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(11-01-2017, 07:37 AM)flsprtsgod Wrote:

(11-01-2017, 06:28 AM)The Real Marty Wrote: What do you guys think about the idea of cutting way back on the deductibility of 401k contributions?  

The government giveth with one hand and taketh back with the other.

Both parties want your retirement savings. A "1 time means tax" of 20 to 30 percent on ALL IRAs has floated up in both their proposals over the years. It always bugs politicians when the people act like they don't need government and they can't have all that money just sitting around when they could be buying votes with it instead.

I think the idea is that the congress doesn't want to increase the deficit.  So they want to pair a tax cut with either a spending cut or a new tax somewhere else.  And since apparently no politician can bring them self to cut spending, they're left with taxing savings.  Ultimately, that will also fail and they will bow to pressure from the voters and simply increase the deficit. Then they'll claim the increased economic activity will bring in more tax revenue and close the gap between receipts and expenditures. In the long run, the debt will increase to the point where we have a financial crisis and we'll wind up like Greece.

We're doomed, because the politicians don't have the guts to tell us the truth about our mounting debt, and even if they did, the public wouldn't have the courage to man up and deal with a very depressing and painful reality.

Tax cuts! Tax cuts! Don't worry about the future! We're gonna party like it's 1929!

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