RED ALERT: GOP tax bill WILL slash 401(k) retirement accounts. Call Congress now 202-224-3121

[CousinIT]

NOW.

Link to tweet

[Madam45for2923]

1. Anyone who says that the 2 parties are the same is lying & has an agenda.

[Joe941]

2. I couldn't care less about 401k....

I can't afford it.

[Kirk Lover]

4. It lowers your taxable income and if your company has a match you should join and

contribute. You can even contribute just 10 bucks per paycheck...you won't feel it and you've done worse with 10 bucks.

[Le Gaucher]

6. And I contribute 10% of my salary.. And am still going to fall short

And this is before the proposed change.

[CousinIT]

7. I contribute some as well - employer match. I'd be taxed on most of of it

shrinking my paycheck by about $300 or so - all so the fucking Kochs & Corprats don't have to pay any taxes. GREEAAAAT.

[Kirk Lover]

3. There is NO WAY that the financial industry is going to allow this.

[Ms. Toad]

5. I'd go with lowering it, in exchange for increasing the deductions for the IRAs

to the same cap.

It's always been infuriating for me that because my employer didn't trust the markets that a significantly higher portion of my income was taxable - becasue I was forced to contribute through an IRA (with the rest going into general savings).

When my daughter went to college, I had to pay 100% of her tuition because I "chose" to put my savings into a non-tax adantaged account - so the schools see that money as availalble for tuition. In addition, my income was about $12,000 higher because I could only shelter $6,000 - $6,500 of it. Not to mention that I was paying taxes as if single, even though I'd been married for 2-3 decades at the time (abotu $6000 - $8000 more in taxes).

grumble...grumble...grumble....

(I do like using tax incentives to encourage saving, but the amount you can put in a tax advantaged fund should not depend on a cooperative employer.)

[GulfCoast66]

8. Wow!! Did not think they were that stupid

This hits at the heart of their college educated white supporters. They are really out of touch. But with their heads up the Koch’s asses it is not surprising.

Either that or they think that their supporters racist tendencies will outweigh their financial well-being. And that may be a valid assessment. They hate liberals so much they will allow themselves to be harmed to hurt their opponents worse.