Are Republicans thinking about killing tax breaks for 401k savings to pay for tax cuts?

[Anonymous]

They should just cap cumulative retirement account balances at 10M per person and make the pro rata share of income taxable for balances above that amount.

[Anonymous]

Anonymous wrote:

Anonymous wrote:MAGA awaiting talking points…still loading…

Majority of MAGAs have zero savings, including retirement. Not sure they will care, regular Republicans however...

Where do you get that nonsense from? You think they all live in trailer houses in WV?

[Anonymous]

Anonymous wrote:Since when did Republicans care about “paying for tax cuts”? I though the extra tax revenue would trickle down.

The GOP January budget proposal had detailed breakdowns of tax cuts, spending cuts, AND things like additional tariffs as well as eliminating non-profit status for healthcare organizations as ways of raising revenue.

[Anonymous]

Every president has been trying something like this.

Like Obama:

https://www.cnbc.com/2014/03/18/obamas-budget-bad-for-401k-savers.html

Biden:

https://taxfoundation.org/blog/bidens-proposal-would-shift-the-distribution-of-retirement-tax-benefits/

And I’m sure every president before.

Problem is, people with 401ks, especially large ones, vote.

[Anonymous]

Anonymous wrote:This would be suicidal for Rs. No way it's serious.

Blowing up the economy and shutting down free markets …in for a penny in for a pound. Wait till social Security and Medicare are cut!

[Anonymous]

Most of the middle class pays very little if anything in taxes, so while this isnt actually being considered by the Trump administration, you raise an interesting idea, OP.

[Anonymous]

Anonymous wrote:Most of the middle class pays very little if anything in taxes, so while this isnt actually being considered by the Trump administration, you raise an interesting idea, OP.

What are you talking about? I pay a higher marginal rate than mitt Romney.

[Anonymous]

Anonymous wrote:Most of the middle class pays very little if anything in taxes, so while this isnt actually being considered by the Trump administration, you raise an interesting idea, OP.

Middle class pays about 46-49% of their income in taxes(including federal, state, Medicare and Social Security). Those making $850k plus a year pay 10-12%.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:MAGA awaiting talking points…still loading…

Majority of MAGAs have zero savings, including retirement. Not sure they will care, regular Republicans however...

Where do you get that nonsense from? You think they all live in trailer houses in WV?

Median retirement savings in the US is $87,000 which would only generate $3500 in sustainable income per year. https://www.fool.com/research/average-retirement-savings

That's median, meaning half of Americans have even less than $87,000 and quite a few do in fact have $0.

[Anonymous]

Anonymous wrote:I haven't heard about any tax cuts other than no taxes on tips and no taxes on overtime. The other rates are staying the same unfortunately. So it looks like any tax hikes are to deal with the budget deficit.

the "no taxes on tips" the way the GOP is introducing it, basically means that any executive can declare non-wage income as tips and have it be tax free. that isn't exactly what voters thought they were supporting in November.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:MAGA awaiting talking points…still loading…

Majority of MAGAs have zero savings, including retirement. Not sure they will care, regular Republicans however...

Where do you get that nonsense from? You think they all live in trailer houses in WV?

Median retirement savings in the US is $87,000 which would only generate $3500 in sustainable income per year. https://www.fool.com/research/average-retirement-savings

That's median, meaning half of Americans have even less than $87,000 and quite a few do in fact have $0.

the article seemed to indicate most DEMs don't have any savings, not the other way.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:MAGA awaiting talking points…still loading…

Majority of MAGAs have zero savings, including retirement. Not sure they will care, regular Republicans however...

This x1000.

My MAGA relatives have never had jobs that provided any kind of 401k matching. None of them have IRAs that I know of. Their retirement plans are all based on the social security they get and that's it.

Not for long.

[Anonymous]

Anonymous wrote:Most of the middle class pays very little if anything in taxes, so while this isnt actually being considered by the Trump administration, you raise an interesting idea, OP.

Um, wut??

[Anonymous]

Anonymous wrote:

Anonymous wrote:I haven't heard about any tax cuts other than no taxes on tips and no taxes on overtime. The other rates are staying the same unfortunately. So it looks like any tax hikes are to deal with the budget deficit.

the "no taxes on tips" the way the GOP is introducing it, basically means that any executive can declare non-wage income as tips and have it be tax free. that isn't exactly what voters thought they were supporting in November.

Plenty of people called this scenario out when “no taxes on tips” was proposed. The people voting for it just didn’t care.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Most of the middle class pays very little if anything in taxes, so while this isnt actually being considered by the Trump administration, you raise an interesting idea, OP.

Middle class pays about 46-49% of their income in taxes(including federal, state, Medicare and Social Security). Those making $850k plus a year pay 10-12%.

This is not even close to true.