Trump on to 2A next???

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Healthcare is s dead issue, no matter how much they talk about it..Trump tried to repeal it and failed. He went onto his next big ticket item, tax cuts. Congress approved the budget today including the tax cuts. Now, do you think Trump will make good on his promise to strengthen the 2nd amendment?? Thoughts...
 
I heard on the news this morning that the proposal also includes lowering the max 401(k) contribution from $18K/year to $2.4K/year.

There is already a problem with almost nobody having enough saved for retirement. Let's make it even harder.
 
Trump doesn’t have latitude to do much anyway.

The most effective thing Trump could do to support the 2nd Amendment would be to slip into Ruth Ginsburg’s room one night and sing the star spangled banner (while holding a pillow firmly over her face).
 
I heard on the news this morning that the proposal also includes lowering the max 401(k) contribution from $18K/year to $2.4K/year.

There is already a problem with almost nobody having enough saved for retirement. Let's make it even harder.

That sounds like a blatant scare tactic to get people to oppose the bill. Going from 18K to 2.4K is a HUUUGE change an something like that if it was in the bill clearly telegraphs "Either we are idiots or we don't want the bill to pass." If the limit did get lowered it would almost definitely not be that drastic, then again I don't know how much the average person actually puts in so maybe cutting the limit in half wouldn't cause a majority of people to be over the current cap?

Might as well eliminate the mortgage interest deduction at that point.
 

"Yet"? I thought after Vegas, HPA was being held back indefinitely? If anything I'd like to see SAGA bill pass.
 
why is it allowed that DACA is even attached to this bill? It's got nothing to do with it.
these shenanigans the career politicians play have got to stop
Ryan , McCain and Graham have got to be removed somehow, and the sooner the better
 
I heard on the news this morning that the proposal also includes lowering the max 401(k) contribution from $18K/year to $2.4K/year.

There is already a problem with almost nobody having enough saved for retirement. Let's make it even harder.

It doesn't make it harder to save. You can certainly continue saving.

What it does is change HOW we save for retirement. Shockingly, most folks don't contribute to their 401(k) via Roth. Perhaps because they don't get it. Or they aren't offered it.

You see Congress pass this, you can BET that 401(k) providers (read: Fidelity) will figure out how to contribute $2,400 to the regular 401(k) that auto-swap to Roth immediately.

Upside for Congress: A small gain in revenue.

Downside for Congress: IRA Minimum Distributions start waning - FAST - in about 10-15 years, costing them billions, if not trillions in future dollars.

The only thing stopping me from cheering this on, as an American taxpayer, is "This is Social Security. You won't ever pay taxes on that!"
 
It doesn't make it harder to save. You can certainly continue saving.

What it does is change HOW we save for retirement. Shockingly, most folks don't contribute to their 401(k) via Roth. Perhaps because they don't get it. Or they aren't offered it.

You see Congress pass this, you can BET that 401(k) providers (read: Fidelity) will figure out how to contribute $2,400 to the regular 401(k) that auto-swap to Roth immediately.

Upside for Congress: A small gain in revenue.

Downside for Congress: IRA Minimum Distributions start waning - FAST - in about 10-15 years, costing them billions, if not trillions in future dollars.

The only thing stopping me from cheering this on, as an American taxpayer, is "This is Social Security. You won't ever pay taxes on that!"

Yeah I would definitely cut back on my 401k contributions and prioritize other investments if the contribution limit was reduced to 2.4K. (Caveat my work doesn't currently offer a ROTH 401K option and I have been maxing out my ROTH IRA contributions since first year of employment)

Yes, saving towards the future is important but I only trust the government so much with regard to the future of retirement investment vehicles. A reduction to $2.4K would definitely serve to disincentive retirement investing by the average worker. This makes me wary of thinking that my retirement savings is safe from be "solution to tomorrow's problems" by do gooder pols and their do gooder drones. I am only likely to put lots of money towards investments which place restrictions on my near term usage if I believe there is a good faith intention for the rules not to be changed to negatively impact me.

I am wary about going from "some ROTH" and "some Traditional" retirement vehicles to "Almost entirely ROTH" especially with the likelyhood that down the line the same government with different bobbling heads will turn around and wonder where their gravy train of tax funds went and decide to switch up the tracks.
 
Yeah I would definitely cut back on my 401k contributions and prioritize other investments if the contribution limit was reduced to 2.4K. (Caveat my work doesn't currently offer a ROTH 401K option and I have been maxing out my ROTH IRA contributions since first year of employment)

Yes, saving towards the future is important but I only trust the government so much with regard to the future of retirement investment vehicles. A reduction to $2.4K would definitely serve to disincentive retirement investing by the average worker. This makes me wary of thinking that my retirement savings is safe from be "solution to tomorrow's problems" by do gooder pols and their do gooder drones. I am only likely to put lots of money towards investments which place restrictions on my near term usage if I believe there is a good faith intention for the rules not to be changed to negatively impact me.

I am wary about going from "some ROTH" and "some Traditional" retirement vehicles to "Almost entirely ROTH" especially with the likelyhood that down the line the same government with different bobbling heads will turn around and wonder where their gravy train of tax funds went and decide to switch up the tracks.

Reducing to $2.4k wouldn't even let me get my company matching. We do have a Roth variant, so maybe we could play games with that. I'm closing in on just putting in the minimum to get my company matching, then doing the IRA thing on my own.
 
Reducing to $2.4k wouldn't even let me get my company matching. We do have a Roth variant, so maybe we could play games with that. I'm closing in on just putting in the minimum to get my company matching, then doing the IRA thing on my own.

Yeah mine matches 5% and even the biggest numbskulls understand that it's free money and contributes. That would really hose us, so I hope it dies on the vine
 
Yeah mine matches 5% and even the biggest numbskulls understand that it's free money and contributes. That would really hose us, so I hope it dies on the vine

Yeah I am pretty sure the majority of professional workers just use whatever will max their employer contribution as the default of what they select.

Given the numbers that are out there I really think it is a scare tactic more than an actual proposal. The political equivalent of running up to you and screaming "YOUR WIFE IS SCREWING EVERY GUY IN TOWN, YOU BETTER GET A HANDLE ON HER!"

I could see some shit like this happening if it was right after a huge dip in the market and they were selling it as a way to bolster/secure everyone's financial future in retirement (equally shitty idea) but at this snapshot in time lowering the limit to a little over 1/8th of current level sounds pretty fake.
 
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