HomeBernie Sanders11/13 News Roundup – Sanders Discusses The Importance of Independents, Fossil Fuel Burning Set To Hit Record High & More
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Benny

Rethugs always moan and groan about how they want a conservative footprint when it comes to government. Sure, less taxation for the S & P 500, who doesn’t need the tax breaks in the first place. But middle class folks?

Orrin Hatch offered an amendment that would regulate more citizens in how much they can add their retirement plans and which ones. From Bloomberg News:

People over 50 would no longer be able to make excess contributions to workplace retirement plans from their pretax earnings under an amendment that was filed by Senate Finance Chairman Orrin Hatch ahead of the tax markup Monday.

The amendment would raise the “catch up” contributions to retirement savings plans under section 401(k), 403(b) and 457(b) to $9,000, but require that they be Roth only. Currently, almost all employers offering 401(k) plans allow eligible workers age 50 and over to make additional contributions, which are capped $6,000 for 2017, on top of the standard $18,000 limit.

This is horribly oligarchical. Government telling Americans who have an opportunity in their best earning potential years how to save money. Allegedly this is another way to wrongly to pay for that over 1T deficit (and bring it down so that they can get around the Byrd Amendment) that corporate and billionaire type of socialism that even Alan Greenspan cannot fathom. AARP is also against the House version because anyone with major medical expenses not covered by Medicare or current insurance would not be allowed to deduct them.

Also bear in mind the Senate Finance committee meets at 3 this afternoon.

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wi60

If the Govt really wants to help with middleclass retirement on 401s and roth Ira’s and so on how about those retirement funds are designated tax free- state and federal for money set aside for retirement and upon withdraw and raise the limit that can be put aside for incomes under $150.000. Regulating the fee’s brokerage’s charges as well as American’s lose 10s of thousands on fees as well.

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