What fresh hell is this?
A $2,400 cap on pretax contributions to retirement accounts is latest tax reform trial balloon floating around D.C. https://t.co/7vaXhghZBi
— Richard Rubin (@RichardRubinDC) October 20, 2017
More from Market Watch:
Proposals floating around Washington to cap the amount that Americans can contribute before taxes to 401(k) plans and individual retirement accounts are unsettling professionals in the retirement industry.
Republicans are looking for ways to generate revenue to support broad reductions in individual tax rates. One idea is to limit the amount of pretax money households can sock away for retirement saving. Such a move would likely generate significant political blowback but it hasn’t been explicitly ruled out, stirring worry among industry lobbyists.
Uh, it’s not just industry lobbyists who are worried.
If true, this is a disaster https://t.co/vxMoCDScBV
— Katie Pavlich (@KatiePavlich) October 20, 2017
what a mistake…
— Votewithyourfeet (@urfreetochoose) October 20, 2017
— Chuck Graef (@chuckgraef) October 20, 2017
— Matt Dawson (@SaintRPh) October 20, 2017
Kill it with fire
— Alan Cole (@AlanMCole) October 20, 2017
How convenient. Just as the Baby Boomers start living on their own retirement accounts, they want to make it harder for the rest to save. https://t.co/WAU5RnaC3D
— Gabriel Malor (@gabrielmalor) October 20, 2017
So the 'loophole' they keep talking about cutting is regular people saving for retirement.
— Salvatore Giliberto (@sgiliberto) October 20, 2017
Oh great! Now we'll get punished for saving for retirement?
— Ms Behavin (@MyModernManners) October 20, 2017
How the hell does that help middle class? Absurd ?
— NoDramaMama (@its_allrightnow) October 20, 2017
— Phix (@PhixArt) October 20, 2017
This will kill the average American worker's ability to meaningfully save for retirement.
— O'Gill (@JoeyTwoMiles) October 20, 2017
This is BS! It attack’s the middle class! It will remove the incentives to save for retirement. Who is pushing this crap?
— Earl Williams (@Stoudtfan) October 20, 2017
How TF would anyone retire on that?
— Americus Wilde (@WildeFreedom) October 20, 2017
Annual? What?! No one could afford to retire on that?
— Merry Wimble (@merry_wimble) October 20, 2017
Whoa. Stop the train. I wanna get off.
— SmooveCaulk (@SmooveCaulk) October 20, 2017
That is literally one of the worst ideas I've ever read.
— Franklin Buchanan (@franklinnb) October 20, 2017
That is a terrible idea and would totally undermine the ability of Americans to save for their retirement.
— NYC Infidel (@NYC_Infidel) October 20, 2017
That would be awful. Not the right way to go at all.
— Ashley (@awilson229) October 20, 2017
That's a great way to never win another election.
— Todd Mueller (@ProfChronicles) October 20, 2017
Want to see the GOP destroy itself? This right here would do it.
— Physics Geek (@physicsgeek) October 20, 2017
Don’t do this, GOP. Don’t. You. Dare.