Posted on 10/23/2017 7:11:58 AM PDT by davikkm
If you are considered a “middle class worker,” you are about to be sucker-punched by a Republican proposal to alter the treatment of 401(k) contributions, which could make it much harder for you to save.”
I am happy to report today President Trump just tweeted there will be NO change to the 401(k) Savings and Retirement Plan in his Tax Reform.
“There will be NO change to your 401(k). This has always been a great and popular middle class tax break that works, and it stays!”
(Excerpt) Read more at investmentwatchblog.com ...
Well I DO want a change to 401(k)’s. I want unlimited contributions of earned income for anyone.
Who can retire on $5,500 a year savings contributions?
I knew that was all Fake News, just like most of the ‘leaks’ about the new tax bill.
Trumps enemies at work.
But he tweeted nothing about retaining the state and local tax deduction. For millions of us who live in high tax states, this bill will cream us. I guess this means he caved to Paul Ryan.
in 2017, with another year of subdued inflation keeping the regular employee contribution limits at $18,000 for those who are younger than 50 and $24,000 for those who are 50 or older.Jan 16, 2017
The maximum is $18,000 ($24,000 if over 50) for a 401k. $5500/$6500 is the maximum for an IRA.
yet, a bunch of weak-kneed FReepers repeated the liberal lies that Trump was canceling the 401(k) program.
It is amazing that in this day there are still people who so easily fall for liberal lies.
We’ve got SkyPilot repeating liberal lies about the economics bill all over the place here on FR.
If the media printed the truth, President Trump wouldn’t have to twitter.
” For millions of us who live in high tax states, this bill will cream us.”
BS. You haven’t even done the math to know that.
You’ve been repeating liberal lies. What’s next, “Hurts women and children hardest!!!”
Trump isn't writing the tax bill, Ryan and McConnell and Co. are. The President will sign what they send him. And last report was that the 401k cap was being discussed.
If you're paying 12 grand in state and local taxes....you're making some big bucks. The fact that it only effects 2 wealthy states tells the rest of the story.
The state and local deduction only gains importance, IF the standard deduction remains the same. Reports are that the standard deduction for a couple is going up to $24,000/yr.
Very few couples are going to have more than $24,000 in combined mortgage interest and charitable deductions.
Nice try, though.
“Who can retire on $5,500 a year savings contributions?”
That’s not the maximum 401(k) contribution allowed. That might be your employer’s matching, but not the maximum allowed.
They can send it. The POTUS does not have to sign it.
It’s $18,000 max now.
He'll sign whatever they send him. All they have to do is tell Trump it's a great deal.
A consumption tax and nothing else. I like it.
Well, dang!
I was hoping it would increase!..................
401(k) contribution limit at $18,000 per year.
Roth and traditional IRA’s are 5500 each.
$29,000/year invested should be enough to retire on.
I wonder if most upper-middle class folks have a clue how much better off they are than 75% or so of the population. They get excellent health care provided by their employers and matching funds added to any retirement savings. Wage earners don't pay Social Security taxes on anything above $127,200....that's insane.
What I'd really like to hear in tax reform discussions is how to restore a middle class that's about 60% of the population, from 20%ile to 80%ile or so. That can't be done without jobs coming back to the US, less downward pressure on wages from invader (legal and illegal) competition, and a tax and regulation friendly environment that uplifts individual and small businesses.
Are DC Swampthings capable of that? I doubt it. They're out of touch with what the middle class is, and they're bought and paid for by corporations and individuals who only care about benefitting themselves.
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