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Section 1601 and 1602, respectively. In addition, Roth IRA contribution limits will be inflation adjusted, per Section 1603.
I think it is a good idea to reduce the number of options for IRA. This should simplify retirement savings, making it easier for people to save. And in addition, contributing after tax is an easier and more accurate way to plan for retirement. This way 1 million saved is 1 million available to spend.
Yeah so many of these proposals put forward never end up seeing the light of day, so I'll withhold discussion until the probability of implementation becomes more likely.
Well one comment: I wouldn't mind seeing the income contribution limits for Roth's go away. Or at least make the married amount double the single amount.
OK really stupid question: when you withdraw from a Roth are you not paying capital gains taxes? And when you withdraw from a 401(k) you are taxed at regular income rates right, which I assume are lower?
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