A proposal that would radically change the way you save for retirement

[Helen]

Moderators, if this is too political, then I apologize in advance to Porky.

The Wall Street Journal's Anne Tergesen and Richard Rubin on Friday reported that GOP tax writers on the House Ways and Means Committee were considering a proposal that would cap the amount people are allowed to put into a traditional, tax-deferred 401(k) account or IRA. Those who go over that cap would be forced to contribute to a Roth account.

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According to The Journal, a proposal under consideration would cap the annual amount that can be placed in a traditional 401(k) at $2,400 a year. Any contribution afterward would have to go toward a Roth account.

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These guys are really making it difficult to plan for retirement.

Retirement saving, 401k changes in Trump tax plan? - Business Insider

 

[MichaelB]

This thread is being closed because these ideas are speculation, proposed by individuals or groups with agendas, and discussion always gets political, and partisan. For that reason, tax proposals are fair topics for discussion once they are out of committee and under consideration by either of the two legislative bodies.