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

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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Yikes? This is a proposal designed to keep people like Mitt Romney from avoiding taxes through massively overfunded retirement accounts.

Makes sense to me.[/quote]

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,[b] I would support repealing the Roth IRA[/b].[/quote]

Why?[/quote]

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.[/quote]

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

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. [/quote]

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