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Reply to "Should 401ks be phased out? "
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[quote=Anonymous][quote=Anonymous]401k should not transfer tax liability to a new state. It is deferred compensation and should be taxed in the state where it was earned, like CA does for RSU awards. [b]401k is for the MC/UMC, not the rich[/b]. [/quote] I agree with this. There are significant disadvantages with 401ks/IRAs - Withdrawals are taxed at future income tax rates (which are not known). RMDs force you to withdraw and be taxed whether you need the money or not. Inherited IRAs have to be liquidated within 5 years (at income tax rates). You can't claim losses on investments in IRAs/401ks... [/quote]
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