dow 24000

[IVE GOTTA PACKAGE 4U]

From the middle class that has seen pensions dry up?

They want the income tax money now instead of later when you retire. That was the logic behind that.

 

[bbsam]

They want the income tax money now instead of later when you retire. That was the logic behind that.

I understand the logic. What I don't understand is how that's not bending the middle class over (again).

 

[Brownslave688]

i was trying to explain that but i wasnt doing it right, 185000 is what you can contribute and 2400 is what you can claim

If you make 100k and put 18000 in before you only paid taxes on 82k.


If it was changed you'd pay taxes on 97,600

 

[Jkloc420]

If you make 100k and put 18000 in before you only paid taxes on 82k.


If it was changed you'd pay taxes on 97,600

it is 18500 now, it went up 500 bucks for some reason, but i get the point

 

[UpstateNYUPSer(Ret)]

it is 18500 now, it went up 500 bucks for some reason, but i get the point

The contribution limit increases, which are authorized by the IRS, are usually $500 per year, with an addition $5-6K for those over 50.

 

[Jkloc420]

The contribution limit increases, which are authorized by the IRS, are usually $500 per year, with an addition $5-6K for those over 50.

got it

 

[Brownslave688]

it is 18500 now, it went up 500 bucks for some reason, but i get the point

Was trying to make the numbers as even and easily understandable as possible.


And it's 18,500 next year I think.

 

[UpstateNYUPSer(Ret)]

Was trying to make the numbers as even and easily understandable as possible.


And it's 18,500 next year I think.

Yuppers.

$18K this year, $18.5K next year.

 

[Jkloc420]

Was trying to make the numbers as even and easily understandable as possible.


And it's 18,500 next year I think.

i got it

 

[Richard Harrow]

Several. Biggest is probably the roughly 50% that have nothing in the stock market.

So what you're *really* saying is half do.

So while it is haves and have nots; its brains and not stocks that we're talking about.

 

[Benben]

You only get a tax break on the first $2400

Trump is scrapping that idea anyways

So he says. The dude lies an average of 3 times a day! Anything that comes out of his mouth, off twitter, or outta the mouth of his harpy Sarah Huckabee Sanders has a 50% chance of being a lie.

But the idea came from a republican congress because they wanted what? Who would have benefited from that?

Tax Reform is now limited to only increasing the Fed Deficit $1.5 trillion AND getting passed by a simple majority (50 votes + Pence.) That is why Monday's vote was the important first step. For them to wack the Estate Tax AND collapse the tax brackets down to 3 (getting rid of the top bracket=4.9% tax break for the rich) they have to offset that lost revenue to stay inside $1.5 trillion. By lowering the maximum amount put into a 401K that is tax deductible to $2400 They can count the taxes from the other $16,000 as revenue for offset.

 

[IVE GOTTA PACKAGE 4U]

So he says. The dude lies an average of 3 times a day! Anything that comes out of his mouth, off twitter, or outta the mouth of his harpy Sarah Huckabee Sanders has a 50% chance of being a lie.



Tax Reform is now limited to only increasing the Fed Deficit $1.5 trillion AND getting passed by a simple majority (50 votes + Pence.) That is why Monday's vote was the important first step. For them to wack the Estate Tax AND collapse the tax brackets down to 3 (getting rid of the top bracket=4.9% tax break for the rich) they have to offset that lost revenue to stay inside $1.5 trillion. By lowering the maximum amount put into a 401K that is tax deductible to $2400 They can count the taxes from the other $16,000 as revenue for offset.

Guess we will find out soon enough.

 

[IVE GOTTA PACKAGE 4U]

you can only put in 18500, it just went up 500. Where do you get 24000 from

6k catch up if you are 50 or older.

 

[DriveInDriveOut]

Says the man that's been in the 401k for 3 whole weeks....

 

[Jkloc420]

54 points away

 

[Brownslave688]

54 points away

Bitcoin 11k lol

 

[Wally]

Time to cash out?

 

[Box Ox]

Time to cash out?

Nah, could be 13K next week!

 

[Wally]

Nah, could be 13K next week!

No, the stock market.

 

[UpstateNYUPSer(Ret)]

Nah, could be 13K next week!

...or it could fall to zero overnight...