"There is danger from all men. The only maxim of a free government ought to be to trust no man living with
power to endanger the public liberty." - - - - John Adams

Sunday, October 22, 2017

The GOP is going after your 401k

A Big GOP Fuck You

---- The GOP will spend trillions to completely level foreign nations with no thought at all to the national debt.

---- But with every other breath Republican Oligarchs look to slash Social Security for the average Joe and now slash the workingman's 401K.

(New York Times)  -  House Republicans are considering a plan to sharply reduce the amount of income American workers can save in tax-deferred retirement accounts as part of a broad effort to rewrite the tax code, according to lobbyists, tax consultants and congressional Democrats.

It is unclear if Republicans will ultimately include a cap on contributions in the tax bill that they are expected to release in the coming weeks. Such a move would almost certainly prompt a vocal backlash from middle-class workers who save heavily in such retirement accounts and from the asset management industry.

The proposals under discussion would potentially cap the annual amount workers can set aside to as low as $2,400 for 401(k) accounts, several lobbyists and consultants said on Friday. Workers may currently put up to $18,000 a year in 401(k) accounts without paying taxes upfront on that money; that figure rises to $24,000 for workers over 50. When workers retire and begin to draw income from those accounts, they pay taxes on the benefits.

Rumors have circulated for months that negotiators were debating including a cap as a way to help offset the revenue loss from a reduction in business tax rates that Republicans have put at the center of their plan. Reducing contribution limits would be, in effect, an accounting maneuver that would create space for tax cuts by collecting tax revenue now instead of in the future.

In a statement on Friday, Representative Richard E. Neal of Massachusetts, the top Democrat on the Ways and Means Committee, said that the Republican proposals “would hurt those saving responsibly for retirement at a time when an alarming number of families have fallen behind in their retirement savings.”

Read More . . . .

Poverty in Retirement
The GOP American Dream

Republican Oligarchs have fought for years to slash Social Security for the average working stiff or to raise the retirement age up to the the 70s hoping you would die before collecting too much. 
Now they are going after your 401K.
Does anyone in the corrupt GOP actually give a shit about the middle class? Or does the party only exist to export jobs to Asia, import millions of new workers to lower wages and to feed the Military-Industrial Complex?

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