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Tuesday, April 25, 2017

Grab Your Pitchforks, America! Look What Congress May Do to All of Our 401(K)s…

One of the major things that people voted for in sending Republicans to Congress was tax reform and cutting onerous taxes.
While Congress is considering tax reform, they are also considering a terrible idea for which we surely did not vote.
From The Wall Street Journal:
In the early stages of negotiating tax reform, Congress is already considering whether to reduce the benefits of contributing to a 401(k) and similar retirement plans — even as U.S. representatives and senators bask in the safety of the pension system that taxpayers fund for federal employees.
They’re considering taxing 401(K) contributions, basically eliminating the benefit of using them.

At a meeting with members of the Senate Banking Committee earlier this month, Gary Cohn, the director of the White House National Economic Council, discussed ideas that would remove pre-tax benefits from retirement accounts including 401(k)s and shift them to after-tax benefits, according to people familiar with the discussions. It wasn’t clear how seriously the administration is evaluating any specific proposal, these people said.

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