Should 401k TAX EXEMPT DONATIONS be capped at $2400 instead of the current $18,000 per year?

[imawhosure]

Were I to have my way, there'd be no cap at all

Its capped otherwise the left would wail like a stuck pig claiming it was a loophole for the 'rich'.

Sorry to say, with their statement on that aspect, I agree. Consider---------->you earn 5 million, only need a million, so you put 4 million in a 401k. (if there was no limits) You now avoided paying taxes, and borrow back what you want, while paying interest to yourself. The interest you pay to yourself, would be LOWER than the taxes you would have had to originally pay!

In my opinion, the best deal going for younger people is a ROTH IRA. Yes, you invest taxed money, but if 1 dollar grows to a million, you never pay tax on the gain, even as you withdraw it..........at least for now.........I am sure once the leftists get back in charge, they will figure a way to stick it to ya!

 

[Freewill]

No cap. 401K have become people's retirement plan. Tax them when they withdraw the money.