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IBD's Paul Katzeff: U.S. House resists temptation to pillage your 401(k) account
That news isn't so great for people who actually work for a living ($75K- wages, or as Putnam is quoted in your article, "middle- to lower-income workers"). Less than 4% of them max out their defined contribution plans (if they even have plans). So they wouldn't necessarily have been hurt by a reduction in the max allowed.
But since the government isn't getting revenue from this move, it's likely that working stiffs are losing out somewhere else (either with less of a "cut", or an increase in taxes).
... add $1.51 trillion to the debt before accounting for interest or possible gimmicks. This cost would likely be enough to cause debt to exceed the size of the economy by 2028 – bad news for the nation's fiscal and economic future.
@MFO Members: Please don't read or comment on this interlopers posts. Regards, Ted
@Ted, I agree with you. It's just that it struck me so silly that people who do not benefit from a tax break should take as great news the fact that others aren't loosing this tax break.
Why, they should be be positively ecstatic over the doubling of the estate tax exemption! Now they too can look forward to leaving an $11M nest egg tax free to their heirs.
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But since the government isn't getting revenue from this move, it's likely that working stiffs are losing out somewhere else (either with less of a "cut", or an increase in taxes).
Regards,
Ted
http://www.crfb.org/blogs/tax-cut-and-jobs-act-will-cost-15-trillion
... add $1.51 trillion to the debt before accounting for interest or possible gimmicks. This cost would likely be enough to cause debt to exceed the size of the economy by 2028 – bad news for the nation's fiscal and economic future.
Why, they should be be positively ecstatic over the doubling of the estate tax exemption! Now they too can look forward to leaving an $11M nest egg tax free to their heirs.