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Will Congress Target Your Retirement Wealth?

Posted by Dirk Watters on

If you’re working hard and saving for retirement by putting money into in your 401K or traditional IRA…

The GOP wants you!

Not just as a voter, but as a taxpayer.

Yep, the GOP wants you to pay more taxes today…

And save much less for retirement tomorrow.

Why?

Mocking Trump’s middle class tax cut

Because Donald Trump wants to cut taxes for the middle class to stimulate real growth in the economy…

The way President Kennedy did in 1963 and Ronald Reagan did in the 1980s.

Both tax cuts worked very well.

The difference is that today’s GOP doesn’t have the guts to cut federal benefits that about half the country get…

While you work your tail off trying to save for your retirement.

So instead of cutting spending on federal handouts to pay for President Trump’s tax cuts…

There’s a proposal in Washington to have the middle class pay for its own tax cut by gutting the tax-deferred retirement plan rules for your 401(k) and IRAs.

Reports are that the GOP’s plan is to drastically limit tax-deferred contributions to your tax-deferred 401(k) account to only $2,400 per year.

That’s not a typo…

Right now, if you’re under 50, you can put up to $18,000 per year in your tax-deferred 401(k).

If you’re over 50, catch-up provisions let you put up to $24,000 in per year.

In 2018, those limits rise to $18,500 and $24,500 respectively.

For IRAs, the limits are at $5,500 and $6,500 for under and over 50.

But that may all change if the GOP’s plan is for real…

The joke is on you

Apparently, the GOP – the party of responsibility, small government and individual freedom – wants to gut your retirement…

And tax almost ALL of your current income at today’s rates, when your earnings – and income tax rates – are highest.

If this proposal becomes law, it will be a huge tax hike on the middle class…

To pay for the middle class tax cut that Trump promised in his presidential campaign.

Got that?

Trump wants to give you a huge tax break…

And Congress – led by the GOP – either wants to take it away…

Or make you pay for it.

According to the proposal, any retirement contributions above $2,400 will have to be put into a Roth IRA or 401(k) account…

Which will be taxed up front, but not thereafter.

It’s the GOP Congress’ idea of a joke…

And it’s on you.

Who controls your money and your future?

Think about that…

The GOP controls both branches of Congress and the presidency…

And yet slashing most of the pre-tax retirement contributions are what’s on the table?

Who is the GOP looking out for?

You…or someone else?

And where will Congress look for money in a few years when student loan default rates rise to unsustainable levels?

Because student loan debt is greater than credit card and car loan debts, and may well trigger the next financial crisis.

Where will the money come from to fix that crisis?

Will you, with your healthy retirement accounts, be asked to give up your “wealth privilege” for the sake of the millennials and the country?

It’s easy to imagine that happening, isn’t it?

The point is that if the GOP-led Congress can decide to lay a heavy tax on the retirement plans of millions of hardworking Americans like you…

What will the next democratic-held Congress do?

The fact is, your retirement accounts – and your future - are in the hands of Paul Ryan, Mitch McConnell and the rest of Congress.

And that should really make you stop and think...

The faces of the Deep State

How could the GOP do such a thing?

Easy…

The GOP is a political party, after all…

And any political party is the last place to look for principled leadership.

Just ask Donald Trump about working with Republicans on anything that would validate his presidency…

They won’t do it if they can possibly avoid it.

The failure to pass a new healthcare law is a perfect example.

And if this proposal becomes law or not, it shows you one thing…

The GOP – your Congress - is not above taking money out of your pocket to sabotage Donald Trump’s presidency.

How’s that for priorities?

With tax proposals like this one, is it any mystery whose interests much of the GOP are really serving?

Remember, it’s not just some faceless bureaucrats who are the Deep State…

You’ve seen the faces of the Deep State…

It’s Paul Ryan, Mitch McConnell, John McCain, Mitt Romney, and many others.

Once you realize that Congressional politics are mostly theater…

You know that no law can protect your retirement accounts.

And now that you know this, it’s up to you to do something about it.

And one more thing to think about…

Politics isn’t about fairness, justice or even what’s good for the American people…

It’s about politicians getting elected and serving their patrons and special interest groups.

And that’s got nothing to do with you.


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