Reply to 401k savings limit to increase in 2023

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Reply to "401k savings limit to increase in 2023"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]The tax deduction for retirement accounts is a policy tool to encourage people to save money for retirement to ensure a relatively comfortable retirement (or anything in addition to social security). I don’t see any benefit in making sure that high income earners can get as many tax deductions as they want. [/quote]

IMO the gestalt is that our policies do not adequate go after the superrich, corporations, carried interest loophole, etc.  so that starts to become obvious and UMC W2 earnings (who often have tons of student debt etc. compared to born rich wealth) realize they are extra targeted by the tax system and also are the category most likely to see benefits they might rely on cut by income tiering (EV tax credit as one small example but illustrative of how laws are structured).  So then that makes them start to vote GOP or against social net policies for those in more need, even if they initially started out in favor of those programs.  If we raised obligations on the superrich the whole scheme would feel fairer.  And yes, high income earners get a tiny violin but as a practical matter that is what I would change.[/quote]

Totally agree.[/quote]

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