Author Topic: Republican Tax Reform 2.0  (Read 602 times)

rudged

  • 5 O'Clock Shadow
  • *
  • Posts: 43
Republican Tax Reform 2.0
« on: September 12, 2018, 07:31:49 PM »
You may have heard that the Republicans have yet another tax proposal. It might be simply an election year gimmick to attract votes during the midterm, but I'm curious as to what the members of our community think about it. I'm particularly interested in what people think about getting rid of RMDs and allowing people who have income to contribute to IRAS after 70 1/2 years old.

https://www.cnbc.com/2018/09/07/this-tax-planning-strategy-would-get-a-boost-from-tax-reform-.html

MustacheAndaHalf

  • Handlebar Stache
  • *****
  • Posts: 1254
Re: Republican Tax Reform 2.0
« Reply #1 on: September 13, 2018, 07:25:43 AM »
According to this quote from the article, RMDs will still be in place:
"It would be like a revolving door of money: You put money into the IRA and take it out as an RMD," said Jeffrey Levine, CPA and director of financial planning at BluePrint Wealth Alliance."

rudged

  • 5 O'Clock Shadow
  • *
  • Posts: 43
Re: Republican Tax Reform 2.0
« Reply #2 on: September 13, 2018, 09:32:14 AM »
Sorry. I've been reading multiple articles about it. Here's another that clarifies the potential effect on RMDs.

https://www.thinkadvisor.com/2018/09/05/what-trumps-order-on-rmds-meps-can-and-cant-do/

JSMustachian

  • 5 O'Clock Shadow
  • *
  • Posts: 54
Re: Republican Tax Reform 2.0
« Reply #3 on: September 13, 2018, 12:34:52 PM »
I am more interested in the universal saving accounts. This could be another $5500 account with tax free investing before we go to taxable brokerage accounts with no withdraw restrictions.