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  • Pubs want to limit 401k contribution

    No more pensions, the primary way to secure a retirement is through 401k or similar etc... Contributions are often matched and are always tax deferred. The limit is supposed to go to $18,500 next year.

    http://money.cnn.com/2017/10/19/reti...018/index.html


    Now, the R's want to limit that to $2,400 so that they can pay for their tax "simplification".

    http://nypost.com/2017/10/20/wall-st...0-401k-limits/


    So much for helping out the middle class...
    http://www.harmonycentral.com/t5/Electric-Guitars/I-smeared-bacon-fat-on-my-strat-now-it-stinks/td-p/16697195

  • #2
    I have a problem with this. We need to encourage more saving and investment in the middle class, not less. Limiting workplace retirement contributions to such a low level would almost certainly increase the retiree burden on society in 20-30 years - which is not functionally different from increasing the structural deficit. Bad move.

    Keep in mind that we already have a lot of people in their 30s and 40s who have little to no savings, are just now reaching their career income level, and have gotten past student debt, first house, etc. Those families need the ability to "over-save" for retirement to make up for lost time.

    The is emblematic of neither fiscal nor personal responsibility. Trump is leading the Republicans down a very non-conservative path, and if they stay this course they will lose a lot of voters like me.

    JMO, YMMV.
    Last edited by SteinbergerHack; 10-21-2017, 06:29 AM.
    "The historical experience of socialist countries has sadly demonstrated that collectivism does not do away with alienation but rather increases it, adding to it a lack of basic necessities and economic inefficiency." ------------------ Pope John Paul II

    Comment


    • New Trail
      New Trail commented
      Editing a comment
      Trump is "leading"?

  • #3
    Originally posted by SteinbergerHack View Post
    I have a problem with this. We need to encourage more saving and investment in the middle class, not less. Limiting workplace retirement contributions to such a low level would almost certainly increase the retiree burden on society in 20-30 years - which is not functionally different from increasing the structural deficit. Bad move.

    Keep in mind that we already have a lot of people in their 30s and 40s who have little to no savings, are just now reaching their career income level, and have gotten past student debt, first house, etc. Those families need the ability to "over-save" for retirement to make up for lost time.

    The is emblematic of neither fiscal nor personal responsibility. Trump is leading the Republicans down a very non-conservative path, and if they stay this course they will lose a lot of voters like me.

    JMO, YMMV.

    They lost me the day Trump won the party nomination.
    Roll Tide!!!!!

    Comment


    • #4
      Wait, wuht?? Ummmm.... my job doesn't pay much for Manhattan professional-level work. Primary benefits to me are the BENEFITS, like unlimited sick days if necessary and wholly matched 401k contributions and profit sharing. My parents, Republicans, were so proud when I set aside music and finally started building a reitirement. Now the folks they voted into power want to cut my 401k contributions down by 2/3??? I guilt tripped 'em once about Trump and have kept mum ever since. I never rebelled as a kid, never got in trouble... but now I feel like unleashing the beast. ........ Illl just redirect the anger here instead in a series of troll posts or something.

      I have an idea that the new Republican strategy is to eschew the upper middle class (which might be dwindling anyway) and only seek to please the lower/lower middle class (who might not be able to contribute >$2400/yr) and the upper class that doesn't rely on 401ks???
      My band!:
      [URL="http://www.steelphantoms.com/"]www.steelphantoms.com/[/URL]
      my stage stuff:
      fender jimmie vaughan strat, korg dt-10, ts-9, keeley rat, thoroughly modded big muff, 4ms tremulus lune, eventide timefactor running stereo to a traynor bassmaster (w hotplate) and a fender HRD. Everything ('cept the TimeFactor and dt-10) is modded, with much help from folks at Harmony Central. Thanks everybody!

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      • #5
        Though, seeing a report that 'Wall Street is furious' over this plan tells me it probably won't pass. Trump and Mnuchin might be able to convince always-Trumpers that the deficit-increasing plan will. Ring so much winning, I mean, growth as to pay for itself. But the DONORS to congress won't be so easily convinced about this stuff, and hopefully they'll serve to protect us in this case.

        Sure, Wall Street folks would like to hold onto as much money as they can, but they definitely don't want a collapsed economist on account of too few dollars invested in the markets. (If I understand at all correctly.)
        Last edited by arcadesonfire; 10-21-2017, 07:23 AM.
        My band!:
        [URL="http://www.steelphantoms.com/"]www.steelphantoms.com/[/URL]
        my stage stuff:
        fender jimmie vaughan strat, korg dt-10, ts-9, keeley rat, thoroughly modded big muff, 4ms tremulus lune, eventide timefactor running stereo to a traynor bassmaster (w hotplate) and a fender HRD. Everything ('cept the TimeFactor and dt-10) is modded, with much help from folks at Harmony Central. Thanks everybody!

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        • #6
          Everytime I hear Trump or one of these Republicans talk about how their proposed tax reform will help the “middle class” I throw up in my mouth a little bit

          None of this is designed to help the middle class. They are out and out lying.
          ______________

          Comment


          • New Trail
            New Trail commented
            Editing a comment
            True. It's really getting harder and harder to see how people are falling for that. I don't see how the Reps keep people to vote against their own interests.

        • #7
          Originally posted by Into Nation View Post
          Pubs want to limit 401k contribution

          No more pensions, the primary way to secure a retirement is through 401k or similar etc... Contributions are often matched and are always tax deferred. The limit is supposed to go to $18,500 next year.

          http://money.cnn.com/2017/10/19/reti...018/index.html


          Now, the R's want to limit that to $2,400 so that they can pay for their tax "simplification".

          http://nypost.com/2017/10/20/wall-st...0-401k-limits/


          So much for helping out the middle class...
          I'd rather limit contributions to the Republicans to $2,400. That would include PACs, SuperPACs and the Koch brothers, among others. I'd also like to see the ''Citizens United'' decision overturned or better yet, outlawed. Nobody should be able to buy elections or politicians solely so they will support his own agenda and give him tax breaks and other considerations he neither needs nor deserves.
          __________________________________________________ __________________________________________________ ______________
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          Face it Tea Bagging Neo-Cons...if Reagan ran today, you'd be calling him a RINO socialist! -- scott666

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          • #8
            Originally posted by The Badger View Post

            I'd rather limit contributions to the Republicans to $2,400. That would include PACs, SuperPACs and the Koch brothers, among others. I'd also like to see the ''Citizens United'' decision overturned or better yet, outlawed. Nobody should be able to buy elections or politicians solely so they will support his own agenda and give him tax breaks and other considerations he neither needs nor deserves.
            If you're going to do that...you should limit all contributions...not just the ones to republicans.
            Roll Tide!!!!!

            Comment


            • #9
              Originally posted by Hoddy View Post


              They lost me the day Trump won the party nomination.
              They lost me the moment they backed him.

              Comment


              • New Trail
                New Trail commented
                Editing a comment
                Kasich was the only Republican candidate that I even half way liked.

              • Telecruiser
                Telecruiser commented
                Editing a comment
                And he got my vote.

            • #10
              I wish some folks in my fam thought more like Tele and Hoddy.
              ....
              imagine if the Democrats would cool it on gun control. They could have a gold mine of disaffected Republicans, maybe, maybe. Maybe. Maybe. Wishful thinking on my part. ... The nation needs a centrist party to come knock out the Trumps.
              My band!:
              [URL="http://www.steelphantoms.com/"]www.steelphantoms.com/[/URL]
              my stage stuff:
              fender jimmie vaughan strat, korg dt-10, ts-9, keeley rat, thoroughly modded big muff, 4ms tremulus lune, eventide timefactor running stereo to a traynor bassmaster (w hotplate) and a fender HRD. Everything ('cept the TimeFactor and dt-10) is modded, with much help from folks at Harmony Central. Thanks everybody!

              Comment


              • #11
                Originally posted by arcadesonfire View Post
                I wish some folks in my fam thought more like Tele and Hoddy.
                ....
                imagine if the Democrats would cool it on gun control. They could have a gold mine of disaffected Republicans, maybe, maybe. Maybe. Maybe. Wishful thinking on my part. ... The nation needs a centrist party to come knock out the Trumps.
                This.

                What I want is a fiscally conservative, socially liberal party that focuses primarily on individual rights (including LGBT, minority, 2nd Amendment, etc.). Where do I find that?

                Basically a mash-up of ACLU, Club for Growth, and the NRA.
                Last edited by SteinbergerHack; 10-21-2017, 11:05 AM.
                "The historical experience of socialist countries has sadly demonstrated that collectivism does not do away with alienation but rather increases it, adding to it a lack of basic necessities and economic inefficiency." ------------------ Pope John Paul II

                Comment


                • #12
                  Originally posted by SteinbergerHack View Post

                  This.

                  What I want is a fiscally conservative, socially liberal party that focuses primarily on individual rights (including LGBT, minority, 2nd Amendment, etc.). Where do I find that?

                  Basically a mash-up of ACLU, Club for Growth, and the NRA.
                  Switzerland?? Oh. No NRA there. I don't know. Perhaps a time traveling Delorean is needed to solve this mystery.
                  My band!:
                  [URL="http://www.steelphantoms.com/"]www.steelphantoms.com/[/URL]
                  my stage stuff:
                  fender jimmie vaughan strat, korg dt-10, ts-9, keeley rat, thoroughly modded big muff, 4ms tremulus lune, eventide timefactor running stereo to a traynor bassmaster (w hotplate) and a fender HRD. Everything ('cept the TimeFactor and dt-10) is modded, with much help from folks at Harmony Central. Thanks everybody!

                  Comment


                  • #13
                    Originally posted by SteinbergerHack View Post

                    This.

                    What I want is a fiscally conservative, socially liberal party that focuses primarily on individual rights (including LGBT, minority, 2nd Amendment, etc.). Where do I find that?

                    Basically a mash-up of ACLU, Club for Growth, and the NRA.

                    Won't happen in our modern culture. Centrist causes and positions don't generate web hits, TV ratings, or 'grass roots' support in primaries.

                    ______________

                    Comment


                    • #14
                      Originally posted by guido61 View Post


                      Won't happen in our modern culture. Centrist causes and positions don't generate web hits, TV ratings, or 'grass roots' support in primaries.
                      Unfortunately I know that you are correct. I can dream, though, can't I?
                      "The historical experience of socialist countries has sadly demonstrated that collectivism does not do away with alienation but rather increases it, adding to it a lack of basic necessities and economic inefficiency." ------------------ Pope John Paul II

                      Comment


                      • #15
                        Can the Trump Administration be any more obvious about screw the middle class policies?
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