Trump 401k

Astrostar

Diamond Member
Jul 21, 2017
2,938
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Kiss it goodbye. Donnie boy & company is focused in on cutting tax free contributions dramatically, so he can cut taxes for the wealthy, corps. and businesses.

So, did you vote for him??? You got no complaints! Bigly.
 
The Donald says popular 401k retirement program will be unscathed in tax plan...
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Trump says popular retirement program will be unscathed in tax plan
October 23, 2017 | WASHINGTON (Reuters) - President Donald Trump on Monday dismissed the possibility of curbing a popular tax-deferred U.S. retirement savings program to help pay for his sweeping tax cuts, and voiced doubts about adding another top bracket targeting the wealthiest Americans.
The potential scaling back of 401(k) plans, which for four decades have helped millions of workers save for retirement, is one of several important details yet to be ironed out in a major tax overhaul that Trump promised as a candidate and wants his fellow Republicans who control Congress to pass by year’s end. The White House and its congressional allies have floated the idea of paring certain tax deductions to make up for revenue that would be lost because of their proposed tax cuts, the centerpiece of which is a sharp reduction in the corporate income tax rate.

The Wall Street Journal and the New York Times reported on Friday that Republicans were considering an annual cap of about $2,400 on pre-tax contributions to 401(k) plans, roughly 13 percent of what workers under age 50 currently can contribute on a tax-deferred basis. That would slash the amount of money that workers can save for retirement in 401(k) plans, which typically are invested in a portfolio of mutual funds. “There will be NO change to your 401(k),” Trump wrote on Twitter. “This has always been a great and popular middle class tax break that works, and it stays!”

Tampering with 401(k) plans, which have largely replaced defined benefit pensions in the United States, would risk alienating tens of millions of workers as well as Wall Street, which generates fees from managing the plans. Many companies match a percentage of their employees’ 401(k) contributions. It also would provide ammunition to Democrats, who have painted Trump’s plan, with its $6 trillion in tax cuts, as a gift to the rich and corporate America that would balloon the federal deficit.

Senator Ron Wyden, the top Democrat on the tax-code writing Senate Finance Committee, criticized Republicans for not making decisions on issues related to middle-class taxpayers, while having already decided to cut taxes for corporations. “I am really struck with how the Republicans are handling this question of retirement accounts, which are a real lifeline for working families and as of this moment, it is still not clear whether they are going to include a really bad idea that would make it harder for working families to prepare for retirement,” Wyden said. More than 94 million Americans are covered by defined contribution plans like a 401(k), according to a recent study by asset manager Vanguard. Total assets in such plans exceed $7 trillion.

NEW TAX BRACKET?
 

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