Republicans Consider Sharp Cut in 401(k) Contribution Limits

[Olde Hornet]

The things the will do to help the wealthy class get wealthier!

https://www.nytimes.com/2017/10/20/us/politics/republicans-tax-401-k.html

WASHINGTON — House Republicans are considering a plan to sharply reduce the amount of income American workers can save in tax-deferred retirement accounts as part of a broad effort to rewrite the tax code, according to lobbyists, tax consultants and congressional Democrats.

It is unclear if Republicans will ultimately include a cap on contributions in the tax bill that they are expected to release in the coming weeks. Such a move would almost certainly prompt a vocal backlash from middle-class workers who save heavily in such retirement accounts and from the asset management industry.

The proposals under discussion would potentially cap the annual amount workers can set aside to as low as $2,400 for 401(k) accounts, several lobbyists and consultants said on Friday. Workers may currently put up to $18,000 a year in 401(k) accounts without paying taxes upfront on that money; that figure rises to $24,000 for workers over 50. When workers retire and begin to draw income from those accounts, they pay taxes on the benefits.

 

[Tpop33]

Tax Year 2017
Elective Deferral Limit $18,000 (this is what they are trying to reduce) So basically we'd be taxed on $15,600.
Overall Contribution Limit $54,000
Catch-Up Contribution $6,000

 

[LAW DAWG]

The class warfare the republican party is waging on the middle class and poor is sickening. Hopefully, some day soon, dumb-azz lower and middle class whites, that vote for them, will wake up and begin to vote in their best interest.

 

[jsupop33]

This is crazy.

 

[LAW DAWG]

This is crazy.

Pop it really is beyond crazy because if they get away with it then all retirement saving accounts face similar jeopardy.

 

[jsupop33]

Pop it really is beyond crazy because if they get away with it then all retirement saving accounts face similar jeopardy.

The two groups who need the most help in this country are small business owners and the middle class and they get absolutely no support these days.

 

[The Founder]

Got dammit!!!!!

All these poor and middle class whites that voted for Trump are getting what they deserve. Those of us who didn't are getting treated like pure shit!!!!!

 

[CEE DOG]

But Hillary is evil. But I couldn't see myself voting for a evil person like Hillary.....

 

[CEE DOG]

Oh my favorite one "the Dems have blacks on the plantation". I guess the Republican party has us in the shyt house!

 

[chocalate_topaz]

Don't vote...withhold your vote....Sheeeeeit..How is that working out for those who withheld??

 

[jsupop33]

Don't vote...withhold your vote....Sheeeeeit..How is that working out for those who withheld??

Most of those folks aint gone come anywhere near putting 15k into an 401k.

 

[Kendrick]

Don't vote...withhold your vote....Sheeeeeit..How is that working out for those who withheld??

Can't forget those who were impacted by massive voter suppression that went unchecked, too.

 

[Olde Hornet]

They will sacrifice anyone to give tax breaks to the wealthy.

 

[Herbert77060]

The class warfare the republican party is waging on the middle class and poor is sickening. Hopefully, some day soon, dumb-azz lower and middle class whites, that vote for them, will wake up and begin to vote in their best interest.

Ha! As long as they think they are keeping Black folk from getting something they will continue to be dumb-asses.

 

[The Founder]

Don't vote...withhold your vote....Sheeeeeit..How is that working out for those who withheld??

Tell me about it....

 

[SleepyCrat]

Ha! As long as they think they are keeping Black folk from getting something they will continue to be dumb-asses.

You beat me to this. The environment that the republicans are creating is a dream for poor whites. Poor whites have been poor for a minute due to an evolving world that left their skillset behind.

They don't want to fix that problem(or any problem), they just want us to suffer worse than them. As long as we are doing worse you will not get any resistance from whites.

 

[In_The_662]

Don't vote...withhold your vote....Sheeeeeit..How is that working out for those who withheld??

That's why I always gave negroes like Nick Cannon the side eye telling people not to vote. Nick Cannon can go back to his mansion and enjoy his 1% life while the people he told not to vote are gonna catch it thanks to 45's policies

 

[Tpop33]

You beat me to this. The environment that the republicans are creating is a dream for poor whites. Poor whites have been poor for a minute due to an evolving world that left their skillset behind.

They don't want to fix that problem(or any problem), they just want us to suffer worse than them. As long as we are doing worse you will not get any resistance from whites.

We as Blacks need to figure a way to use this to our advantage.

 

[Olde Hornet]

The give away for the wealthy and the explosion in the deficit. Its amazing that the faux conservatives have railed about the deficit, but yet they are about to explode it, while lying to americans about the it.

http://www.cnn.com/2017/10/25/politics/tax-reform-budget/index.html

Republican group threatens to block budget over tax deduction fight

Washington (CNN)Threatening the GOP's top priority of passing major tax reform, Republican Rep. Tom MacArthur warned Tuesday night that so many House Republicans are frustrated with plans to nix a popular deduction, they could block the budget this week.

"I haven't done a whip count, but yes, I think there's enough," the New Jersey congressman told reporters.
Meanwhile, Republican leaders, who can afford to lose only 22 members of their caucus, are scrambling to find a solution that would get enough Republicans on board to move forward with the budget, which is considered the first step in tax reform.