Proposal to cap 401k and other tax accounts once you reach a certain amount, what do you think?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yikes? This is a proposal designed to keep people like Mitt Romney from avoiding taxes through massively overfunded retirement accounts.

Makes sense to me.

This has nothing to do with Mitt Romney. If they want to go after deferred compensation for executives, that's one thing. This is caps on regular 529 plans. I'm a hardcore Dem and I don't support this. What nonsense.

That said, I would support repealing the Roth IRA.

Why?

Purely from a revenue standpoint, the out-year costs of that policy are staggering and unsustainable.

From a policy standpoint, I am uncomfortable with people accumulating vast amounts of wealth that can grow tax-free.

Isnt roth ira capped at $5,000 though? It doesnt seem like some massive boon to me. Maybe I'm missing something.

[Anonymous]

Anonymous wrote:Yeah I bet wonks thought an individual mandate to force people to buy insurance from private companies would never go anywhere either.

that was a mainstream idea for health care reform. the main point of the IRA rule would be to raise revenue, so the question is whether you think there are easier/more popular ways to do that or not.

[Anonymous]

Anonymous wrote:Yikes? This is a proposal designed to keep people like Mitt Romney from avoiding taxes through massively overfunded retirement accounts.

Makes sense to me.

You are truly an ignorant moron if you think the super rich will be affected by this proposal.

The targets here are, as always, the middle class.

[Anonymous]

I don't think that anyones IRA should be a target for raising revenues. That is really disgusting.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yikes? This is a proposal designed to keep people like Mitt Romney from avoiding taxes through massively overfunded retirement accounts.

Makes sense to me.

This has nothing to do with Mitt Romney. If they want to go after deferred compensation for executives, that's one thing. This is caps on regular 529 plans. I'm a hardcore Dem and I don't support this. What nonsense.

That said, I would support repealing the Roth IRA.

Why?

Purely from a revenue standpoint, the out-year costs of that policy are staggering and unsustainable.

From a policy standpoint, I am uncomfortable with people accumulating vast amounts of wealth that can grow tax-free.

Isnt roth ira capped at $5,000 though? It doesnt seem like some massive boon to me. Maybe I'm missing something.

You can put money in a non-Roth Ira and then convert the money (you pay the tax to transfer) into a Roth Ira. The Roth Ira now begins to grow tax-free. I've done it a couple of times, but I am now thinking my kid will end up with all that money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yikes? This is a proposal designed to keep people like Mitt Romney from avoiding taxes through massively overfunded retirement accounts.

Makes sense to me.

You are truly an ignorant moron if you think the super rich will be affected by this proposal.

The targets here are, as always, the middle class.

if you think people with $3 million in their IRAs are middle class, perhaps you should be careful about throwing stones

[Anonymous]

This may sound absurd to some but this cap, along with other/future 401k limitations to come, are put in place in order to channel funds to government backed bonds. Coincidence that this cap comes with the launch of MyRA and treasury tapering off of buying government bonds? Eventually more and more limitations will be needed on private retirement savings in order to back our country's debt. Last resort will be 401k confiscation but we still have 10-20 years to go (and plan) until that occurs.

[Anonymous]

Anonymous wrote:This may sound absurd to some but this cap, along with other/future 401k limitations to come, are put in place in order to channel funds to government backed bonds. Coincidence that this cap comes with the launch of MyRA and treasury tapering off of buying government bonds? Eventually more and more limitations will be needed on private retirement savings in order to back our country's debt. Last resort will be 401k confiscation but we still have 10-20 years to go (and plan) until that occurs.

yeah, pretty much everything you said there does sound nuts.