XPO | Our final 10 yrs

[guitarman1]

The proposed changes to 401k contribution made the major news networks this morning. I urge everyone to contact your politician and raise hell about this.

This is a Republican proposal to pay for the Trump tax cut for the wealthy.
The current maximums are $ 18,000 for those under 50 and $24,000 for those over 50. The proposed new limit is only $2,400.
This will severely affect our already lacking retirement plan if it goes into affect.

So what happens to our match if its more?

 

[Fly-by-night]

Pretax contribution are the biggest advantage to a 401k. I don't think anyone here would dispute that.

And if they pre tax this .There is not much incentive any more.So much for 401 k. The republican congress says there is 5 Trillion pre tax dollars of contributions every year , The government wants there cut.

It called a 401A. There are some advantage to a 401k you just need to remember you will be taxed on the money when you start drwing on it. I sure the tax rate will be higher then. Pay the tax now instead of later is always better. Yes I put some in our 401k but put more in roth IRA and other post tax accounts.

 

[Fly-by-night]

What middle class? It feels to me that there is getting to be an awful big gap between the haves and the have nots. We get 8 years of Democrats and then 8 years of Repubicans back and forth back and forth and the gap just keeps getting wider and wider. IMO we should try something different, anything different, it can't be a whole lot worse. I am no expert, but I always liked the idea of some sort of flat tax with the first so many thousand not taxed at all to help the poor and then you do not file taxes at the end of the year and there is no IRS. But that is probably crazy talk?

I like the flat tax, but I believe EVERYONE is taxed and there are no tax deductions at all. Lets say you tax everyone at 10% so the guy that makes 50k a year pays $5,000 in taxes and the guy making 100k a year pays $10,000 in taxes it's all fair they both paid the same percentage and no more class warfare.

 

[Songremainsthesame]

I like the flat tax, but I believe EVERYONE is taxed and there are no tax deductions at all. Lets say you tax everyone at 10% so the guy that makes 50k a year pays $5,000 in taxes and the guy making 100k a year pays $10,000 in taxes it's all fair they both paid the same percentage and no more class warfare.

I love the idea of a flat tax. I was a big Herman Cain supporter during his unsuccessful bid for the presidency. If they just taxed at 10%, there would be no beurocracy at all. Simple and fair.