Let me help you with that. I suggest visiting realclearpolitics daily so you can get inoculated from hype from both sets of BS merchants. Conservative view: https://www.realclearpolitics.com/articles/2017/10/21/an_america_first_tax_plan_135325.html Basically, the tax system is jacked up and we need to fix it, trust us. Democrat view: https://www.washingtonpost.com/opin...9_story.html?tid=a_inl&utm_term=.0384c6b2bdb6 Basically, the Republicans are lying and are trying to hurt everybody but the rich. (I had to go to realclearpolicy to find this) It reminds me of the battle over Obama care before it was enacted with the roles reversed. I'd like to see a much simplified tax system. I doubt I'll get it but I'm sure there will be things I like (and don't like) and that the media will scream that the changes are racist or classist or both. The current system has social policy deeply embedded into it, making it overly complex. Flat tax anybody?
Too general and has nothing about this particular 401k change proposal. This would be better in the tax thread, but... The 2nd link talks about the bold faced lies from the Trump admin - "tax cuts benefit only the middle class and not the rich" (among other lies). We know that's a bold faced lie (given the general framework) as the rich will benefit the most, some middle class has some benefit and some will see tax increases. Given the history of constant lying from Trump, and not just small lies, but complete reversal of reality, not a surprise. I have heard some GOP Congress having similar concerns, so these lies aren't associated to the Republicans, or specifically, the GOP Congress as whole at this point. I think this isn't similar to the battle over Obamacare but more similar to the battle over killing Obamacare. With Obamacare, people knew the details well ahead of time and had months to debate them openly. With this, it's a basic framework little details. The details are kept secret, if they even have them. "Just Trust Us" is the right motto for what they have been doing here, just like with the kill-Obamacare plan that many Congressional members didn't have details until a few days (if even) before the vote. So far, the trend is a repeat of that. A few leaks here and there on some proposals, but not the full picture. EDIT: All for a simplified tax system, but not one that is this lopsided
I'm guessing conservative do not like the idea. The goal here is to pay for the massive tax cuts in some small amount, upfront in the early years. But it's a gimmick, shifting when tax are paid, and overall, there is no "paying" toward the massive tax cuts with this proposal. This is an attempt to have the cake (tax cuts) and eat it too (not paying for it). GOP has always said, we need to pay for it. Now they can't. They can't make the hard decision of real deep major cuts to pay for their tax cuts. Fearing backlash of such major cuts to popular programs, they prefer number trickery to fool themselves and the public. Frankly, it's a bit of a surprise that they are considering this. This goes against some conservative principles. Less personal choice - today, you can choose between roth and regular IRA. This take that choice away. Tax increase to pay for something - during the Obama year, it was always cut to programs, but never generating revenue to pay. Less self-reliance- this can decrease saving for retirement (people that aren't already choosing roth likely will reduce their contribution), in an attempt to shift that "fund" to the government, so that you are more likely to be reliant on the government in your retirement years.
Well, that Milo guy got put in the penalty box....for like a few whole months...for saying he thought it was cool to rape teenage boys. So maybe that's next? As we go down this Road (as in Cormac McCarthy) I'm wondering where our benevolent plutocrat overlords are. Zuck, Eric and the rest seem to be too cool with collecting some chump change from Russia in order to MAKE THE WORLD A BETTER PLACE
Ridiculous that they are going after 401(k)s again. Tax policy is going to be absolutely ridiculous. I'm amazed at how many are convinced that taxes being too high are just killing corporations in this country. We have an economic and jobs apocalypse coming.
This talk over 401Ks is just a wet finger in the wind. Once they realize the blowback is too severe, it will be off the table and accusations of "fake news" will be lobbed at the press.
Roths are awesome. Unless one has employer matching, I would max out the Roth first. I dont see this legislation passing.
They are, but not for everyone. Some like the immediate tax break incentive of regular 401k, and some are betting on a lower tax rate down the road. As part of the overall tax cut pkg legislation, it should pass. We have seen supposedly non conservative ideas become acceptable, even popular just because Trump.
[Educational Post] Well, this 401k grab turned out to be fake news... Trump derangement syndrome is driving people to say and do crazy things... GOOD DAY
plenty of them wishing that a billionaire, who, at age 22, was given a $ million by his rich father to start his business, would understand the plight of the working stiffs, and fight for them.
Well that's the thing. Very very rare for a company to match a Roth IRA. In fact, anecdotally, I've never once seen that as a benefit whereas 401k matching up to X% is everwhere.
