Current Events > Republicans Consider Sharp Cut in 401(k) Contribution Limits to offset tax cost

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Darkman124 10/21/17 10:04:08 AM #1:	https://www.nytimes.com/2017/10/20/us/politics/republicans-tax-401-k.html?smid=fb-nytimes&smtyp=cur WASHINGTON 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. This is terrible, a dramatic and massive "FUCK YOU" to middle class voters. Before some shitposter who doesn't understand how these accounts works goes off on it, NYT got part of the info wrong: Such a move would be likely to push Americans to shift their savings to so-called Roth accounts, where contributions are taxed immediately, and not when they are drawn out as benefits. That would increase federal tax receipts for the short run. Individual ROTH accounts have an annual maximum of just 5,500, so dramatically less money could be set aside by middle-class people in tax-sheltered accounts. It's also not an 'either-or' choice: anyone can max out their ROTH now while also maxing out their 401k. It's a straight-up reduction to what regular people can save. It has no impact on the very wealthy because their tax-sheltered accounts are a tiny fraction of their total networth. It also dramatically reduces the value of your employer 401k match that is part of your contract, as it can match significantly less total money as a result. We'll see many workers' contracts have to be renegotiated. If you use a 401k, fucking call your congressmen and senators and tell them this is not OK. Another error in the article: The congressional Joint Committee on Taxation estimates that tax exclusions for individual retirement contributions will cost the federal government $115 billion for the 2018 fiscal year. That is just a fraction of the $1.5 trillion tax cut that Republicans are aiming to enact. The 1.5T cut is over ten years, which as I understand it would mean ~150b/year, so it'd be the bulk of that cut. But this is not the way to do it (the way to do it is to NOT do it, but shifting burden to the middle class is never a good idea) --- And when the hourglass has run out, eternity asks you about only one thing: whether you have lived in despair or not. <cite>Darkman124 posted [p:888847850] in Republican... [t:75903302]...</cite> <quote>https://www.nytimes.com/2017/10/20/us/politics/republicans-tax-401-k.html?smid=fb-nytimes&smtyp=cur <quote>WASHINGTON 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. </quote> This is terrible, a dramatic and massive "FUCK YOU" to middle class voters. Before some shitposter who doesn't understand how these accounts works goes off on it, NYT got part of the info wrong: <quote>Such a move would be likely to push Americans to shift their savings to so-called Roth accounts, where contributions are taxed immediately, and not when they are drawn out as benefits. That would increase federal tax receipts for the short run. </quote> Individual ROTH accounts have an annual maximum of just 5,500, so dramatically less money could be set aside by middle-class people in tax-sheltered accounts. It's also not an 'either-or' choice: anyone can max out their ROTH now while also maxing out their 401k. It's a straight-up reduction to what regular people can save. It has no impact on the very wealthy because their tax-sheltered accounts are a tiny fraction of their total networth. It also dramatically reduces the value of your employer 401k match that is part of your contract, as it can match significantly less total money as a result. We'll see many workers' contracts have to be renegotiated. If you use a 401k, fucking call your congressmen and senators and tell them this is not OK. Another error in the article: <quote>The congressional Joint Committee on Taxation estimates that tax exclusions for individual retirement contributions will cost the federal government $115 billion for the 2018 fiscal year. That is just a fraction of the $1.5 trillion tax cut that Republicans are aiming to enact.</quote> The 1.5T cut is over ten years, which as I understand it would mean ~150b/year, so it'd be the bulk of that cut. But this is not the way to do it (the way to do it is to NOT do it, but shifting burden to the middle class is never a good idea)</quote> ... Copied to Clipboard!
uwnim 10/21/17 10:10:13 AM #2:	That seems really messed up. --- I want a pet Lavos Spawn. [Order of the Cetaceans: Phocoena dioptrica] <cite>uwnim posted [p:888848061] in Republican... [t:75903302]...</cite> <quote>That seems really messed up.</quote> ... Copied to Clipboard!
megamanfreakXD 10/21/17 10:11:19 AM #3:	incoming conservative defense force --- http://i.imgur.com/jS8HuXy.jpg http://i.imgur.com/W23cMOU.png <cite>megamanfreakXD posted [p:888848100] in Republican... [t:75903302]...</cite> <quote>incoming conservative defense force</quote> ... Copied to Clipboard!
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prince_leo 10/21/17 10:14:30 AM #5:	it really seems that there will be a lot of people hurt by this and the cuts on medicare, etc. that voted for Trump not sure if they'll just shrug and say "that's life" and continue to support him and the GOP, or if they'll actually make an impact during the election --- https://imgur.com/uHUvpSH http://error1355.com/ce/prince_leo.html <cite>prince_leo posted [p:888848218] in Republican... [t:75903302]...</cite> <quote>it really seems that there will be a lot of people hurt by this and the cuts on medicare, etc. that voted for Trump not sure if they'll just shrug and say "that's life" and continue to support him and the GOP, or if they'll actually make an impact during the election</quote> ... Copied to Clipboard!
Solar_Crimson 10/21/17 10:15:11 AM #6:	Bullet_Wing posted... So middle class wouldn't even see any of these tax cuts plus would get slammed with this bullshit? Lmao Trump voters. You failed America. --- http://i.imgur.com/wKOoZkP.jpg http://i.imgur.com/mipFVFw.png http://backloggery.com/SolarCrimson <cite>Solar_Crimson posted [p:888848241] in Republican... [t:75903302]...</cite> <quote><cite>Bullet_Wing posted...</cite> <quote>So middle class wouldn't even see any of these tax cuts plus would get slammed with this bullshit? Lmao Trump voters. You failed America.</quote></quote> ... Copied to Clipboard!
E32005 10/21/17 10:15:56 AM #7:	Solar_Crimson posted... Bullet_Wing posted... So middle class wouldn't even see any of these tax cuts plus would get slammed with this bullshit? Lmao Trump voters. You failed America. Its sad they are too Stupid and filled with rage so they can constantly call out liberals to even notice what the Republicans are doing --- http://i.imgur.com/LAvnefi.gif http://i.imgur.com/6kW9fXL.gif <cite>E32005 posted [p:888848271] in Republican... [t:75903302]...</cite> <quote><cite>Solar_Crimson posted...</cite> <quote><cite>Bullet_Wing posted...</cite> <quote>So middle class wouldn't even see any of these tax cuts plus would get slammed with this bullshit? Lmao Trump voters. You failed America.</quote></quote> Its sad they are too Stupid and filled with rage so they can constantly call out liberals to even notice what the Republicans are doing</quote> ... Copied to Clipboard!
Master_Bass 10/21/17 10:18:06 AM #8:	Darkman124 posted... Individual ROTH accounts have an annual maximum of just 5,500, That's not right. Roth IRAs have a limit of $5,500, but Roth 401ks follow the $18,000 limit. Edit: Nevermind the key word was individual. 401K 's are mostly employer plans and Roth is not always offered. --- Many Bothans died to bring you this post. <cite>Master_Bass posted [p:888848356] in Republican... [t:75903302]...</cite> <quote><cite>Darkman124 posted...</cite> <quote>Individual ROTH accounts have an annual maximum of just 5,500, </quote> That's not right. Roth IRAs have a limit of $5,500, but Roth 401ks follow the $18,000 limit. Edit: Nevermind the key word was individual. 401K 's are mostly employer plans and Roth is not always offered.</quote> ... Copied to Clipboard!
NINExATExSEVEN 10/21/17 10:18:39 AM #9:	This is freaking stupid. Wtf is wrong with republicans? Do they not understand how to help people? --- Listen to my story... This... May be our last chance... <cite>NINExATExSEVEN posted [p:888848366] in Republican... [t:75903302]...</cite> <quote>This is freaking stupid. Wtf is wrong with republicans? Do they not understand how to help people?</quote> ... Copied to Clipboard!
E32005 10/21/17 10:19:43 AM #10:	NINExATExSEVEN posted... This is freaking stupid. Wtf is wrong with republicans? Do they not realize how to help people? They dont care about the middle class and they havent since the 60s --- http://i.imgur.com/LAvnefi.gif http://i.imgur.com/6kW9fXL.gif <cite>E32005 posted [p:888848403] in Republican... [t:75903302]...</cite> <quote><cite>NINExATExSEVEN posted...</cite> <quote>This is freaking stupid. Wtf is wrong with republicans? Do they not realize how to help people?</quote> They dont care about the middle class and they havent since the 60s</quote> ... Copied to Clipboard!
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SK8T3R215 10/21/17 10:22:08 AM #12:	Darkman124 posted... 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. Its something they are considering and I really doubt they will include with the backlash it would bring so let's calm down its not like this WILL be a part of the plan. --- New York Knicks, New York Jets, New York Yankees. <cite>SK8T3R215 posted [p:888848500] in Republican... [t:75903302]...</cite> <quote><cite>Darkman124 posted...</cite> <quote>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. </quote> Its something they are considering and I really doubt they will include with the backlash it would bring so let's calm down its not like this WILL be a part of the plan.</quote> ... Copied to Clipboard!
Drpooplol 10/21/17 10:23:19 AM #13:	Rip middle class America. I doubt this would ever be reversed either if it happened. --- Oops, I dropped my monster condom, that I use for my Magnum dong <cite>Drpooplol posted [p:888848553] in Republican... [t:75903302]...</cite> <quote>Rip middle class America. I doubt this would ever be reversed either if it happened.</quote> ... Copied to Clipboard!
SSJ4Broly 10/21/17 10:25:06 AM #14:	As if you guys have savings accounts in the first place... <cite>SSJ4Broly posted [p:888848611] in Republican... [t:75903302]...</cite> <quote>As if you guys have savings accounts in the first place...</quote> ... Copied to Clipboard!
E32005 10/21/17 10:27:11 AM #15:	SSJ4Broly posted... As if you guys have savings accounts in the first place... It have a 401k and And ira dumbass --- http://i.imgur.com/LAvnefi.gif http://i.imgur.com/6kW9fXL.gif <cite>E32005 posted [p:888848690] in Republican... [t:75903302]...</cite> <quote><cite>SSJ4Broly posted...</cite> <quote>As if you guys have savings accounts in the first place...</quote> It have a 401k and And ira dumbass</quote> ... Copied to Clipboard!
foreveraIone 10/21/17 10:27:55 AM #16:	Drpooplol posted... Rip middle class America. I doubt this would ever be reversed either if it happened. wow its really that big of a deal? jfc. --- http://i.imgtc.com/qieELu9.jpg Always. Edgy. <cite>foreveraIone posted [p:888848720] in Republican... [t:75903302]...</cite> <quote><cite>Drpooplol posted...</cite> <quote>Rip middle class America. I doubt this would ever be reversed either if it happened.</quote> wow its really that big of a deal? jfc.</quote> ... Copied to Clipboard!
Drpooplol 10/21/17 10:27:58 AM #17:	SSJ4Broly posted... As if you guys have savings accounts in the first place... Is this a new troll account? --- Oops, I dropped my monster condom, that I use for my Magnum dong <cite>Drpooplol posted [p:888848721] in Republican... [t:75903302]...</cite> <quote><cite>SSJ4Broly posted...</cite> <quote>As if you guys have savings accounts in the first place...</quote> Is this a new troll account?</quote> ... Copied to Clipboard!
Drpooplol 10/21/17 10:30:42 AM #18:	foreveraIone posted... Drpooplol posted... Rip middle class America. I doubt this would ever be reversed either if it happened. wow its really that big of a deal? jfc. Yes it is. --- "Or do you want to know more about my vagina?" LIE "No" <cite>Drpooplol posted [p:888848813] in Republican... [t:75903302]...</cite> <quote><cite>foreveraIone posted...</cite> <quote><cite>Drpooplol posted...</cite> <quote>Rip middle class America. I doubt this would ever be reversed either if it happened.</quote> wow its really that big of a deal? jfc.</quote> Yes it is.</quote> ... Copied to Clipboard!
HydraSlayer82 10/21/17 10:32:15 AM #19:	Um, if you want to ever retire and not just live off meager social security yeah this is a pretty big deal. --- Sigless user <cite>HydraSlayer82 posted [p:888848867] in Republican... [t:75903302]...</cite> <quote>Um, if you want to ever retire and not just live off meager social security yeah this is a pretty big deal.</quote> ... Copied to Clipboard!
Drpooplol 10/21/17 10:32:18 AM #20:	This is something that my staunchly old-school Republican father dreaded Bernie Sanders would do. I should ask him what he thinks. He already hates Trump, though. --- Oops, I dropped my monster condom, that I use for my Magnum dong <cite>Drpooplol posted [p:888848873] in Republican... [t:75903302]...</cite> <quote>This is something that my staunchly old-school Republican father dreaded Bernie Sanders would do. I should ask him what he thinks. He already hates Trump, though.</quote> ... Copied to Clipboard!
SamuelHayden 10/21/17 10:34:29 AM #21:	Darkman124 posted... This is terrible, a dramatic and massive "f* YOU" to middle class voters. Yet they will love it, thank the people who voted for this and gloat that we're finally back in the right track. Then when they discover they have no money to retire they will whine about the escape goat flavor of the month took away their chance to retire. It's pathetic. <cite>SamuelHayden posted [p:888848954] in Republican... [t:75903302]...</cite> <quote><cite>Darkman124 posted...</cite> <quote>This is terrible, a dramatic and massive "f* YOU" to middle class voters. </quote> Yet they will love it, thank the people who voted for this and gloat that we're finally back in the right track. Then when they discover they have no money to retire they will whine about the escape goat flavor of the month took away their chance to retire. It's pathetic.</quote> ... Copied to Clipboard!
itachi15243 10/21/17 10:34:51 AM #22:	What the fuck This is fucked up. --- I do drawings and stuff https://www.fiverr.com/blueblitz <cite>itachi15243 posted [p:888848971] in Republican... [t:75903302]...</cite> <quote>What the fuck This is fucked up.</quote> ... Copied to Clipboard!
literal_garbage 10/21/17 10:36:30 AM #23:	Good. Middle class leaches shouldn't be able to hide their money and avoid taxes through loopholes --- - literal garbage <cite>literal_garbage posted [p:888849056] in Republican... [t:75903302]...</cite> <quote>Good. Middle class leaches shouldn't be able to hide their money and avoid taxes through loopholes</quote> ... Copied to Clipboard!
foreveraIone 10/21/17 10:37:13 AM #24:	HydraSlayer82 posted... Um, if you want to ever retire and not just live off meager social security yeah this is a pretty big deal. oh ok. i get it now. yeah that's pretty fucked. --- http://i.imgtc.com/qieELu9.jpg Always. Edgy. <cite>foreveraIone posted [p:888849080] in Republican... [t:75903302]...</cite> <quote><cite>HydraSlayer82 posted...</cite> <quote>Um, if you want to ever retire and not just live off meager social security yeah this is a pretty big deal.</quote> oh ok. i get it now. yeah that's pretty fucked.</quote> ... Copied to Clipboard!
SamuelHayden 10/21/17 10:38:45 AM #25:	itachi15243 posted... What the fuck This is fucked up. it's not! Zillionaires need to take money from the middle class so they can then trickle down some of it to the middle class.. lmao I felt dirty typing that <cite>SamuelHayden posted [p:888849137] in Republican... [t:75903302]...</cite> <quote><cite>itachi15243 posted...</cite> <quote>What the fuck This is fucked up.</quote> it's not! Zillionaires need to take money from the middle class so they can then trickle down some of it to the middle class.. lmao I felt dirty typing that</quote> ... Copied to Clipboard!
E32005 10/21/17 10:40:41 AM #26:	Drpooplol posted... This is something that my staunchly old-school Republican father dreaded Bernie Sanders would do. I should ask him what he thinks. He already hates Trump, though. At least he hates him --- http://i.imgur.com/LAvnefi.gif http://i.imgur.com/6kW9fXL.gif <cite>E32005 posted [p:888849209] in Republican... [t:75903302]...</cite> <quote><cite>Drpooplol posted...</cite> <quote>This is something that my staunchly old-school Republican father dreaded Bernie Sanders would do. I should ask him what he thinks. He already hates Trump, though.</quote> At least he hates him</quote> ... Copied to Clipboard!
littlebro07 10/21/17 10:42:11 AM #27:	Why do Republican voters love to fuck themselves so much? --- http://i211.photobucket.com/albums/bb289/volcaitlin/gifs/dancning.gif <cite>littlebro07 posted [p:888849255] in Republican... [t:75903302]...</cite> <quote>Why do Republican voters love to fuck themselves so much?</quote> ... Copied to Clipboard!
KiwiTerraRizing 10/21/17 10:42:34 AM #28:	Drpooplol posted... foreveraIone posted... Drpooplol posted... Rip middle class America. I doubt this would ever be reversed either if it happened. wow its really that big of a deal? jfc. Yes it is. It really really is, you think you can retire on saving 2400 a year? --- Jake Peralta: World's Grossest Pervert <cite>KiwiTerraRizing posted [p:888849276] in Republican... [t:75903302]...</cite> <quote><cite>Drpooplol posted...</cite> <quote><cite>foreveraIone posted...</cite> <quote><cite>Drpooplol posted...</cite> <quote>Rip middle class America. I doubt this would ever be reversed either if it happened.</quote> wow its really that big of a deal? jfc.</quote> Yes it is.</quote> It really really is, you think you can retire on saving 2400 a year?</quote> ... Copied to Clipboard!
foreveraIone 10/21/17 10:44:22 AM #29:	KiwiTerraRizing posted... It really really is, you think you can retire on saving 2400 a year? luckily i didn't actually read through anything so I can say no. --- http://i.imgtc.com/qieELu9.jpg Always. Edgy. <cite>foreveraIone posted [p:888849343] in Republican... [t:75903302]...</cite> <quote><cite>KiwiTerraRizing posted...</cite> <quote> It really really is, you think you can retire on saving 2400 a year?</quote> luckily i didn't actually read through anything so I can say no.</quote> ... Copied to Clipboard!
itachi15243 10/21/17 10:45:14 AM #30:	SamuelHayden posted... itachi15243 posted... What the fuck This is fucked up. it's not! Zillionaires need to take money from the middle class so they can then trickle down some of it to the middle class.. lmao I felt dirty typing that I don't fucking understand Republicans, this is insane. Like Darkman said, this is just a big fuck you to the middle class. If this does go through, my best bet of retirement is winning the lottery. --- I do drawings and stuff https://www.fiverr.com/blueblitz <cite>itachi15243 posted [p:888849382] in Republican... [t:75903302]...</cite> <quote><cite>SamuelHayden posted...</cite> <quote><cite>itachi15243 posted...</cite> <quote>What the fuck This is fucked up.</quote> it's not! Zillionaires need to take money from the middle class so they can then trickle down some of it to the middle class.. lmao I felt dirty typing that</quote> I don't fucking understand Republicans, this is insane. Like Darkman said, this is just a big fuck you to the middle class. If this does go through, my best bet of retirement is winning the lottery.</quote> ... Copied to Clipboard!
Kineth 10/21/17 10:45:28 AM #31:	KiwiTerraRizing posted... Drpooplol posted... foreveraIone posted... Drpooplol posted... Rip middle class America. I doubt this would ever be reversed either if it happened. wow its really that big of a deal? jfc. Yes it is. It really really is, you think you can retire on saving 2400 a year? And I doubt the interest rates are anything worthwhile either. --- If you're not looking for any honest discussion, agreement, meeting halfway or middle ground, don't bother arguing with me. Selfish narcissists need not apply. <cite>Kineth posted [p:888849392] in Republican... [t:75903302]...</cite> <quote><cite>KiwiTerraRizing posted...</cite> <quote><cite>Drpooplol posted...</cite> <quote><cite>foreveraIone posted...</cite> <quote><cite>Drpooplol posted...</cite> <quote>Rip middle class America. I doubt this would ever be reversed either if it happened.</quote> wow its really that big of a deal? jfc.</quote> Yes it is.</quote> It really really is, you think you can retire on saving 2400 a year?</quote> And I doubt the interest rates are anything worthwhile either.</quote> ... Copied to Clipboard!
literal_garbage 10/21/17 10:46:06 AM #32:	KiwiTerraRizing posted... Drpooplol posted... foreveraIone posted... Drpooplol posted... Rip middle class America. I doubt this would ever be reversed either if it happened. wow its really that big of a deal? jfc. Yes it is. It really really is, you think you can retire on saving 2400 a year? Why do you think that you're entitled to retire? --- - literal garbage <cite>literal_garbage posted [p:888849410] in Republican... [t:75903302]...</cite> <quote><cite>KiwiTerraRizing posted...</cite> <quote><cite>Drpooplol posted...</cite> <quote><cite>foreveraIone posted...</cite> <quote><cite>Drpooplol posted...</cite> <quote>Rip middle class America. I doubt this would ever be reversed either if it happened.</quote> wow its really that big of a deal? jfc.</quote> Yes it is.</quote> It really really is, you think you can retire on saving 2400 a year?</quote> Why do you think that you're entitled to retire?</quote> ... Copied to Clipboard!
Mike_Stanton 10/21/17 10:47:32 AM #33:	SSJ4Broly posted... As if you guys have savings accounts in the first place... This is still the only defense any of them have come up with... --- RIP Butters_1188 2005-2009 Prove me wrong <cite>Mike_Stanton posted [p:888849460] in Republican... [t:75903302]...</cite> <quote><cite>SSJ4Broly posted...</cite> <quote>As if you guys have savings accounts in the first place...</quote> This is still the only defense any of them have come up with...</quote> ... Copied to Clipboard!
IdiotMachine 10/21/17 10:48:23 AM #34:	Excluding inflation: With the current system, say you and your employer puts in $12,000/year ($1,000/mo), with annual interest of 6% compounded monthly. Over 30 years, that amounts to approximately $1,005,000 (vs. $360,000 you+your employer actually put in). If the amount was cut down to $2,400/year, with the same numbers as above, that amounts to just $201,000 (vs. $72,000 you+your employer actually put in). So this is freaking HUGE. <cite>IdiotMachine posted [p:888849506] in Republican... [t:75903302]...</cite> <quote>Excluding inflation: With the current system, say you and your employer puts in $12,000/year ($1,000/mo), with annual interest of 6% compounded monthly. Over 30 years, that amounts to approximately $1,005,000 (vs. $360,000 you+your employer actually put in). If the amount was cut down to $2,400/year, with the same numbers as above, that amounts to just $201,000 (vs. $72,000 you+your employer actually put in). So this is freaking HUGE.</quote> ... Copied to Clipboard!
Drpooplol 10/21/17 10:48:47 AM #35:	itachi15243 posted... SamuelHayden posted... itachi15243 posted... What the fuck This is fucked up. it's not! Zillionaires need to take money from the middle class so they can then trickle down some of it to the middle class.. lmao I felt dirty typing that I don't fucking understand Republicans, this is insane. Like Darkman said, this is just a big fuck you to the middle class. If this does go through, my best bet of retirement is winning the lottery. There no need to be hyperbolic --- "Or do you want to know more about my vagina?" LIE "No" <cite>Drpooplol posted [p:888849522] in Republican... [t:75903302]...</cite> <quote><cite>itachi15243 posted...</cite> <quote><cite>SamuelHayden posted...</cite> <quote><cite>itachi15243 posted...</cite> <quote>What the fuck This is fucked up.</quote> it's not! Zillionaires need to take money from the middle class so they can then trickle down some of it to the middle class.. lmao I felt dirty typing that</quote> I don't fucking understand Republicans, this is insane. Like Darkman said, this is just a big fuck you to the middle class. If this does go through, my best bet of retirement is winning the lottery.</quote> There no need to be hyperbolic</quote> ... Copied to Clipboard!
KiwiTerraRizing 10/21/17 10:48:48 AM #36:	literal_garbage posted... KiwiTerraRizing posted... Drpooplol posted... foreveraIone posted... Drpooplol posted... Rip middle class America. I doubt this would ever be reversed either if it happened. wow its really that big of a deal? jfc. Yes it is. It really really is, you think you can retire on saving 2400 a year? Why do you think that you're entitled to retire? Whose fucking entitled? You save your own money you earned retirement. Why do small government Republicans want to take away my freedom to invest my money how I want? --- Jake Peralta: World's Grossest Pervert <cite>KiwiTerraRizing posted [p:888849524] in Republican... [t:75903302]...</cite> <quote><cite>literal_garbage posted...</cite> <quote><cite>KiwiTerraRizing posted...</cite> <quote><cite>Drpooplol posted...</cite> <quote><cite>foreveraIone posted...</cite> <quote><cite>Drpooplol posted...</cite> <quote>Rip middle class America. I doubt this would ever be reversed either if it happened.</quote> wow its really that big of a deal? jfc.</quote> Yes it is.</quote> It really really is, you think you can retire on saving 2400 a year?</quote> Why do you think that you're entitled to retire?</quote> Whose fucking entitled? You save your own money you earned retirement. Why do small government Republicans want to take away my freedom to invest my money how I want?</quote> ... Copied to Clipboard!
Drpooplol 10/21/17 10:51:20 AM #37:	KiwiTerraRizing posted... He's trolling you --- "Or do you want to know more about my vagina?" LIE "No" <cite>Drpooplol posted [p:888849627] in Republican... [t:75903302]...</cite> <quote><cite>KiwiTerraRizing posted...</cite> He's trolling you</quote> ... Copied to Clipboard!
KiwiTerraRizing 10/21/17 10:52:53 AM #38:	Drpooplol posted... KiwiTerraRizing posted... He's trolling you This board is full of people who believe everything the right shits into their mouth. --- Jake Peralta: World's Grossest Pervert <cite>KiwiTerraRizing posted [p:888849686] in Republican... [t:75903302]...</cite> <quote><cite>Drpooplol posted...</cite> <quote><cite>KiwiTerraRizing posted...</cite> He's trolling you</quote> This board is full of people who believe everything the right shits into their mouth.</quote> ... Copied to Clipboard!
SK8T3R215 10/21/17 10:53:37 AM #39:	KiwiTerraRizing posted... Drpooplol posted... KiwiTerraRizing posted... He's trolling you This board is full of people who believe everything the right shits into their mouth. yikes that's a melty --- New York Knicks, New York Jets, New York Yankees. <cite>SK8T3R215 posted [p:888849716] in Republican... [t:75903302]...</cite> <quote><cite>KiwiTerraRizing posted...</cite> <quote><cite>Drpooplol posted...</cite> <quote><cite>KiwiTerraRizing posted...</cite> He's trolling you</quote> This board is full of people who believe everything the right shits into their mouth.</quote> yikes that's a melty</quote> ... Copied to Clipboard!
NightMarishPie 10/21/17 10:54:26 AM #40:	IdiotMachine posted... Excluding inflation: With the current system, say you and your employer puts in $12,000/year ($1,000/mo), with annual interest of 6% compounded monthly. Over 30 years, that amounts to approximately $1,005,000 (vs. $360,000 you+your employer actually put in). If the amount was cut down to $2,400/year, with the same numbers as above, that amounts to just $201,000 (vs. $72,000 you+your employer actually put in). So this is freaking HUGE. what the fuck --- "Who dares, wins" 3DS FC: 1521 3697 7272 <cite>NightMarishPie posted [p:888849754] in Republican... [t:75903302]...</cite> <quote><cite>IdiotMachine posted...</cite> <quote>Excluding inflation: With the current system, say you and your employer puts in $12,000/year ($1,000/mo), with annual interest of 6% compounded monthly. Over 30 years, that amounts to approximately $1,005,000 (vs. $360,000 you+your employer actually put in). If the amount was cut down to $2,400/year, with the same numbers as above, that amounts to just $201,000 (vs. $72,000 you+your employer actually put in). So this is freaking HUGE.</quote> what the fuck</quote> ... Copied to Clipboard!
SamuelHayden 10/21/17 10:57:54 AM #41:	itachi15243 posted... If this does go through, my best bet of retirement is winning the lottery. And then when you can't retire some bitter 90 year old fuck will tell you it's your own damn fault for buying avocado toast and latte even though he had it easy. <cite>SamuelHayden posted [p:888849899] in Republican... [t:75903302]...</cite> <quote><cite>itachi15243 posted...</cite> <quote>If this does go through, my best bet of retirement is winning the lottery.</quote> And then when you can't retire some bitter 90 year old fuck will tell you it's your own damn fault for buying avocado toast and latte even though he had it easy.</quote> ... Copied to Clipboard!
literal_garbage 10/21/17 10:58:06 AM #42:	KiwiTerraRizing posted... literal_garbage posted... KiwiTerraRizing posted... Drpooplol posted... foreveraIone posted... Drpooplol posted... Rip middle class America. I doubt this would ever be reversed either if it happened. wow its really that big of a deal? jfc. Yes it is. It really really is, you think you can retire on saving 2400 a year? Why do you think that you're entitled to retire? Whose fucking entitled? You save your own money you earned retirement. Why do small government Republicans want to take away my freedom to invest my money how I want? Sorry that you can't abuse loopholes anymore --- - literal garbage <cite>literal_garbage posted [p:888849908] in Republican... [t:75903302]...</cite> <quote><cite>KiwiTerraRizing posted...</cite> <quote><cite>literal_garbage posted...</cite> <quote><cite>KiwiTerraRizing posted...</cite> <quote><cite>Drpooplol posted...</cite> <quote><cite>foreveraIone posted...</cite> <quote><cite>Drpooplol posted...</cite> <quote>Rip middle class America. I doubt this would ever be reversed either if it happened.</quote> wow its really that big of a deal? jfc.</quote> Yes it is.</quote> It really really is, you think you can retire on saving 2400 a year?</quote> Why do you think that you're entitled to retire?</quote> Whose fucking entitled? You save your own money you earned retirement. Why do small government Republicans want to take away my freedom to invest my money how I want?</quote> Sorry that you can't abuse loopholes anymore</quote> ... Copied to Clipboard!
itachi15243 10/21/17 10:58:19 AM #43:	Drpooplol posted... itachi15243 posted... SamuelHayden posted... itachi15243 posted... What the fuck This is fucked up. it's not! Zillionaires need to take money from the middle class so they can then trickle down some of it to the middle class.. lmao I felt dirty typing that I don't fucking understand Republicans, this is insane. Like Darkman said, this is just a big fuck you to the middle class. If this does go through, my best bet of retirement is winning the lottery. There no need to be hyperbolic Just trying to point out how bad this is. IdiotMachine posted... Excluding inflation: With the current system, say you and your employer puts in $12,000/year ($1,000/mo), with annual interest of 6% compounded monthly. Over 30 years, that amounts to approximately $1,005,000 (vs. $360,000 you+your employer actually put in). If the amount was cut down to $2,400/year, with the same numbers as above, that amounts to just $201,000 (vs. $72,000 you+your employer actually put in). So this is freaking HUGE. If you look at this post you can see that you'd get about a fifth of what you would now. At best that's like 4-8 years of retirement. --- I do drawings and stuff https://www.fiverr.com/blueblitz <cite>itachi15243 posted [p:888849919] in Republican... [t:75903302]...</cite> <quote><cite>Drpooplol posted...</cite> <quote><cite>itachi15243 posted...</cite> <quote><cite>SamuelHayden posted...</cite> <quote><cite>itachi15243 posted...</cite> <quote>What the fuck This is fucked up.</quote> it's not! Zillionaires need to take money from the middle class so they can then trickle down some of it to the middle class.. lmao I felt dirty typing that</quote> I don't fucking understand Republicans, this is insane. Like Darkman said, this is just a big fuck you to the middle class. If this does go through, my best bet of retirement is winning the lottery.</quote> There no need to be hyperbolic</quote> Just trying to point out how bad this is. <cite>IdiotMachine posted...</cite> <quote>Excluding inflation: With the current system, say you and your employer puts in $12,000/year ($1,000/mo), with annual interest of 6% compounded monthly. Over 30 years, that amounts to approximately $1,005,000 (vs. $360,000 you+your employer actually put in). If the amount was cut down to $2,400/year, with the same numbers as above, that amounts to just $201,000 (vs. $72,000 you+your employer actually put in). So this is freaking HUGE.</quote> If you look at this post you can see that you'd get about a fifth of what you would now. At best that's like 4-8 years of retirement.</quote> ... Copied to Clipboard!
PutUpYourDukes 10/21/17 10:59:47 AM #44:	i always told people not to put money in a 401k or w/e since eventually the gov would come for it no one listened tho <cite>PutUpYourDukes posted [p:888849986] in Republican... [t:75903302]...</cite> <quote>i always told people not to put money in a 401k or w/e since eventually the gov would come for it no one listened tho</quote> ... Copied to Clipboard!
SK8T3R215 10/21/17 11:05:26 AM #45:	PutUpYourDukes posted... i always told people not to put money in a 401k or w/e since eventually the gov would come for it no one listened tho This has nothing to do with taking current 401(k) balances. --- New York Knicks, New York Jets, New York Yankees. <cite>SK8T3R215 posted [p:888850235] in Republican... [t:75903302]...</cite> <quote><cite>PutUpYourDukes posted...</cite> <quote>i always told people not to put money in a 401k or w/e since eventually the gov would come for it no one listened tho</quote> This has nothing to do with taking current 401(k) balances.</quote> ... Copied to Clipboard!
littlebro07 10/21/17 11:05:48 AM #46:	PutUpYourDukes posted... i always told people not to put money in a 401k or w/e since eventually the gov would come for it no one listened tho They aren't taking anything, just possibly making it so you can't put as much in. If you've been heavily contributing for like 20+ years this won't have a HUGE impact on you, but for people just starting to save for retirement it's awful. --- http://i211.photobucket.com/albums/bb289/volcaitlin/gifs/dancning.gif <cite>littlebro07 posted [p:888850255] in Republican... [t:75903302]...</cite> <quote><cite>PutUpYourDukes posted...</cite> <quote>i always told people not to put money in a 401k or w/e since eventually the gov would come for it no one listened tho</quote> They aren't taking anything, just possibly making it so you can't put as much in. If you've been heavily contributing for like 20+ years this won't have a HUGE impact on you, but for people just starting to save for retirement it's awful.</quote> ... Copied to Clipboard!
PutUpYourDukes 10/21/17 11:08:31 AM #47:	SK8T3R215 posted... PutUpYourDukes posted... i always told people not to put money in a 401k or w/e since eventually the gov would come for it no one listened tho This has nothing to do with taking current 401(k) balances. it is effectively making current balances useless unless you already invested a lot <cite>PutUpYourDukes posted [p:888850356] in Republican... [t:75903302]...</cite> <quote><cite>SK8T3R215 posted...</cite> <quote><cite>PutUpYourDukes posted...</cite> <quote>i always told people not to put money in a 401k or w/e since eventually the gov would come for it no one listened tho</quote> This has nothing to do with taking current 401(k) balances.</quote> it is effectively making current balances useless unless you already invested a lot</quote> ... Copied to Clipboard!
PutUpYourDukes 10/21/17 11:09:15 AM #48:	littlebro07 posted... PutUpYourDukes posted... i always told people not to put money in a 401k or w/e since eventually the gov would come for it no one listened tho They aren't taking anything, just possibly making it so you can't put as much in. If you've been heavily contributing for like 20+ years this won't have a HUGE impact on you, but for people just starting to save for retirement it's awful. people who started five to ten years ago basically are gonna get shafted by the opportunity cost once their new returns are super limited <cite>PutUpYourDukes posted [p:888850376] in Republican... [t:75903302]...</cite> <quote><cite>littlebro07 posted...</cite> <quote><cite>PutUpYourDukes posted...</cite> <quote>i always told people not to put money in a 401k or w/e since eventually the gov would come for it no one listened tho</quote> They aren't taking anything, just possibly making it so you can't put as much in. If you've been heavily contributing for like 20+ years this won't have a HUGE impact on you, but for people just starting to save for retirement it's awful.</quote> people who started five to ten years ago basically are gonna get shafted by the opportunity cost once their new returns are super limited</quote> ... Copied to Clipboard!
SK8T3R215 10/21/17 11:12:57 AM #49:	PutUpYourDukes posted... SK8T3R215 posted... PutUpYourDukes posted... i always told people not to put money in a 401k or w/e since eventually the gov would come for it no one listened tho This has nothing to do with taking current 401(k) balances. it is effectively making current balances useless unless you already invested a lot No it doesn't and that sentence doesn't even make sense. This doesn't do anything to what is in your 401(k) right now so you really don't know what you're saying. --- New York Knicks, New York Jets, New York Yankees. <cite>SK8T3R215 posted [p:888850512] in Republican... [t:75903302]...</cite> <quote><cite>PutUpYourDukes posted...</cite> <quote><cite>SK8T3R215 posted...</cite> <quote><cite>PutUpYourDukes posted...</cite> <quote>i always told people not to put money in a 401k or w/e since eventually the gov would come for it no one listened tho</quote> This has nothing to do with taking current 401(k) balances.</quote> it is effectively making current balances useless unless you already invested a lot</quote> No it doesn't and that sentence doesn't even make sense. This doesn't do anything to what is in your 401(k) right now so you really don't know what you're saying.</quote> ... Copied to Clipboard!
SK8T3R215 10/21/17 11:15:57 AM #50:	PutUpYourDukes posted... people who started five to ten years ago basically are gonna get shafted by the opportunity cost once their new returns are super limited Those people already got the tax deferred benefit so what is the opportunity cost they're being shafted with? --- New York Knicks, New York Jets, New York Yankees. <cite>SK8T3R215 posted [p:888850649] in Republican... [t:75903302]...</cite> <quote><cite>PutUpYourDukes posted...</cite> <quote>people who started five to ten years ago basically are gonna get shafted by the opportunity cost once their new returns are super limited</quote> Those people already got the tax deferred benefit so what is the opportunity cost they're being shafted with?</quote> ... Copied to Clipboard!
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Current Events > Republicans Consider Sharp Cut in 401(k) Contribution Limits to offset tax cost (+) Yeah! (+)

Current Events > Republicans Consider Sharp Cut in 401(k) Contribution Limits to offset tax cost