The New Exchange » Thanks, Republicans

Goose · 10/20/2017 3:04 pm

How the GOP Tax Bill Could Squeeze Your 401(k)

Currently, employees under age 50 can save up to $18,000 a year in a 401(k), while those 50 or older can set aside up to $24,000. In an IRA, the annual contribution limits are capped at $5,500 and $6,500 for the same age groupings. The 401(k) limits are scheduled to rise to $18,500 and $24,500 in 2018.
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Lobbyists and others in the retirement and financial services industries who have spoken to congressional staff and committee members say lawmakers are looking at proposals that would allow 401(k) participants to contribute significantly less than what is currently allowed in a traditional tax-deferred 401(k). An often mentioned amount is $2,400 a year. It isn't clear whether that would only apply to 401(k)s or IRAs or both.

http://www.foxbusiness.com/features/2017/10/20/how-gop-tax-bill-could-squeeze-your-401-k.html

Last edited by Goose (10/20/2017 3:04 pm)

tennyson · 10/20/2017 3:08 pm

SO, the GOP that is constantly railing that SS is going bankrupt and urging self-dependency on retirement are now ALSO chipping away at THAT VERY THING as well.

Goose · 10/20/2017 3:11 pm

More:

Senate GOP sticks together in cutting state and local tax deduction in budget votes

Senate Republicans held together in votes on eliminating the state and local tax deduction Thursday, clarifying the politics around the top tax break the Trump administration hopes to kill to raise revenue for rate cuts.

Tarnation · 10/20/2017 6:55 pm

Looking forward to my largest-ever Federal Income Tax increase.

{{{sarcasm}}}

Rongone · 10/20/2017 7:14 pm

If I wasn’t a millionaire ex-representative of the senate or house with a government pension and lifetime healthcare plan, i’d Be angry. Otherwise, i’d Have to get a job as a lobbyist with some WashDC think tank.

Tarnation · 10/20/2017 9:28 pm

BINGO!

This is one big-azzed royal fuster cluck.

"I'm mad as hell and I'm not going to take it anymore".

In my case, that means going from "supervoter" to stuporvoter (casting only "protest" votes; aka writing in "Dweeledee" or "Dweeldedummy"--like there is a diference.)

At least the Uniparty is served some paltry "notice".

I will not abuse my Adminstrator privelge but this discussion title ought to be:

"Thanks, RepublicRATS"

Last edited by Tarnation (10/20/2017 9:31 pm)

Goose · 10/21/2017 5:06 am

Yea, if they keep these two provisions, they can cut my rate and I will still be looking at a tax increase.
Bastards.

Goose · 11/05/2017 6:20 am

So, I got out my 2016 tax return and tried to imagine what it would be like under the new Republican tax bill.

I had to pay some AMT last year. The GOP bill gets rid of the Alternative Minimum Tax so I save a few thousand there.
But, I lose my state and local income tax deduction, which is a lot.
Then I figure in my new, slightly lower rate.

Anyway, I'm no accountant, but it looks like I end up paying about $1,000 more after my cut.
All so corporations can get a huge tax cut, from 35% to 20%, and people with over $11million don't have to pay estate taxes.

Thanks, Republicans.

Last edited by Goose (11/05/2017 6:20 am)

tennyson · 11/05/2017 8:25 am

This "tax reform" is basically a give away to businesses, NOT SO MUCH for everyone else (and in some cases will be more tax).

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10/20/2017 3:04 pm #1

Thanks, Republicans

10/20/2017 3:08 pm #2

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10/20/2017 3:11 pm #3

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10/20/2017 6:55 pm #4

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10/20/2017 7:14 pm #5

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10/20/2017 9:28 pm #6

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10/21/2017 5:06 am #7

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11/05/2017 6:20 am #8

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11/05/2017 8:25 am #9

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