Posted on 10/26/2017 5:29:44 AM PDT by DoodleDawg
President Trump said he “may be willing to negotiate” with Congressional Republicans on lowering how much Americans can contribute to their 401(k) retirement accounts — just two days after promising there will be “no change.”
The comments, made on the White House lawn as he was walking to Marine One, came hours after US Rep. Kevin Brady, the majority whip and chair of the House Ways and Means committee, defied Trump’s statement from two days earlier.
Republicans are reportedly looking to lower the annual cap on 401(k) contributions to about $2,400 — down from $18,000 for most savers, and $24,000 for people over 50.
(Excerpt) Read more at nypost.com ...
During the campaign Trump said that the tax reforms would be paid for by eliminating deductions that benefit the wealthy. Apparently his definition of "wealthy" is anyone making more than $50,000 a year. The Democrats are going to have a field day with this. They will say that the Republicans want to give tax cuts to the rich by eliminating deductions for the middle class. They're going to say that anyway, but stuff like this just makes their case for them.
Stop whining and CALL your republican members of congress and bitch at them, bunch of panty waisted whiners expect the President to do all the fighting,.
Damnit!
As long as can still contribute and it’s a Roth 401k that’d be fine with me
I’m not sure how limiting 401k’s brings companies home from China.
The cold reality that emerges from many data elements, including this one, is apparently that the Swamp will NOT be drained. Sadly.
Limiting the 401k is a poison pill that guarantees it will not pass. This is mischief.
My congressman is a Democrat, Cleaver. He'll already oppose it. McCaskill will oppose it. Blunt will probably go along with anything.
Increasing my taxable income by thousands of dollars is not fine with me.
It doesn't, but you knew that when you posted. :-)
Since I passed 50 almost 5 years ago, I've been maxxing out my 401k contribution at 21k/year. If they lower it back to $2.4k/year that makes over $18k/year of my income taxable again --- how is that NOT a tax hike Mr. President?!
But he can say he was against it before he was for it.
Go watch the presser, this is fake news. Notice how they quote “willing to negotiate” and then 401k out off quotes? It’s because they are trying to read into what he’s saying. After watching the presser you’re not going to come away thinking Trump has changed his mind from the tweet. That’s why tweets are important. It was clear concise and needs no interpretation. This is absolutely fake news.
I am hard pressed figure out the net social benefit of stopping an incentive for people to put away money for their own retirement or that of their spouse, much less to save it at all,
I dont suppose we can all build a retirement nest egg by developing commercial real estate
I'm at the point that I'd PREFER tax reform doesn't pass! Tax "reform" in Government speak means taxes for most people GO UP and I don't want more taxes!
He never said it, it’s fake news. Stop reading the papers if you aren’t able to redeem. Watch it live and you’ll be comforted. This is not what Trump was saying and they know it! You should too quite frankly
haven’t we already realized Trump is into discussions?
He’s willing to talk about almost anything with anyone.
So he states that - he’s “willing to negotiate”. Does not mean he is caving. He is known to walk away from the table at times.
But there's another side....what about companies that are matching funds?
I could live very well as a single person on $50,000 a year and I live in Upstate NY.
If I had 6 kids and unknown daddies....not so much.
I was in a benefits meeting at the company I worked for about 20 years ago. They asked for a show of hands of people contributing to the 401k. The small number of hands that were raised was astonishing. The company had a 50% match up to 6% of your salary.
Why is Trump discussing something that two days ago he promised would not be changed in the slightest?
Congress isn't interested in social benefit, they only care about political benefit. And apparently they only care about cutting corporate taxes.
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