Reply to Should 401ks be phased out?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Seems a growing movement. So many people don’t have one and the people who do a huge tax giveaway to rich.

Look at all the New Yorkers retired to Florida who avoided SALT taxes for 40 years on 401k contributions now in Florida.

If we could tax those trillions would solve a lot of problems [/quote]

Why? It's going to be taxed anyways.. Better to get rid of all the loopholes like irrevocable trusts, South Dakota trusts, generation skipping trusts, etc and implement a wealth tax.[/quote]

The PP, whom I think is the OP, has complained throughout this thread that 401ks deprive high tax states like NY of state taxes they are due from RMDs because so many NY residents who hit retirement age move to Florida, which does not tax RMDs.

It would seem to me that if state deprivation of taxes on RMDs is OP's concern, she should be arguing for eliminating the traditional 401k and leaving just the 401k Roth as states collect taxes on those when contributions are made.[/quote]

Maybe retirees will stay in NY if
- they cut taxes on retirement income 
- zero sales tax for senior citizens on essentials
- punish criminals; maybe hang the violent ones
- change the weather so it's warm year around :-)
[/quote]

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