Trump says ‘willing to negotiate’ on 401(k) limits

New York Post ^ | 10/25/17 | Kevin Dugan

[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.

[Pinkbell]

I feel that was not fully in context. I saw the press conference, and I came away with the impression he wasn’t going to touch them.

[DoodleDawg]

Go watch the presser, this is fake news. Notice how they quote “willing to negotiate” and then 401k out off quotes?

This is not fake news. Trump said it himself on film on the White House lawn. There are no anonymous sources or un-credited leaks. This is straight from the horses mouth.

[Oldeconomybuyer]

Insanity.

[OKSooner]

" 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. "

Someone help me out here.

WHY?

Why would they want to take this away, and how do they expect to get elected to anything afterwards?

[DoodleDawg]

I feel that was not fully in context. I saw the press conference, and I came away with the impression he wasn’t going to touch them.

Two days ago he wasn't going to touch them. Yesterday he was willing to discuss them. What will today bring?

[mewzilla]

Might I gently suggest folks keep their powder dry until we see the product of the negotiations? :-)

[Democrats hate too much]

The uni party wants everyone to be dependent on social security.

[pfony1]

Isn’t it strange that we never learn just WHO these un-named tax-raising “Republicans” are?

I call fake news.

But trolls have to try to demoralize REAL Republicans.

That’s what they do...

[kearnyirish2]

I had that benefit, but failed to see the logic in shopping for groceries with a credit card while saving for decades down the road (it would bankrupt me in the short term).

I honestly believe those socking money away in these plans will receive less SS as a result; good for you if you can do it, but be aware that a government that will push your retirement back a few years with SS will certainly apply means testing as well (as another way to preserve SS).

[mewzilla]

They want to take it away because they want their money NOW.

As for worried about their seats, considering the strangle hold the uniparty has on state and local parties, and the golden parachutes that await most ousted Critters, I don’t think they’re too concerned about suddenly having to work for a living.

[DoodleDawg]

Might I gently suggest folks keep their powder dry until we see the product of the negotiations? :-)

Might I suggest that no good could possibly come from the negotiations? They certainly aren't going to increase 401k deductions - they can't do that and fund the tax cuts. All they will do through negotiations is decide how much of the deduction to cut. And whether it's by $1 or by $15600 it's going to raise my taxable income. Why should people be happy with that?

[Opinionated Blowhard]

In other words, this is going to make everyone even more reliant on Social Security and will have people screaming for Social Security increases 10 or 20 years from now. Funneling people into government-controlled income schemes is not creating economic freedom and opportunity.

[daler]

"This is absolutely fake news."

My first thought when I saw the headline.

A frequent experience for me nowadays.

[freedumb2003]

Roths are only good if you think you will pay more taxes when you withdraw in retirement than you do now.

If, like me, you are in a high tax bracket (just b/c I am self-employed and I am getting killed on the tax rates), a Roth doesn’t help.

I am done contributing to my 401(K) and my SEP for all intents and purposes doesn’t have a cap so this doesn’t affect me, nut the main reason I was able to get to a solid retirement position was the 401(K).

This is just dumb in every possible way. And the second big betrayal by Trump.

[Mouton]

When confronted with a new hire, I always sat them down and explained to them the days of relying on any company defined pension were long gone. I would implore them to max out all the retirement options available including any matching program. Usually looked at a blank face as most needed their entire salary to live on. That was 20 years ago. Always was sad after that conversation.

I hate to think about today when these new hires not only are living on their entire salary, they have mountains of student and consumer debt.

[Crucial]

I agree.

Trump did not us “401k” and “negotiate” in the same sentence.

[SkyPilot]

They cannot slash the corporate rate and the rest of the "Tax Reform" without raising taxes on folks and in other areas.

Therefore, this bill will be a screw job for millions, including many in the middle class.

Funny, I don't remember Trump or the Republicans campaigning on:

"We ARE Going to RAISE Your Taxes!"

Did I miss something..........?

[major-pelham]

There is literally NO chance of this happening. Stop it.

[wbarmy]

I would think by now most people would understand what trump is doing.

He sets his first goal, then agrees to negotiate, then claims the negotiations from the other side are not fair, and gets what he wants at the end.

Just like when he was a businessman.