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Money and Finances
Reply to "IRS 401k bombshell, now what?"
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[quote=Anonymous][quote=Anonymous]Just calm down everyone. This is not a big deal. The bulk of your contributions will remain pre-tax, just the catch-up portion will be after tax in ROTH. For each individual, it will be a neglectable increase in taxes, but for the country as a whole, this will results in more tax revenue coming in today (rather than down the road).[/quote] Yes, it is a big deal. It will result in higher taxes for our family as we are getting ready to send our kids to college. Add on the crazy inflation and hit to existing U.S manufacturing and the Trump administration has been a financial disaster. [/quote]
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