Anonymous
02/05/2014 06:53
Subject: Proposal to cap 401k and other tax accounts once you reach a certain amount, what do you think?
Anonymous wrote:Anonymous wrote:Yikes? This is a proposal designed to keep people like Mitt Romney from avoiding taxes through massively overfunded retirement accounts.
Makes sense to me.
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, I would support repealing the Roth IRA.
I think 529s already have caps.
Anonymous
02/05/2014 06:45
Subject: Proposal to cap 401k and other tax accounts once you reach a certain amount, what do you think?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Yikes? This is a proposal designed to keep people like Mitt Romney from avoiding taxes through massively overfunded retirement accounts.
Makes sense to me.
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, I would support repealing the Roth IRA.
Why?
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.
Anonymous
02/05/2014 06:32
Subject: Proposal to cap 401k and other tax accounts once you reach a certain amount, what do you think?
Yeah I bet wonks thought an individual mandate to force people to buy insurance from private companies would never go anywhere either.
Anonymous
02/04/2014 23:10
Subject: Proposal to cap 401k and other tax accounts once you reach a certain amount, what do you think?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Yikes? This is a proposal designed to keep people like Mitt Romney from avoiding taxes through massively overfunded retirement accounts.
Makes sense to me.
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, I would support repealing the Roth IRA.
Mitt's "I put $10K worth of stock into my 401K" which he then somehow had revalued at $20M or something absurd like that was pretty sleazy though.
yeah this exactly aimed at Romney and similar tactics-- idea being that you get a tax break for retirement saving, but if you have enough retirement saving to provide a pension of $200k a year, with 100% survivorship benefit, you don't need any more tax breaks.
That said, it's one of those things the policy wonks like that will never go anywhere.
Anonymous
02/04/2014 21:23
Subject: Proposal to cap 401k and other tax accounts once you reach a certain amount, what do you think?
Anonymous wrote:Anonymous wrote:Yikes? This is a proposal designed to keep people like Mitt Romney from avoiding taxes through massively overfunded retirement accounts.
Makes sense to me.
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, I would support repealing the Roth IRA.
Mitt's "I put $10K worth of stock into my 401K" which he then somehow had revalued at $20M or something absurd like that was pretty sleazy though.
Anonymous
02/04/2014 21:07
Subject: Proposal to cap 401k and other tax accounts once you reach a certain amount, what do you think?
Anonymous wrote:Anonymous wrote:Yikes? This is a proposal designed to keep people like Mitt Romney from avoiding taxes through massively overfunded retirement accounts.
Makes sense to me.
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, I would support repealing the Roth IRA.
Why?
Anonymous
02/04/2014 18:00
Subject: Proposal to cap 401k and other tax accounts once you reach a certain amount, what do you think?
Anonymous wrote:Yikes? This is a proposal designed to keep people like Mitt Romney from avoiding taxes through massively overfunded retirement accounts.
Makes sense to me.
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, I would support repealing the Roth IRA.
Anonymous
02/04/2014 17:43
Subject: Proposal to cap 401k and other tax accounts once you reach a certain amount, what do you think?
Anonymous wrote:I truly hate the rich when they think they shouldn't pay any taxes ever for any reason.
You mean like the majority of the ultra-wealthy liberals? be careful to not go down that path PP. You dont know what you're talking about.
Anonymous
02/04/2014 17:15
Subject: Proposal to cap 401k and other tax accounts once you reach a certain amount, what do you think?
I truly hate the rich when they think they shouldn't pay any taxes ever for any reason.
Anonymous
02/04/2014 17:11
Subject: Proposal to cap 401k and other tax accounts once you reach a certain amount, what do you think?
Anonymous wrote:Yikes? This is a proposal designed to keep people like Mitt Romney from avoiding taxes through massively overfunded retirement accounts.
Makes sense to me.
that is a fucked up way to think PP. you truly hate the rich....funny thing is most of the wealth in this country is being held by liberal asses.
Anonymous
02/04/2014 17:09
Subject: Proposal to cap 401k and other tax accounts once you reach a certain amount, what do you think?
Yikes? This is a proposal designed to keep people like Mitt Romney from avoiding taxes through massively overfunded retirement accounts.
Makes sense to me.
Makes sense to me.
Anonymous
02/04/2014 17:09
Subject: Proposal to cap 401k and other tax accounts once you reach a certain amount, what do you think?
Anonymous wrote:Can someone explain this? Does this mean that once you reach a certain amount of savings you are not allowed to save anymore? Or do you just lose the ability to save pre-tax?
It just means that you couldnt contribute to your 401K after a certain point. Similar to how 529 plans are capped. I wouldnt worry about it, it wont pass. For starters it adds complexity, second, it does nothing tangible to our debt, and third, it doesn't make a meaningful dent in most retirement plans anyway. And like everything else, there's a way around it anyway. For instance, at my firm you get access to a deferred comp plan in addition to 401k, so I could simply contribute whatever my 401k allows then just make up the balance in deferred comp, which also offers tax deferred growth in nearly an identical way as the 401k.
Anonymous
02/04/2014 17:08
Subject: Proposal to cap 401k and other tax accounts once you reach a certain amount, what do you think?
Only 2 more years....
Only an idiot would try to pass a law to make sure that we all suck off the government teat in our "golden years". keep your GODDAMN hands out of my bank account!
he is an idiot extraordinaire!!!
Only an idiot would try to pass a law to make sure that we all suck off the government teat in our "golden years". keep your GODDAMN hands out of my bank account!
he is an idiot extraordinaire!!!
Anonymous
02/04/2014 17:08
Subject: Proposal to cap 401k and other tax accounts once you reach a certain amount, what do you think?
yikes. thanks for the link.
Anonymous
02/04/2014 13:52
Subject: Proposal to cap 401k and other tax accounts once you reach a certain amount, what do you think?
Can someone explain this? Does this mean that once you reach a certain amount of savings you are not allowed to save anymore? Or do you just lose the ability to save pre-tax?
Limit savers' combined balance across tax-preferred accounts: Last year, the president introduced the idea of prohibiting contributions to tax-advantaged retirement accounts when a person's combined balance exceeds a certain level. Such accounts include IRAs, 401(k)s and pensions.
The cap on the combined balance would be based on a saver's age and would vary over time based on factors such as inflation and interest rates.
Last year, for instance, the limit would have been $3.4 million for someone who was 62, but just $1 million for someone who was 40, according to a Tax Policy Center report.
The cap would be based on what it takes to buy a "maximum benefit" annuity at age 62, with a 100% survivor benefit for one's spouse. In 2013, a maximum benefit annuity would have provided $205,000 a year.
http://money.cnn.com/2014/02/04/pf/taxes/retirement-tax-breaks-obama/index.html?iid=s_mpm
Limit savers' combined balance across tax-preferred accounts: Last year, the president introduced the idea of prohibiting contributions to tax-advantaged retirement accounts when a person's combined balance exceeds a certain level. Such accounts include IRAs, 401(k)s and pensions.
The cap on the combined balance would be based on a saver's age and would vary over time based on factors such as inflation and interest rates.
Last year, for instance, the limit would have been $3.4 million for someone who was 62, but just $1 million for someone who was 40, according to a Tax Policy Center report.
The cap would be based on what it takes to buy a "maximum benefit" annuity at age 62, with a 100% survivor benefit for one's spouse. In 2013, a maximum benefit annuity would have provided $205,000 a year.
http://money.cnn.com/2014/02/04/pf/taxes/retirement-tax-breaks-obama/index.html?iid=s_mpm