Reply to Should 401ks be phased out?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I would rather see the social security cap eliminated first. [/quote]

You can't do that, because then you turn SS into even more of a welfare program unless you're willing to also proportionally increase benefits to retirees. And then moment you turn it into a welfare program, any semblance of bipartisan support for SS dies an ugly death. [/quote]

Disagree that you can’t do that. I haven’t made only the cap in at least 25 years and I still would be okay with that as opposed to a wealth tax. I realize I would get out much less than I put in but to fund the system, I would be okay. Maybe at half the % after the cap to no max. Something to keep the program more solvent. But the real tax change needs to be all private equity returns taxed at ordinary income instead of capital gains. Insane the money flowing they’re making people rich with low tax rates. Such a no brained IMO. Boo hoo you’re taxed 37% on that $10 million you made flipping the company in 5 years. Those funds should have automatic OI tax on gains. [/quote]

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