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.
You think Social Security has problems now, wait until no one has any savings at all. Probability of 0% President Trump leaves the USA in such a state. Zero.
Democrats are going to have a field day with nearly everything that’s come out so far...
No SALT deductions... 401k limits... mortgage deduction removal...
If his is what passes for tax cuts, Democrats might as well have written the bill.
Years and years conservatives warned Dems are coming for your retirement...
Cap at $2,500/yr? Who the f*** can retire on that?
‘Negotiating’ is how Trump operates. I will wait and see before I pass judgement.
I heard his statement. I didn’t take it that he was willing to negotiate. He believes the other side is trying to use 401ks as bargining chip. Just because they put it on the table does not mean he will negotiate it.
Some of you seem to have preferred hildabeast or jeb . Constantly pissing and moaning.
Trump often says we is willing to listen, but that doesn’t mean he accepts their idea. This is a common negotiating tactic, to say you’ll entertain their ideas but then reject hem.
Not saying so labels him “closed minded”.
So, don’t sweat it.
If I understand all of this correctly, the POTUS and GOP in Senate and Congress are working on a plan to lower income taxes. Let’s say I am “middle class”, and the tax changes will save me $3,000/year in federal income taxes.
Then, they change the 401(k) deduction limit to $2,400, so that another $9,000 of my income is now taxable.
At that point, I will have ZERO benefit of the “lowered taxes”. And many people who are less disciplined, will be less likely to save for retirement, creating generations of poverty among the elderly.
Possibly there is something I don’t understand. ??
Lower the overall tax rates - “Yes”. Increase the personal allowances - “Yes”. Reduce and/or eliminate loopholes (targeted exemptions) - “if they apply to me - No!” Maybe the real quote should have been “It’s the stupid economy”. Everything is personal.
Call your senators and representatives today!!!
Hell, my wife and I never came close to maxing out our IRAs over the years and we amassed enough to be in the top 10% for net worth...it's modest but we won't have to eat Alpo....
Just chill. Wow.
After all this time and you STILL don’t get Trump. Amazing.
When he says “negotiate,” he means “let them come to my position.”
If you bought that I've got some swamp land in Florida that's prime for development that's for sale.
This won’t happen as stated. People should really make an effort to read “The Art of the Deal.” Lots of things go onto the bargaining table...call it “bait” to get people to come to the table. Once at the table, negotiation happens and may things are discarded from the table from BOTH sides. It is not a “headline”...it is a process.
Good! This is what I want in return, because it might make the vehicle useless....
* No taxation of Interest, Dividends, and Cap Gains, Once at the Source like Steve Forbes said over 20 years ago now.
* One time massive conversion to Roth's penalty free ( if they want to reimburse those of us who have done the conversions fine ).
* Roth's are then the norm, no more Rollovers, SEP-IRA's etc, 457's, 403b's, bla, bla, bla, they are all Roth's, Roth's, Roths. Penalty for early withdrawal before 59.5, unless the 7 reasons that exist now, and maybe borrow against for Education or 1st time home ownership.
* Death Tax gone, bye, finuto, and the Roth's get tax "Stretch Out" which was in the code in the late 90's early 2000's.
So Congress take it or leave it. If not get back to work and build da freakin wall and host of other things that you are frigging up at the moment...
That is NOT what he said, I saw the video, fake news alert.
GE (Greedy Executives) forced employees to invest in 401(k) plans which IT administered: picking up management fees while underperforming.
And "fiduciary duty" means the companies have to monitor underperforming funds and winnow the poor ones, rather than choose the fund based on which funds salespeople provide the hottest $1,000/hr callgirls to the executives making the decision /snark>
Lawsuit alleging General Electric ripped off its workers shows the pitfalls of 401(k) plans