Current Affairs Donald Trump POS: Judgement cometh and that right soon

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roydo said:
Why would anyone pay into a 401K if they are taxed on the contribution? (Its Merican for "Pension" isnt it)

Or are they compulsory??
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Yep employer sponsored pension. Nope, not compulsory although even with taxed it is possible would still make sense for someone to pay into it as many companies provide a match (ie free money) up to a certain value to encourage people to take part. But if goes ahead will definitely put a lot of people off and the effects of compound interest for most will mean they have less private retirement savings making them more dependent on government as they age. Awful idea from start to finish.
 
LinekersLegs said:
Yep employer sponsored pension. Nope, not compulsory although even with taxed it is possible would still make sense for someone to pay into it as many companies provide a match (ie free money) up to a certain value to encourage people to take part. But if goes ahead will definitely put a lot of people off and the effects of compound interest for most will mean they have less private retirement savings making them more dependent on government as they age. Awful idea from start to finish.
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So, if you are self employed, I assume you can have your own one? And the plan is to tax the contribution???

In the UK, the opposite happens! You get a government contribution/tax deduction. What a weird idea.
 
roydo said:
So, if you are self employed, I assume you can have your own one? And the plan is to tax the contribution???

In the UK, the opposite happens! You get a government contribution/tax deduction. What a weird idea.
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There are lots of retirement plans available in the US all with different tax breaks/contribution rules.
This covers the three most common
https://www.nerdwallet.com/blog/investing/ira-vs-401k-retirement-accounts/

As with most Trump plans details are currently sparse but yep the floated plan would be to tax contributions. There are other things that will be highly controversial being floated as well (capping the mortgage interest deduction for homeowners; scrapping people's ability to deduct state and local taxes) that would be a huge change to a lot of middle class voters without so far much clear idea how their overall finances would benefit from it.

But initial reaction probably best summed up with
 
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Unveiled! The Democratic Party's intrepid high-tech plan to lose the 2020 Presidential Election:
https://gizmodo.com/no-one-asked-for-verrit-but-here-we-are-1799232220


And lest Trump completely overshadow how awful centrist liberals/Dems are, there's that time Hilary's choice for Secretary of State sacked an entire research arm of her think tank, after it demonstrated the corrosive power of corporate monopolies, and Google - footing the bill - was irked.
https://theintercept.com/2017/08/31/new-america-google-open-markets-barry-lynn-anne-marie-slaughter/

https://ftalphaville.ft.com/2017/08...fect-of-new-americas-split-with-open-markets/

Conservatives, remember that time you briefly departed from "Companies Should Be Allowed to Run Their Own Businesses Without Big Government Interference"™ to freak out over "Freedom of Speech,"™ after some idiot engineer emailed the entire company with a pseudoscience manifesto implying that a third of its employees were incompetent?

Remember, your cherished principle of "Freedom of Speech?"™ I can't hear you! This is your Arthur Pewty moment!
 
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