Trump promises: 'NO change to your 401(k)'

[DonViejo]

Source: The Hill




BY NAOMI JAGODA - 10/23/17 07:57 AM EDT

President Trump on Monday tweeted that changes won't be made to 401(k) plans after reports that congressional Republicans were considering a major alteration to the retirement accounts in forthcoming tax-reform legislation.

Link to tweet

Financial industry stakeholders had heard that lawmakers are considering significantly reducing the amount that people can put into 401(k)s on a pretax basis.

Currently, people can generally make contributions of up to $18,000 annually before taxes. But lobbyists had heard that congressional Republicans were weighing lowering the cap to $2,400.

Stakeholders' concerns about the potential change were reported by The Hill and other publications over the last several days, putting a spotlight on the issue. Senate Minority Leader Charles Schumer (D-N.Y.) also blasted the idea.

Read more: http://thehill.com/policy/finance/356658-trump-promises-no-change-to-your-401k

[JDC]

1. That is the kiss of death to my 401k

[Maxheader]

2. Yeah, scary

just having those creatures talk about it.

[tinrobot]

14. This is mostly a secret tax increase aimed at the middle class.

If you can't tax-defer that $18K per year, you're on the hook for thousands more in taxes.

For a rich person, that $18K is chump change, easy to trade that for bigger cuts in capital gains and other areas.

[Drahthaardogs]

20. It's worse than that

One of the benefits of a 401k is you avoid taxes now, but pay them later when you should be in a lower taxes bracket.

This hits both benefits.

[packman]

3. A letter to the editor in our local paper (heavily ProTrump)

expressing his fears that his COLA is going to be taken away. It is in the Repuke's nature to take away what little the poorest have to enrich themselves. Frankly, I was surprised to see two letters criticizing the Trump administration for its policies toward those trying to save for the future.

[leon8822]

4. Which means there will be a change

[LeftInTX]

6. Yes

He could care less....said the same about Medicare

[C_U_L8R]

5. Why do I get the feeling

that my wallet is being stolen

[Yupster]

7. No one would be that stupid to restrict 401k contributions

Well, that first sentence didn't sound right.

Maybe you would think no one would be that stupid.

Why would the government want people saving less for retirement. Nope, not going to happen.

[LudwigPastorius]

10. The real constituents of Trump and the GOP don't have 401ks.

They have hedge fund investments.

Any and all legislation aimed at transferring wealth from the middle class to the 1% will be considered.

[lunasun]

24. +1

[Flaleftist]

16. I wonder if its just a ploy.

And they threw the idea out there so they can say they won’t limit 401k contributions but the rest of the tax plan stays.

[Nitram]

8. and you know you can believe ALL of Trump's promises. Unless his lips moved when he made them.

[briv1016]

21. Or thumbs.

[Hugin]

9. Yet...

[Gothmog]

11. Does anyone trust Trump on anything?

[Eliot Rosewater]

12. NOTHING he says is EVER true. Hold on for a ride folks, trump is gonna

make sure he and his disgusting traitor family pay nothing and you and I will pay everything.

The middle class pays the taxes and we are about to pay a whole lot more...even if we get a tax cut, it will be a massive tax increase given the loss of services and benefits.

Did we already forget they are cutting one and a half trillion from Medicare and Medicaid?

[tinrobot]

13. If they limit contributions to that degree, expect a crash.

One of the major reasons the stock market has risen so much in the past few decades is because people are putting their retirement money into 401K plans.

If those contributions are halted, a lot of that money will wind up in places not tied to the market. That will impact market prices, and that could result in a collapse.

[WinkyDink]

15. Believe a liar at your peril.

[truthisfreedom]

17. Way to scare America, 45. Every time you open your mouth you lie and we ALL know it.

You're a fear-mongering madman.

[greymattermom]

19. Fear increases their power

People who are afraid are more likely to vote for them.

https://www.sciencealert.com/study-turned-conservatives-liberal-politics-yale-psychology

[Vinca]

22. And if you believe this, I've got a tower in Paris to sell you.

[QED]

23. What 401(k)?