The party of PERSONAL RESPONSIBLITY wants to cut your 401k cont. from $18,500 to $2,400

Question

&#x201C;The amount workers can contribute to a 401(k) rises to $18,500 next year, up from $18,000 in 2017. People age 50 and older can tack on a so-called catch-up contribution of $6,000. Rep. Kevin Brady said negotiations include a capping of this contribution to $2,400.&#x201D;HOW IN THE WORLD ARE SO MANY DUPED BY THIS PARTY??? The answer is obvious. They are drones...who do not think.Traditional pensions have largely disappeared. The entire point of having a pre-tax 401k contribution was to allow YOU to fund YOUR own retirement on a pre-tax basis.If this pre-tax ceiling is cut in any way, it REDUCES the pensions YOU ARE RESPONSIBLE for saving for.This is &#x201C;The Party of Personal Responsibility&#x201D; right?Wrong. Not when it comes to voters who voted these fools in and then stand idly by as they are raped because well...Obama and Hillary&#x2019;s server dammit!Because they will just retort, &#x201C;Well I can&#x2019;t contribute $18,500 anyway!&#x201D;Well what about those that can and DO and those that contribute over $2,400 (tens of MILLIONS)?

scalabrine · Answer

&#x201C;The amount workers can contribute to a 401(k) rises to $18,500 next year, up from $18,000 in 2017. People age 50 and older can tack on a so-called catch-up contribution of $6,000. Rep. Kevin Brady said negotiations include a capping of this contribution to $2,400.&#x201D;HOW IN THE WORLD ARE SO MANY DUPED BY THIS PARTY??? The answer is obvious. They are drones...who do not think.Traditional pensions have largely disappeared. The entire point of having a pre-tax 401k contribution was to allow YOU to fund YOUR own retirement on a pre-tax basis.If this pre-tax ceiling is cut in any way, it REDUCES the pensions YOU ARE RESPONSIBLE for saving for.This is &#x201C;The Party of Personal Responsibility&#x201D; right?Wrong. Not when it comes to voters who voted these fools in and then stand idly by as they are raped because well...Obama and Hillary&#x2019;s server dammit!Because they will just retort, &#x201C;Well I can&#x2019;t contribute $18,500 anyway!&#x201D;Well what about those that can and DO and those that contribute over $2,400 (tens of MILLIONS)?

scalabrine · Answer

Now with tax break for millionaires on the table, the way to fund it is to suggest a tax INCREASE (which this is because it’s REMOVING a tax break) on the middle class????

Yes Trump tweeted no changes to 401k! And if you believed that you were a fool. Because yesterday he backed off it and said it could be used as a negotiating tool!

Yes folks, the party of PERSONAL RESPONSIBILITY wants to take some you are responsible for: funding your pension.

HOW, HOW I ask can voters be....such dim bulbs when it comes to this party.

In the end, NOTHING may happen to 401k’s. But to even SUGGEST this change, to put it on the table, SCREAMS this is a party of the ultra-wealthy that wants to FU** the average voter. HOW DO YOU NOT SEE THIS??? Who will attack ME and avoid this issue? What fool will post MAGA (I got 5 on it does this blindly to everything criticizing trump) and fu** over everyone even themselves as they are raped blind! Ashamed of this country and party...a total abomination.

What republican voter wants to address this and is in favor of this in ANY WAY????

Drain the swamp! Lol!

Hugh_Jorgan · Answer

So let&#x27;s start a thread about it and begin the hysteria now ... because ..."NOTHING may happen to 401k&#x27;s"

mattbrot · Answer

The point Hugh -- is that for it to even be on the table now as a talking point is insane. And scalabrine is right. This is not a dem / rep thing. This is a big FU to everyone who is not already very wealthy and does not need not worry about their future.The irony is that this potential policy, much like all of the proposed policies thus far will by almost all accounts hinder the low and middle class including those who voted for him.

scalabrine · Answer

Thank you Matt. Thank you.

wallstreetcappers · Answer

The fact it was even ever on the table for discussion is pretty poor, it is a direct tax on the lower and middle class and would for sure dissuade people from building a 401k AND corporations from matching.

I know all about the Roth plan blah blah blah but we have a Roth already at lower limits, this scheme is nothing but a smack down tax on the middle guy to justify a corporate tax cut and military build.

Its really shocking that these dopes would even try to portray this as some positive opportunity, do they just think people are stupid?

mattbrot · Answer

In short I am confident that the answer is yes.I believe that it is pretty clear that the administration and GOP are banking on the fact that in some eyes they can do no wrong - regardless of how it is going to effect them or how out there it is. All they have to do is just spin it a little bit or divert to something else and all is good. Anything for a "win" right? Trump has even said as much several times since he came onto the political scene.Don&#x27;t get me wrong -- I understand this is not a novel practice in politics but it seems that this administration does it daily and for the most part seem to be getting away with it.

scalabrine · Answer

Wow Wall Street makes a great point.You lose the company match TOO.It&#x2019;s a double-whammy!Incredible this was every brought to the table (and is still on it!)

ClubDirt · Answer

those tax cuts for the rich ain&#x27;t going to pay for themselves.  but i don&#x27;t see how anyone who supported trump could have expected anything but this kind of thing.  under the thinnest layer, his campaign was always about sticking it to the poor and middle class to help the rich and the corporations.  trump is a lot of things, one worse than the next.  and yes he is a serial liar, but he does not hide his lying.  it&#x27;s almost like he&#x27;s proud of it.  look what i can do kind of thing.  but in any case, he&#x27;s completely dishonest but also very transparent about who he&#x27;s really helping and who he&#x27;s going to f*ck over.

scalabrine · Answer

Still waiting for ONE Republican voter in this forum who is in favor of this. Just ONE. And why????

ClubDirt · Answer

not that there&#x27;s really any argument, that i know of, but this was yesterday&#x27;s f*cking over people to help the rich and the corporations.  there&#x27;s no other reason to do this kind of thing, especially after the banks, credit card companies, etc have been f*cking over people so significantly and regularly over the last several years.but again, there&#x27;s not even an attempt to hide the goal here.  there never was.  https://www.marketwatch.com/story/senate-votes-to-roll-back-obama-era-rule-allowing-consumers-to-join-forces-to-sue-banks-and-credit-card-companies-2017-10-24

scalabrine · Answer

That is why Matt calls them stupid! Or at least questions it!

But there is no question!

I know why the GOP is going after this too. Because most people CANT EVEN CONTRIBUTE to their 401k at max levels or even at min levels!

Hence a “well I can’t even make those contributions so what do I care!”

The party of apathy and stupidity and as long as a black man and a woman don’t run it, YEEEEE HAAAAAW!

scalabrine · Answer

STILL WAITING.ONE POSTER: please!!Just one to defend the GOP on this policy...

corbey96 · Answer

gotta change the subject when hilary is now front and center of muh RUSSIA pay to play scheme news... which is long overdue.

scalabrine · Answer

Still waiting for ONE SUPPORTER

JimmyDrizzl · Answer

.                                                                                                                                                                                      You need to keep up with REAL news better.......Trump said earlier in the day that NO changes to 401k plans are being considered for the new tax law..........Was it fake news by CNN that reported it first?

wallstreetcappers · Answer

Yeah these fake news boogie men make up stuff just to stick it to that classy guy running the joint.Of course they were discussing it the same way they are discussing many options. The budget that came out of that fat slobs hands is filled with garbage, of course it was discussed. Fake news, the new repub fallback phrase for the next 3 years....how cute!

scalabrine · Answer

Ya see Jimmy, I&#x2019;m way ahead of you when you are making a fool of yourself sounding like the drone (with the forever overused fake news comment) I called you.I ADDRESSED THE TRUMP TWEET IN THE OP. And you didn&#x2019;t even bother to follow up on it....Yes Trump tweeted no changes to 401k! And if you believed that you were a fool. Because yesterday he backed off it and said it could be used as a negotiating tool!Pathetic man??So now that I put this tool back in his lonely box, where is ONE SUPPORTER OF THIS??? I just want ONE! Come on GOP voters, this is what Red America looks like now! Be proud of the politicians you voted in! Come forward with substance!

scalabrine · Answer

What a disgrace this party is...Not one supporter as they stand idly by and let themselves and others get raped.THIS was put on the table to fund the MASSIVE tax cuts coming. Largely redistributing trillions UPWARD.Pathetic. You cowards.

Dsn150 · Answer

https://www.fool.com/retirement/2017/01/15/average-americans-401k-contributions-by-age-and-in.aspx

So you are in favor of higher earners to continue contributing the maximum, while it makes no difference to the working "poor", as their contribution, on average, remains below the $2400 threshold...

Interesting...

I think we may agree on this one...

I think lowering the maximum on 401k contributions is stupid-

It is one of the best tax reduction tools available, and tax-deferred savings is a nice benefit if one can fund it...

I'm actually kind of curious as to who threw this out there in the first place...

To be clear- I think the Dems and GOP are both inept- I just see the GOP as the lesser of two evils...

Ryan and McConnell should be thrown out on their a$$es (along with many more)- so you won't get much defense of the establishment GOP from me...

I_Need_A_Detox · Answer

This Scalabrine fella thinks the Trump Train is the same as the GOP?

Dsn150 · Answer

He wouldn&#x27;t be alone...Out with all of the establishment politicians- both sides...And put a muzzle on Newt while we&#x27;re at it...

I_Need_A_Detox · Answer

Only one American was capable https://i.imgur.com/cPWDxrx.jpg

I_Need_A_Detox · Answer

Dems have spent $22 trillion&#x2B; on welfare without reducing poverty by 1%.

SarasotaSlim · Answer

"Poor people have been voting for Democrats for the last fifty years... and they are still poor."&#xD;&#xA;   ~ Charles Barkley

The party of PERSONAL RESPONSIBLITY wants to cut your 401k cont. from $18,500 to $2,400

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