Paul Ryan doesn't rule out changes to 401(k) plans

[groundloop]

Source: CBS News

Speaker Paul Ryan on Thursday did not rule out the possibility that Republicans will propose changes to 401(k) plans as part of their tax reform legislation.

The Wisconsin Republican was asked at his weekly press conference if he agrees with President Trump that 401(k)s should not be touched. GOP lawmakers are reportedly considering capping pre-tax 401(k) contributions, a move President Trump on Monday vowed wouldn't happen.

Ryan said that he agrees that there should be "comprehensive tax reform" and he agrees that the tax-writing House Ways and Means Committee should be given "latitude" in writing the tax code overhaul. He said that he will leave it to the panel's chairman, Rep. Kevin Brady, R-Texas, to explain what will be in the plan, which is now scheduled to be released next Wednesday.

The speaker applauded his conference for approving the Senate-passed budget Thursday, arguing that it "brings us one step closer to historic tax reform."

Read more: https://www.cbsnews.com/news/paul-ryan-weekly-press-conference-live-stream/

[Mr.Bill]

1. They don't have to worry about Trump not signing it.

They know he doesn't read anything he signs.

[Skittles]

29. and they know he is a liar, too

his "hands off 401K" crap is right up there with great, affordable healthcare for all

[Cryptoad]

2. Just goes to show ya,,,,

if u get them mad enough with fake news, they dont event realize they are getting fucked up the ass!

[yallerdawg]

3. Yesterday the Dotard said...

he was willing to negotiate on 401 (k).

The current occupant of the White House has no memory of what he says from one day to the next.

He'll happily sign whatever they send him - WHATEVER!

[JenniferJuniper]

4. No pensions, no Social Security, no 401k

Gen X and younger won't have anything to retire on.

[WinkyDink]

10. Then they had better get involved, no?

[JustAnotherGen]

26. I think it's going to impact

Only GenX - of which I am. And many of us are 'involved'.

If you are 30 you have plenty of time to start saving. If you are in your mid to late 40's, helping to support your parents, and putting kids through college -

You are fucked.

I think I'm going to snarkily send a hand written letter to Leonard Lance to ask him if he will sneak into this sadistic piece of shit that people born between 1962 and 1978 will be eligible for assisted suicide / means to do so when we turn 65.

It's obvious Gen X is of no value to this country - so fuck the country.

[JenniferJuniper]

27. Without GenX we would have no IT people

And that is not a joke.

[JustAnotherGen]

28. I know - and/or

Regulatory people in Corporate environments. It's grunt work, pays extremely well but it's stressful. People retire or leave it entirely 'early' and the 20 somethings don't think it's 'sexy'.

Compliance and Risk and Internal Controls - there is literally no one to back fill me when I shift to writing full time next year.

[Sen. Walter Sobchak]

5. The 401k is an accident of history, burn it to the ground.

My father had a 401k before there even was such a thing. It wasn't a comprehensive retirement plan. It was just a perk offered in addition to his pension to encourage employees to buy stock in the company.

The first time I had a job where contributing to a 401k made sense I went to the most financially savvy person I know and asked him for advice. He just about laughed in my face and said that he didn't have the time or broad enough knowledge to properly diversify and manage his own retirement account and got his money manager to take me on as a charity case.

Everything about the 401k is completely insane. The 401k makes an airline pilot of everyone without the benefit of interest, training or experience.

[LittleGirl]

9. Thread win!

That's what my spouse says all of the time. But since we don't get pensions anymore, we have no other way to save and get matching funds from our employer. So either way, we're just screwed. If they change these things, I will be marching in the streets with my local indivisible group.

[groundloop]

6. IRS limits 401K contributions ($18,500 for 2018)..... doesn't that mean it's already capped

I guess I'm dense, I'm not seeing the difference between what they're proposing and what we already have.

[n2doc]

7. They have been talking about capping it at $2,400 n/t

[groundloop]

14. Holy SHIT.... that would suck for anyone who hopes for a meaningful retirement

First the ruling class takes away pensions and tells us we can have a great retirement by managing our own funds in a 401K. There are, of course, many problems with this. Some people just aren't so good at managing investments and some people don't have to fool with it. Every once in a while folks with a 401K hit the jackpot and their investments skyrocket, but there are many others who by the luck of the draw have their investments in funds that tank and through no fault of their own will never have a decent retirement.

NOW the ruling class is going to take away even that.

[Bengus81]

20. Yeah but think of all the NEW CASH Trump and his thugs would bring in when the cap is lowered to

almost nothing. Peeps in the middle class get their 2-3 buck a week tax cut and then have the GUTS ripped out of a meaningful write off like a 401k.

Don't believe for a SECOND either about that shit gibbon and his crew not touching mortgage interest write offs either. The filthy rich don't need them,they'll make out like bandits with the tax cut itself. Those who truly need that write off will get it up the ASS once again.

And people VOTE for fuckers like these who ONLY serve to hurt them as much as possible.

[TexasBushwhacker]

22. And you're stuck with whatever mutual funds your employer chooses

If they suck, tough shit. Only 20% of mutual funds outperform the S&P 500, so there are plenty of loser funds to choose from. Then, of course, there are the fees.

Personally, I think contribution limits for 401Ks and IRAs should be the same.

[VaBchTgerLily]

19. they want to cap your cotribution to $15,000 a year.....

then the Gov't can tax you on the $2,500 that can currently be invested tax free

[Skittles]

30. um, no

the 2500 would be tax free, they want to TAX YOU ON THE REST

[Le Gaucher]

8. yes yes .. loot the middle class to pay for tax cuts for the rich

fuck the ejumacated elitish shite..

[FiveGoodMen]

11. And who -- outside of the 1% -- is dumb enough to support that??!?!?

It's beyond crazy that anyone can sell that notion to enough Americans to make it happen!

[Le Gaucher]

12. This plan also helps the lower end . Doubling the standard deduction will get it support from

folks who do not itemize returns.

Republicans are not stupid .. this plan will pass and guys like me are fucked

[n2doc]

15. It doesn't do much for them

Doubling the standard deduction, but removing the personal exemption and raising the rate on the remainder will hurt.

https://www.fool.com/taxes/2017/10/02/why-trumps-doubled-standard-deduction-wont-do-yo-2.aspx

Why losing personal exemptions could leave some families behind
The proposed tax framework touts the increase in the standard deduction as a way of extending what amounts to a zero tax bracket. Single filers will see their standard deduction rise from $6,350 to $12,000 under the proposal, while joint filers would get a boost from $12,700 to $24,000. The proposal doesn't list any special amount for those who qualify for head of household status, raising the possibility that their boost might be to $12,000 as well, leaving them with just a $2,700 increase.

However, the proposal specifically takes away personal exemptions, which currently amount to $4,050 per person. It justifies the move by saying that "this change is fundamental to a simpler, fairer system." Yet the consolidation of personal exemptions into the standard deduction dramatically reduces the beneficial impact. Currently, single taxpayers can claim a total of $10,400 in standard deductions plus personal exemptions. The boost to $12,000 will still lead to a reduction of $1,600 in taxable income, but that's a whole lot less than what the near-doubling language would suggest.

Some families could even get hurt by the proposal. For a married couple with two children, the current standard deduction of $12,700 and four personal exemptions totaling $16,200 add up to $28,900 in reductions to taxable income. A new standard deduction of $24,000 for that family would increase taxable income by $4,900 -- adding to tax burdens rather than taking away from them. The proposal points to a potential increase in the child tax credit, which could offset the higher tax bill from this loss of personal exemptions. However, the specifics haven't yet been made available.

[Mr.Bill]

31. They don't have to sell it to anybody

but republicans in Congress.

[davekriss]

13. Thats f***ing incredible

Yet the Trumpsters that have a glimmer of consciousness will blame Obama.

Our country is truly ruined. We have a lot of reconstruction to do if by miracle we can push the oligarchs and their agents out of our positions of power. The latter will be very, very difficult.

[hamsterjill]

16. Maybe the asshole should just take a gun and shoot me.

I mean, that's what he wants to accomplish isn't it?

[LudwigPastorius]

24. Only if he can make you pay for the bullet.

Republicans are the enemies of 99% of Americans.

Too bad so few of us understand that.

[hamsterjill]

25. Exactly.

Absolutely, Republicans are enemies.

[lark]

17. Ryan - screw the elderly and the poor, we've cut their benefits hugely

so the rich can get hundreds of millions of dollars annually in savings. Why aren't people yelling from the roof tops about the huge Medicare and Medicaid cuts in this killing budget?

[BigmanPigman]

18. Ryan has wanted to get rid of Social Security, Medicare,

and Medicaid since he was in college. I think he attended Ayn Rand University.

[Old Vet]

32. I was gonna say the same, Ryan has been preaching this bullshit for a long time.....

[Honeycombe8]

21. That would be so wrong & SO harmful to the middle class. Thanks, Trumpers!

But contributions are already capped, so I assume the article means it's being discussed to lower the cap.

[LudwigPastorius]

23. Of course he doesn't rule out eliminating deductions.

Ryan, Trump, and the GOP are all about fucking the middle class, squeezing every last cent out of us, and transferring that wealth to the 1%.

They'll try it with Medicare, Social Security, 401ks, and pensions if they're not stopped.