscation and redistribution very smooth.
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.
if it helps... you can think of a companies matching contributions as prepayment of the taxes you will owe eventually when you start making withdraws.
No. I was ignoring the “matching funds” aspect.
A 401k is better than nothing and any matching fund offer should definitely be taken advantage of. However, a lot of companies don’t offer matching funds. In such cases, alternatives should be pursued.
I’m not a fan of 401k’s with the sole exception of taking advantage of matching funds. And the tax hit can be brutal when you take it out.
The Republicans in Congress are actively seeking to RAISE INDIVIDUAL TAXES!
Is there anyone here who would have thought they would live to see the day the REPUBLICAN PARTY would seek to raise individual income taxes!?!?!?!?
That was Obama and friends. There is no such talk today.
They floated the same bs after Obama became our #1 traitor and then for his second term as traitor.
Those trial balloons got shot down quickly with people with 401K’s said hell no.
how about a tax amnesty on ira?
flat 15% to convert to close IRA and convert to post tax dollars?
I don’t trust the future tax treatment of Roth’s with our government today.
“Meh. 401k’s are a ripoff anyway.”
That’s crazy talk right there.
Almost all 401ks have some degree of employer match which is a net gain to the saver above and beyond the tax break.
Anyone who has access to one with ANY match is a fool not to max it first before considering any other retirement plan.
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