It's not enough to try to raise taxes in people with mortgages or who pay state taxes or to destroy Medicare/Medicaid It's now time to wreck one of the few remaining retirement vehicles for the middle class. All so that the super- rich can get a tax cut. That's it. There is no other reason. This isn't about free markets or Ayn Rand is about crushing society under their boot because they can. And a large part of the GOP is going along with this, not just Trump.
Seriously. They destroyed pensions, and now they want to maim the 401k. I understand the end goal is killing social security but why kill the 401k as well. We are living in a new gilded age and it is only fitting the poor man’s rich man is the president of the whole thing. There is no chance is hell this actually goes through.
If a rich person can get 0.05% more money to spend on high-end prostitutes, they will gladly take away your 401K.
You say that, yet they keep on screwing over millions. 9 Million kids. 2 million with chronic illnesses. Then look at these stats. 28.2 million uninsured Americans. Over 10% of the population. 5.1% kids. BTW if that Graham-Cassidy healthcare bill passed, that's another 21 million Americans uninsured to the existing 28.2. 1 in 5 people you personally know would be uninsured with a bankrupting chronic illness just waiting in shadows. I think it's estimated only 18 million additional uninsured will result in Trump's healthcare executive order if it's enforced. So only 1 in 7 walking bankruptcies instead. Progress! Then the coal subsidies and proposed tax cuts that are estimated to hurt the middle class. Would you really be surprised if they started stripping away at 401Ks? Bear in mind, all this is happening while people are discussing whether it's disrespectful to kneel or how to best approach nazi speech rallies. Personally I'm dreading the thought of Amazon HQ2 accepting the Austin bid. It'll just means more tax subsidies given to big business that doesn't need it just so local politicians can say they created jobs that ultimately middle class homeowners end up paying for in property taxes. Not to mention Austin already has plenty of vacancies in technical positions that yield salaries of $100,000. It just lacks enough qualified hires. So it'll just mean more transplants from outside of Texas like California locating here while native Austinites get driven out to the boonies as their neighborhoods get gentrified when the rich educated transplants locate in like what's happened to East Austin and now around 51st street and Airport near Dell Children's Medical Center, or Rainey Street before it became another bar street. Instead, that subsidy money should be invested into native Austinites and Texans in general with programs like these that actually benefit locals. Yet only $2.5 million per year is invested into improving the skill set of locals here, while hundreds of millions are just given to faceless big companies like Amazon in Texas. It's a shame. Went way off topic, but needless to say, I wouldn't be surprised to see them successfully strip away at 401Ks because who's to stop them? They control all branches of government right now.
So a shift of ~100 Billion/YR in future tax revenue to now for the appearance of doing something to pay for the $5 Trillion in tax cuts to the very rich? Wonder what's next. Entertaining!
So the poor will end up saving less because most people won't contribute beyond the tax free limit. While those who can afford to set aside extra taxable income to their Roth account will end up reaping massive tax savings. If you're wealthy this change is amazing. I'd gladly take a tax hit on my current retirement savings if it meant withdrawing during retirement 100% tax free. This is insanity. The government actually loses money long term because anyone with money will max out their newly enlarged Roth contribution limits and enjoy tax free retirement. Meanwhile the poor won't be able to afford taxable retirement contributions and will be left with even weaker retirement accounts.
You limousine liberals and your hypocritical socialist concepts of "retirement" are DESTROYING AMERICA WHEN YOU CAN'T EVEN SEE THAT BLACK PEOPLE KNEELING ON HALOED GROUND IS TEARING OUR NATION APART WITH THEIR TERRORIST FUELED, ANTIFA DRIVEN NATION OF ISLAM IDENTITY POLITICS. Just yesterday on Hannity, blah blah blah fake news, fake science blah blah Hilary Russia blah blah America overrun. NOT GREAT.
@SamFisher , after they disembowel 401k plans, what will be left for an encore? Reintroducing child labor? Not much sacred earth left to scorch if they get this through.
I really don't understand going after Medicare. ... I mean, in the darkest, most selfish model of a rich human being (e.g. a Koch), I can kind of understand it. But don't we all know someone who is having their later years improved by having Medicare? I just had a parent have an emergency room visit this last weekend. Good lord am I glad they have Medicare. It's just the correct way to treat the elderly.
Enjoyed the post. We're lucky, my significant other and I, to have been in our house for over 20 years in SW Austin. It used to be considered out at the edge of town. You could hear cows mooing at night and there were a million stars in the sky. No longer! We're just lucky that I'm old enough to stop most of the property tax increases, and that the place is paid for. While I doubt that we'll get the Amazon deal, it isn't as if we need it. Austin's unemployment figures just came out. Result? It's 2.9%. How can we survive without Amazon? As for what Republicans are attempting to do in Congress? It is an outrage. They have no shame, no shame at all. They need to get slapped hard by the people in 2018. I think they will.
I really wish they would be held accountable for these types of actions. I fear that voter memory will be short, and the hundreds of other issues that happen closer to election time will be on their minds... or rather the way those issues are spun will be on the voters' minds.
State and local tax deductions mainly affect the three liberal states of California. NY and New Jersey. Messing with people's 401k affects everybody -- pols that vote for the enactment of that scam will be at risk for reelection. DON'T MESS WITH MY MONEY. There will be political consequences.
I can tell you this much, if they eliminate the state deduction, you will see a mass exodus out of California and New York into red states. All those liberals will be a'coming to tip your state blue haha! Nah they won't but it will definitely ensure a backlash in the House.
The best part of the GOP is that they do all this behind closed doors because they know these bills are garbage to your everyday American.
