Posted on 10/25/2017 11:11:23 AM PDT by be-baw
The top Republican tax writer in the House said the GOP tax proposal that Republicans plan to unveil next week could affect retirement account rules and how Americans save money. The plan could put him at odds with President Trump, who has promised not to touch 401(k) retirement accounts.
“We want more Americans to save more, we want them to save earlier in their lives,” House Ways and Means Chairman Kevin Brady, R-Texas, said at a breakfast with reporters Wednesday.
*snip*
[Trump] reaffirmed his position Wednesday, telling reporters that leaving the retirement savings plans intact is "very important."
(Excerpt) Read more at abcnews.go.com ...
https://www.washingtonpost.com/news/the-fix/wp/2017/10/25/trump-who-republicans-seem-to-be-totally-ignoring-trump-on-taxes/?utm_term=.ba64b89e2565
"We just want to remove the incentive to save by removing most of the deduction."
Finished it for him.
What if you have plenty in it now? I’m talking 401k, Roth, + SSI.
They’re going to call it “tax cuts for the rich” no matter what. It will be “fiscally irresponsible.” It will destabilize the economy. It will have people dying in the streets. The media will do all they possibly can to create anxiety over this.
Send your excess cash to me. No need to thank me, I'm doing it as a public service.
Folks, please realize this is ABC and the Washington Post.
When have they looked out for taxpayers? When have they been a reliable source of information?
Hang in there.
Oh believe me, the vampires on the Hill are always scheming on ways to go after supposed tax-protected funds - retirement accounts, university endowments. They can’t help themselves. Whenever they see a golden goose, they want to cook it right away.
Yes, it will make 401(k) accounts grow with the stimulus to the economy of more cash on hand to spend by Americans.
They aren’t but here is what concerns me: I do not trust Congress one iota to ever do the right thing.
I think they are deliberately sabotaging the tax plan to saddle Trump with a bad deal or then bash him if he vetoes a “reasonable” tax cut for the “people.”
What if you have plenty in it now? I’m talking 401k, Roth, + SSI.If they get away with this initiative, those will be next.
"We need to take control of your retirement funds because you're too stupid to properly manage your savings we've run out of money to spend so we have confiscate yours."
That may be LS, but the time to address these things, is when we have a bill on the table.
The Leftist media stirs the pot, and our folks go all in based on no tangible evidence.
Even bad ideas floating around out there, have nothing backing them up at this time.
Geez, like I believe anything — anything — ABC Disney tells me. Their only purpose is to plant seeds of discord, doubt and mistrust for purposes of assisting their Communist brethren in the Democrat Party.
Pffft...
While I haven’t thought long and hard about this, I wonder if a plan like a controlled 401K rollover to Roth IRA would work for people.
The idea is to basically give people the option to take a 15% tax on part of their 401K to roll it over into a Roth IRA right now. DC gets their cash now and the 401K owner gets to grow their remaining 90% tax free. I’m in my early 40s and can see some benefit to doing this sooner rather than later.
I haven’t given much thought to it if I’m missing something, but it’s an idea :-).
Make that 85% tax free :-). New math.
I really like that idea.
If anything, for years Congress has fiddled with the idea of scaling back or eliminating Roth.
No thanks. Like to read truth, not trash from wa compost
Exactly. As long as Trump is committed and holds the veto pen there is nothing to see here.
I’d love to see tax relief, but if it’s a bad bill, I’d ten times rather see a veto.
Stupid idea to make everyone roll over to Roth or other transfer...That would cause a huge market sell-off as people are forced to cash in 15% of their 401K to pay Uncle Sam
Congressional Republican intend to force Trump to eat a shit sandwich.
they want to separate him from his voters so that they can survive.
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