Tax bill would do long-term damage to IRAs and retirement savings

[Thinker101]

Provisions would have a major impact on how millions of people plan their retirement savings. Yet these far-reaching changes were added to the bill in secret, without any congressional hearings or public comment. New rules could apply to millions of households, including 37 million with traditional IRAs, 26 million with Roth IRAs, and 60 million 401(k) participants.

These provisions would cap the total amount a person can save with tax benefits, force some people to reduce their savings, and prohibit many savers from using the common practice of converting from a traditional IRA to a Roth IRA.

House tax bill would do long-term damage to IRAs and retirement savings

 

[Otis Mayfield]

"Washington Examiner" isn't the most horrible source on the planet, but it's not a decent source.

Can you find the story on Fox News? Fox News is a lot more credible.

 

[ReinyDays]

The article in the OP is long on rhetoric, but short on specifics ...

FAKE NEWS ... the maximum that can be contributed to an IRA during a year is $6,000 ... and it takes over 200 years to amass the $2.5 million the article refers to ... Bubba didn't finish Middle School ...

 

[Crepitus]

Provisions would have a major impact on how millions of people plan their retirement savings. Yet these far-reaching changes were added to the bill in secret, without any congressional hearings or public comment. New rules could apply to millions of households, including 37 million with traditional IRAs, 26 million with Roth IRAs, and 60 million 401(k) participants.

These provisions would cap the total amount a person can save with tax benefits, force some people to reduce their savings, and prohibit many savers from using the common practice of converting from a traditional IRA to a Roth IRA.

House tax bill would do long-term damage to IRAs and retirement savings

What tax bill?

 

[wamose]

Money is like heroin to the Democrat party. They can never get enough of it. But like the heroin addict, the Democrat money addict can never come to a happy ending. That's why we need to derail this spending bill and slow these spending addicts down.

 

[Thinker101]

The article in the OP is long on rhetoric, but short on specifics ...

FAKE NEWS ... the maximum that can be contributed to an IRA during a year is $6,000 ... and it takes over 200 years to amass the $2.5 million the article refers to ... Bubba didn't finish Middle School ...

Great, reading comprehension is not one of your strong suits.

 

[Pete7469]

Like I said in another thread, invest in precious metals....

Brass, Lead, Copper, Silver, Gold, Platinum.

In that order.

Some nitrates might be wise as well.


.

 

[Dekster]

Provisions would have a major impact on how millions of people plan their retirement savings. Yet these far-reaching changes were added to the bill in secret, without any congressional hearings or public comment. New rules could apply to millions of households, including 37 million with traditional IRAs, 26 million with Roth IRAs, and 60 million 401(k) participants.

These provisions would cap the total amount a person can save with tax benefits, force some people to reduce their savings, and prohibit many savers from using the common practice of converting from a traditional IRA to a Roth IRA.

House tax bill would do long-term damage to IRAs and retirement savings

There are already tax deferrment caps on IRA and 401K contributions. 401(k) Contribution Limits for 2021 vs. 2022

 

[BluesLegend]

If Dems had their way they would take ALL of your money. Historically Dems love capping what the poor and middle class can earn and keep, keeping them dependent on big government.

 

[Nostra]

The bill also has tax hikes in the poor and middle class, and tax cuts for the rich.

But Dimtard Lemmings will support it.

 

[ReinyDays]

Great, reading comprehension is not one of your strong suits.

I was thinking the same about you ... you're the OP ... please quote the offending clause in the bill ... c'mon Bubba, this is easy ...

 

[Thinker101]

There are already tax deferrment caps on IRA and 401K contributions. 401(k) Contribution Limits for 2021 vs. 2022

For the first time, Congress would be changing the retirement savings rules in the middle of the game. Democrats would be banning long-established savings practices people have relied on for years to plan their retirement. These provisions would cap the total amount a person can save with tax benefits, force some people to reduce their savings, and prohibit many savers from using the common practice of converting from a traditional IRA to a Roth IRA.

 

[Thinker101]

I was thinking the same about you ... you're the OP ... please quote the offending clause in the bill ... c'mon Bubba, this is easy ...

We already know you can't read the link, now you're telling us you read the bill?

 

[Lisa558]

The article in the OP is long on rhetoric, but short on specifics ...

FAKE NEWS ... the maximum that can be contributed to an IRA during a year is $6,000 ... and it takes over 200 years to amass the $2.5 million the article refers to ... Bubba didn't finish Middle School ...

You’re ignoring investment returns, and the wild ride from the early 80‘s to the late 90’s. A well-managed investment portfolio, with the maximum contribution made, could certainly approach $2 million in 40 years.

 

[Lisa558]

For the first time, Congress would be changing the retirement savings rules in the middle of the game. Democrats would be banning long-established savings practices people have relied on for years to plan their retirement. These provisions would cap the total amount a person can save with tax benefits, force some people to reduce their savings, and prohibit many savers from using the common practice of converting from a traditional IRA to a Roth IRA.

Democrats are all about punishing earners and savers, and rewarding slackers and irresponsible spenders.

 

[colfax_m]

For the first time, Congress would be changing the retirement savings rules in the middle of the game. Democrats would be banning long-established savings practices people have relied on for years to plan their retirement. These provisions would cap the total amount a person can save with tax benefits, force some people to reduce their savings, and prohibit many savers from using the common practice of converting from a traditional IRA to a Roth IRA.

Did you notice how non-specific the text was?

It’s because the changes would have zero effect on 99% of people. It’s closing loopholes used by wealthy people.

 

[colfax_m]

You’re ignoring investment returns, and the wild ride from the early 80‘s to the late 90’s. A well-managed investment portfolio, with the maximum contribution made, could certainly approach $2 million in 40 years.

So? It only added reporting requirements to $2.5 million accounts.

Ever wonder how some rich people manage to get IRAs that are 9 figures?

 

[Lisa558]

So? It only added reporting requirements to $2.5 million accounts.

Ever wonder how some rich people manage to get IRAs that are 9 figures?

I’m not talking about 9 figures. I am talking about 7 figures.

 

[Thinker101]

Did you notice how non-specific the text was?

It’s because the changes would have zero effect on 99% of people. It’s closing loopholes used by wealthy people.

You poor poor ignorant fool, you expect specifics and you counter with nonsense.

 

[Indeependent]

"Washington Examiner" isn't the most horrible source on the planet, but it's not a decent source.

Can you find the story on Fox News? Fox News is a lot more credible.

As one Liberal kept asking me a question you sis not object to...Did you read the Bill? Will you read the Bill?
I presume you're an adult who wants to know the ramifications of The Bill.