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The defined benefit pension is a thing of the past for all, but public employees. Most people, like it or not, must rely on social security plus what they can stash away in their 401K account.
So what is our Congress doing? Its putting together a tax plan that will eliminate or reduce the tax deduction on money contributed to 401K accounts. They are talking about reducing it to $2,400 a year or $4,000 from the current $8,000.
Paul Ryan and his buddies are clowns. I bet the wealthy people in Congress could care less that most of us are relying on these 401K accounts when we leave the labor force. Its a rich man's Congress that will only protect the rich in this country.
I have a better idea. Leave the tax code alone. Or at least, leave these deductions where they currently are.
Because they don't want us to retire, they want to enslave us for life. Part of their new world order, to restore the days of lords and serfs, with us the serfs. It's part of the plan to make the people (serfs) rely totally on the lords ( government) for their very existence.
You and I and every working person who has a 401k account knows it is a mistake, but they don't.
Next will change tax rules on IRAs.
I don't have a 401k nor a pension at work, so I'm two down for the count. So technically, like the Congress, I could give a rats behind whether you get a deduction for a 401k contribution or not.
But I'm smart enough to know it DOES matter to those who have one and deserve the tax break.
I think that ALL companies, regardless of size, should be forced to provide 401ks with good matches up to 6% if they don't offer pensions, but I don't make the rules.
It used to be a tripod of income for retirement : savings, SS and pension.
Then it becomes savings, SS and 401k which is your savings as well.
Now it is savings and SS.
Soon with pensions going away or being greatly reduced, it will be savings ( hard for many to put by) and SS...tge government.
Then it will be strictly the SS (government) so tgey can control you.
It's part of a master plan put in place long long long ago. It is now coming to fruition, while the wool has been pulled over our eyes.
Yep, government lords over us worker serfs.
And people thought Downton Abbey was days of old.....
I'm not sure what your 2400, 4000, 8000 figures are
And reduction is at best a accounting maneuver that only kicks the can. Increase revenues now for decreased later
From ABC News (today 11/1):
401(k): “The White House, as the president tweeted, wanted to keep the current annual maximum for tax-free contributions ($18,000); House Republicans wanted to lower the limit to $2,400. The bill, as of this morning, would lower what individuals may contribute tax-free to their 401(k)s, to an amount about halfway between the current limit and what House Republicans initially proposed.”
My only guess is they want the Republican party to fall apart or somehow split into 2. Nothing else makes sense, because they won't attract anyone by doing this but will slice off a big part of their base.
Because the people in Congress have pensions and don’t have to depend on a 401K. The same goes for Social Security. They don’t have to pay into it, thus not getting anything from it.
They don’t care because there’s nothing in it for them.
If either of these programs mattered to them, they’d be the gold standard.
We are sorta on the edge between tax brackets so I believe if the tax-free contributions are reduced then we will likely push our income into the highest (proposed) tax bracket. And then we get to contribute less to retirement to boot.
The defined benefit pension is a thing of the past for all, but public employees. Most people, like it or not, must rely on social security plus what they can stash away in their 401K account.
So what is our Congress doing? Its putting together a tax plan that will eliminate or reduce the tax deduction on money contributed to 401K accounts. They are talking about reducing it to $2,400 a year or $4,000 from the current $8,000.
Paul Ryan and his buddies are clowns. I bet the wealthy people in Congress could care less that most of us are relying on these 401K accounts when we leave the labor force. Its a rich man's Congress that will only protect the rich in this country.
I have a better idea. Leave the tax code alone. Or at least, leave these deductions where they currently are.
I had discounted this up until yesterday as a DC urban legend. The house Republicans must either be stupid or politically suicidal.
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