{ "media_type": "text", "post_content": "401k changes? https://money.usnews.com/money/retirement/401ks/articles/president-bidens-proposed-changes-to-401-k-plans", "post_id": "600cccf6ed4667002f4431e8", "reply_count": 32, "vote_count": 5, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }
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Looks interesting, seems like low income earners are being incentivized to contribute more to 401k accounts and higher income earners will see their taxes go up by about $2000, if you are in the 37% bracket making $500k a year.

V supportive. We are not screwed... we’d still get a significant incentive. The people who make $63k HHI in 2 earner homes with children getting poor remote covid education need more attention and policy considerations (median fam pre pandemic). This is a huge win to help stabilize planning for so many more of our fellow citizens. Now please follow-through vs. get cold feet (unlike Obama’s 529 capitulation to upper middle class) and then let’s get that estate tax plan updated too and a heck of a lot of other work required in 2 years (not least bc many fiscal conservative / social liberals who disliked Trump will probably begin to vote rep. with their wallets again) 👏🏻

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Won’t pass. This is dumb, we need to focus on bigger problems than 401k deductions, like billionaires with offshore accounts, corporations that pay nothing, and silly loopholes like carried interest.

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Politicians won’t get rid of carried interest in my opinion. They’re all involved getting carry somehow or long term cap gains. Sadly, they’re all just paid out big bucks and suckers for the game

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This is an attack on the middle class and their nest eggs to fund government programs for the non-working citizenry.

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I can’t tell if this is idiocy or good satire

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Won’t pass. Big business will put pressure on moderate Dem senators and if even 1 of them flips it won’t pass. Hard to imagine every vulnerable incumbent voting for this and/or student loan forgiveness.

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I didn't say that everyone shouldn't have access to an account. The implication was that business lobbyists will tack on the account fees and turn it into more money from the government directly to them. I didn't say anything about a match, either...

We are all screwed

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Maybe you are, most of us do not make $160k a year after standard deduction.

Meh, it's better to use roth 401k than pretax anyways since stonks will have massive gains.

Not if you are at peak earnings and highest tax bracket.

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