Reply to Bill proposed to crack down on backdoor roth (and other loopholes)

Forum Index » Money and Finances

Reply to "Bill proposed to crack down on backdoor roth (and other loopholes) "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]I will add that the back door changes were added as a pay for for the SALT cap going to 72,500 or 80,000.  People who benefit most from that earn two to three times as much as we do.  So it’s broken campaign promises plus our retirement saving will be that much harder… to fund a tax break for people higher income than us?  F that.  That’s not OK.[/quote]

I get your anger about the SALT, for sure.  Concur that if you chose one or the other, you keep the backdoor roths (or hey, just RAISE the roth limit and get rid of this "backdoor" nonsense only available to those in the know). I don't think it was a simple horse trade like that, only some random posters here have claimed as much.  The roth restrictions were out in the "framework", which was not very detailed anyway.  It is not surprise they are back.  The SALT thing is a separate (and costly) issue, but is targeted at undoing the attack the TCJA took at blue states.  I'm really undecided if the SALT deduction is good policy or not at a macro level, I'm not informed enough to have an opinion beyond that it seems like a tax break for the well off, yet only because those people are funding state/local affairs.  My only point is that linking the two issues is not sensible.

The backdoor roth is an OBVIOUS LOOPHOLE, and we all knew it, and it was a great loophole.

I disagree with the characterization that your taxes are being raised by this, but also understand why you say that.

Speaking of anger about funding tax breaks for higher income / wealth people, why is this stepped up basis stuff such a third rail?  [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics