New 401K upgrade coming from Washington

Detroitgator

Well-Known Member
Lifetime Member
Jul 15, 2014
28,240
46,755
I'm talking about paying for the decrease in tax revenues. An increase in the use of tax deferral accounts decreases tax revenue, or defers it many years out.






So you now want to reduce taxable income at retirement by half? Exempt 100% of income when earned, and then tax only 50% at withdrawal? Once again, decrease tax revenue.

This has nothing to do with social security. I havent heard any proposals to decrease social security at the same time.

Plus you are mostly wrong in terms of participation. There are many who don't participate even when they get an employer match. Why save tax deferred or even free for retirement when I can have a $50k Ford F-10000050 right now?

Tax deferred accounts and Roths largely benefit upper middle class and people who would save anyway. Don't get me wrong, I'm personally a fan and I utilize them to the fullest and have material amounts and almost all of our savings in both.



Where did this come from? I have been saying pretty much the same thing. I am not one of the idiots saying we can fix this by "cutting waste".

At this point, not even growing spending a sub inflation levels will fix it. You have to address entitlements and at least bring taxes back to historical norms.
When did this "history" start and when did the entitlement spending start? Just curious as to what timeline we're working with when discussing "historical nomrs" and spending.
 

Users who are viewing this thread

Help Users

You haven't joined any rooms.

    Birthdays

    Staff online

    Forum statistics

    Threads
    31,643
    Messages
    1,615,744
    Members
    1,642
    Latest member
    fishermb