Personal Finance
Yesterday
1148
IRS Warns Thousands of Taxpayers They Could Face Jail Time
Tech Industry
2d
4645
Job market is brutal for SWEs 🥲
Tech Industry
Yesterday
2142
How bad is it in meta?
India
3h
335
Why Worshipping Lord Ram Important in Hinduism?
Tech Industry
Yesterday
369
What % raise did you get this year?
https://www.cnbc.com/2021/11/04/democrats-put-401k-and-ira-restrictions-back-into-build-back-better.html “it would prohibit any after-tax contributions in 401(k) and other workplace plans and IRAs from being converted to Roth savings. This rule would apply to all income levels starting after Dec. 31, 2021.”
Not gonna touch the step-up basis, are we
Once again democrats destroying something good for the middle class
Middle class? Why middle class need the loophole ? Existing contribution limit is not high enough ?
Exactly, billionaires are middle class too! How dare they close a loophole for people with over 10m in tax free accounts. How will the middle class survive with only 10m in tax free retirement accounts!?
Max your after tax contributions now!
The annoying thing is that there are these federal caps that make sense for people making 400k in Kansas or something, but in the Bay Area it’s way too low. Like the SALT tax limits. It’s trivial to go over 10k a year in property taxes, but that’s all you can deduct. Bullshit.
You can thank Trump and Republicans for the SALT cap. That was political retribution for not voting Republican since they knew the caps would primarily affect California and New York.
Yeah literally the SALT cap was due to trump. Democrats actually bringing back because they like handouts to rich people too
It’s not gonna pass
Relax, even if it gets through the house, the senate will have a lot to say about it and things will change. Joe Manchin (R) West Virginia, certainly won’t let it through
You can thank Peter Thiel for the axe on this one, not the democrats. He totally exploited it to the tune of 5 billion and that is just too good a story to not rally people around. Fuck that guy.
That’s the primary issue here tbh. Congress should be going after billionaires like that but it gets conflated with millionaires and sub millionaires and high wage earners who pay the price. Make Bezos’s ass pay taxes for once
I don't understand why you think Peter Thiel exploited it. He took a risk with this IRA investment and it paid off. If anything, this story could've been used to show the potential & advantages of IRAs and inspired people to save more, in the times when America has retirement savings crisis. But no, rallying people against it was too convenient.
They're going to stick everyone with a professional job and future time-preference into high tax brackets via inflation while their core constituents get everything for free.
Liberals wonder why some tech folks vote Republican... and I'm not a republican voter!
Noooo
Only for balances above 10m. Most folks here would be able to continue...
Lol, backdoor will be killed for everybody with more than 400k TC. With that inflation you will hit 400k sooner than you think