Author Topic: Congress to ruin 401k?  (Read 1716 times)

Hoosier Daddy

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Congress to ruin 401k?
« on: April 28, 2017, 08:06:52 AM »
Has anyone else seen this? They are proposing to tax 401k contributions and gains in the account? Then doesn't this cease to be a 401k? Is anyone worried about this?

We don't get pensions anymore, no body (in general) is saving enough for retirement anyway and they want to keep piling on? Geez!

http://conservativetribune.com/congress-looks-retirement-plans/?utm_source=facebook&utm_medium=thenewvoice&utm_campaign=can&utm_content=2017-04-26


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MaxP0wer

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Re: Congress to ruin 401k?
« Reply #1 on: April 28, 2017, 08:26:47 AM »
This is totally not fake news clickbait. . .

dcozad999

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Re: Congress to ruin 401k?
« Reply #2 on: April 28, 2017, 09:03:50 AM »
It's been floating around the last week that Congress is looking into it.

Like you said it would be ridiculous if they did it. People aren't saving enough for retirement, and they are also floating reduced Social Security benefits, and they propose this?

I don't think it will go through, but the fact that they are even considering it is disturbing.  It's much easier to max out your 401k pretax than post-tax. Learned that when I switched from Roth 401k to Traditional 401k a couple of years ago.

MaxP0wer

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Re: Congress to ruin 401k?
« Reply #3 on: April 28, 2017, 12:03:42 PM »
I guess i should qualify.  It is not fake news that ideas are discussed in Congress, as lobbyists advocate for this or that.   That an alarm should be raised to defend the 401k is hype.  It is a distraction from the 100+ Seriously horrible things that they actually plan to pass that we should really worry about.

Hence floating stuff like this is like a red flag in front of a bull.  It gets clicks and thinking off the true target.  No one wants it.  It will never happen.  Who is the bill sponsor?  No one.  That is why it is shoddy.   It is a journalist being an intentional propagandist piece.
 
Source: Gary Cohn, the director of the White House National Economic Council, during a meeting of the Senate Banking Committee earlier this month, via WSJ.

Probably he was asked what changes would allow govt to accellerate tax revenue capture, as corp earnings grow from whatever brilliant stimulus Trump gets passed, but was told we cant raise corporate taxes or personal tax rates.  He probably answered 'well, if we cant raise tax rates, we need to find new areas to tax...much of the money we can't tax today, is deferred via 401ks, Roths and the like.  So I we could tax 401k growth if need to raise revenue' or something like that...and everyone gasped.

I was actually agreeing with you while being sarcastic ;) 

Hoosier Daddy

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Re: Congress to ruin 401k?
« Reply #4 on: April 28, 2017, 12:10:50 PM »
I hope this doesn't pass. We all have learned how to win the game and then they just materially change the rules of the game? That's messed up! Lol


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Hoosier Daddy

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Congress to ruin 401k?
« Reply #5 on: April 28, 2017, 12:14:41 PM »
But I agree with your twisting of the words. I can't find the article but there was a great piece done where someone showed a video of an actual conversation with Arnold Schwarzenegger and then showed how the major news networks took selective quotes to completely twist his words into something it wasn't just for click bait purposes. That's why I'm thankful for blogs like this; I think news will start to become more decentralized over time as people stop buying into all this garbage


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