Biden's 401k changes

[Patriotsfatboy1 1,432]

20 minutes ago, nobody said:

Like I said.  These moves don't hurt the guys they're trying to hurt, and it doesn't help the people they think it will help.  It just hurts the guys like me in the middle.

I am with you on that. It hurts me too. Not sure what it does for my kids down the line though.

[Bert 1,087]

On 1/22/2021 at 2:36 PM, Patriotsfatboy1 said:

Yeah, not a fan of the cap. The difference being that the cap on 401k is money that I am getting back. The cap on what I pay to state and local governments is that I don't get anything back on that. I am getting taxed on money to pay taxes. It was done to hurt the places that had higher state and local taxes (blue states). If it had been done to simplify the tax code, then I would have been more for it. 

My argument is why should people in states without high ass income taxes, because of their over spending, pay less to the Federal government?  If you don’t like higher State taxes move.  Also, you and I don’t get anything back paying more income tax because of the change. 
 

ETA:  Why should you get a deduction for the property tax on you vacation home?

[Patriotsfatboy1 1,432]

1 hour ago, Bert said:

My argument is why should people in states without high ass income taxes, because of their over spending, pay less to the Federal government?  If you don’t like higher State taxes move.  Also, you and I don’t get anything back paying more income tax because of the change. 
 

ETA:  Why should you get a deduction for the property tax on you vacation home?

I don’t get a deduction on my vacation home, unless I do it as a rental.
 

The reality is that in states with higher local taxes, they get less from the Fed and contribute more. 

[Bert 1,087]

14 minutes ago, Patriotsfatboy1 said:

I don’t get a deduction on my vacation home, unless I do it as a rental.
 

The reality is that in states with higher local taxes, they get less from the Fed and contribute more. 

I was talking about the property tax deduction you can tak. 

[Patriotsfatboy1 1,432]

2 minutes ago, Bert said:

I was talking about the property tax deduction you can tak. 

I am not asking for the deduction for my 2nd home. I only have one and I pay a lot more than I can itemize. It was a change put in by Trump to stick it to the Blue states. 
This change by Biden (if it goes through) will be another increase for middle class as I am poor by GC standards and I am not in the top 1%.

[Hardcore troubadour 12,593]

12 minutes ago, Patriotsfatboy1 said:

I am not asking for the deduction for my 2nd home. I only have one and I pay a lot more than I can itemize. It was a change put in by Trump to stick it to the Blue states. 
This change by Biden (if it goes through) will be another increase for middle class as I am poor by GC standards and I am not in the top 1%.

Sticking it to the wealthy in the blue states. I keep hearing they don’t mind paying more in taxes. 

[Patriotsfatboy1 1,432]

7 minutes ago, Hardcore troubadour said:

Sticking it to the wealthy in the blue states. I keep hearing they don’t mind paying more in taxes. 

The wealthy will avoid the taxes anyway. Look at Trump - $750 per year?

For me, I will just throw more into my Roth 401k and know that I will be getting bent over no matter which party is in office.

[Bert 1,087]

27 minutes ago, Patriotsfatboy1 said:

I am not asking for the deduction for my 2nd home. I only have one and I pay a lot more than I can itemize. It was a change put in by Trump to stick it to the Blue states. 
This change by Biden (if it goes through) will be another increase for middle class as I am poor by GC standards and I am not in the top 1%.

Come on dude   You make a helluva lot of money as do I.  Sorry the real estate values and state income taxes are outrageous where you live   

The cap also hit me and I don’t live in a Blue state   It was a tax increase on the wealthy period which all of your elected officials support.  
 

Your blue state comment seems to be a little hypocritical, brother.  Warren, your governor and mayor fully support more taxes on the wealth.  They should have been happy with Trumps tax increase on us.  

 

 

 

[Patriotsfatboy1 1,432]

7 minutes ago, Bert said:

Come on dude   You make a helluva lot of money as do I.  Sorry the real estate values and state income taxes are outrageous where you live   

The cap also hit me and I don’t live in a Blue state   It was a tax increase on the wealthy period which all of your elected officials support.  
 

Your blue state comment seems to be a little hypocritical, brother.  Warren, your governor and mayor fully support more taxes on the wealth.  They should have been happy with Trumps tax increase on us.  

 

 

 

This has a good breakdown.https://smartasset.com/taxes/trumps-plan-to-eliminate-the-state-and-local-tax-deduction-explained

It does hit Blue states more for a few reasons and, if you think that wasn’t intentional, then I have a bridge to sell you.

With that said (and I said it before) both parties want people like us to pay for most of the tax burden. The very wealthy will find a way around it or it will be a rounding error.

[Hardcore troubadour 12,593]

 Blue state liberals don’t mind paying more taxes. Unless it was Trump that raised  them.  So FOS 

[Bert 1,087]

2 minutes ago, Patriotsfatboy1 said:

This has a good breakdown.https://smartasset.com/taxes/trumps-plan-to-eliminate-the-state-and-local-tax-deduction-explained

It does hit Blue states more for a few reasons and, if you think that wasn’t intentional, then I have a bridge to sell you.

With that said (and I said it before) both parties want people like us to pay for most of the tax burden. The very wealthy will find a way around it or it will be a rounding error.

I don’t disagree with you but blue state also pay astronomical local taxes because of their politics.  
 

At least you got all those deductions for your crazy taxes and your kids. I am the IRS’ wet dream.  
 

Have a good evening. 

[Patriotsfatboy1 1,432]

3 minutes ago, Bert said:

I don’t disagree with you but blue state also pay astronomical local taxes because of their politics.  
 

At least you got all those deductions for your crazy taxes and your kids. I am the IRS’ wet dream.  
 

Have a good evening. 

I don’t get any deductions anymore. Now my 401k gets less, which is why I started this thread.  

[Bert 1,087]

2 minutes ago, Patriotsfatboy1 said:

I don’t get any deductions anymore. Now my 401k gets less, which is why I started this thread.  

Your 401k doesn’t get less.  You pay more income tax with the credit than the deduction. 
 

Are you saying you didn’t get any deductions for you kids before you phased out of the deduction?  

[Patriotsfatboy1 1,432]

22 minutes ago, Bert said:

Your 401k doesn’t get less.  You pay more income tax with the credit than the deduction. 
 

Are you saying you didn’t get any deductions for you kids before you phased out of the deduction?  

I get less of a deduction with a regular 401k with this change, so I will shift more to my Roth 401k.

My kids are now almost completely phased out. I have one going to college next year and the older one chose to work instead of college. Still eats a lot, but I can’t claim him anymore.

[Cdub100 3,369]

Tax his land, Tax his bed, Tax the table at which he's fed. 

Tax his tractor, Tax his mule, Teach him taxes are the rule.

Tax his work, Tax his pay, He works for peanuts anyway!

Tax his cow, Tax his goat, Tax his pants, Tax his coat. Tax his ties, Tax his shirt, Tax his work, Tax his dirt.

Tax his tobacco, Tax his drink, Tax him if he tries to think.

Tax his cigars, Tax his beers, If he cries tax his tears.

Tax his car, Tax his gas, Find other ways to tax his ass.

Tax all he has, Then let him know, That you won't be done till he has no dough.

When he screams and hollers, Then tax him some more, Tax him till he's good and sore.

Then tax his coffin, Tax his grave, Tax the sod in which he's laid.

Put these words Upon his tomb, 'Taxes drove me to my doom...'

When he's gone, Do not relax, Its time to apply the inheritance tax.

[Bert 1,087]

12 minutes ago, Patriotsfatboy1 said:

I get less of a deduction with a regular 401k with this change, so I will shift more to my Roth 401k.

My kids are now almost completely phased out. I have one going to college next year and the older one chose to work instead of college. Still eats a lot, but I can’t claim him anymore.

 

You don’t like the cap....I don’t like the deductions for kids. People should pay more for having kids not less.  It made sense when we needed more people in the country to work in the fields. We don’t need that anymore. 
 

 

[nobody 2,032]

Just now, Bert said:

 

You don’t like the cap....I don’t like the deductions for kids. People should pay more for having kids not less.  It made sense when we needed more people in the country to work in the fields. We don’t need that anymore. 
 

 

We need a steady influx of new suckers to float Social Security

[Bert 1,087]

2 minutes ago, Cdub100 said:

Tax his land, Tax his bed, Tax the table at which he's fed. 

Tax his tractor, Tax his mule, Teach him taxes are the rule.

Tax his work, Tax his pay, He works for peanuts anyway!

Tax his cow, Tax his goat, Tax his pants, Tax his coat. Tax his ties, Tax his shirt, Tax his work, Tax his dirt.

Tax his tobacco, Tax his drink, Tax him if he tries to think.

Tax his cigars, Tax his beers, If he cries tax his tears.

Tax his car, Tax his gas, Find other ways to tax his ass.

Tax all he has, Then let him know, That you won't be done till he has no dough.

When he screams and hollers, Then tax him some more, Tax him till he's good and sore.

Then tax his coffin, Tax his grave, Tax the sod in which he's laid.

Put these words Upon his tomb, 'Taxes drove me to my doom...'

When he's gone, Do not relax, Its time to apply the inheritance tax.

So true!

[Patriotsfatboy1 1,432]

Just now, Bert said:

 

You don’t like the cap....I don’t like the deductions for kids. People should pay more for having kids not less.  It made sense when we needed more people in the country to work in the fields. We don’t need that anymore. 
 

 

How about a flat tax? Let’s really go simple.

#ain’thappening 

 

[Patriotsfatboy1 1,432]

Just now, nobody said:

We need a steady influx of new suckers to float Social Security

Just explained this to my youngest who got his first W2. I explained that he wasn’t getting that SS withholding back. I thanked him for his contribution to the Ponzi scheme and I told home what I was told when I was his age - “you won’t see much, if anything, of that money”.

[Bert 1,087]

Just now, Patriotsfatboy1 said:

How about a flat tax? Let’s really go simple.

#ain’thappening 

 

No it won’t because people that make less than us will pay a helluva lot more.  People like MDC that make a 150k combined actually think his effective tax rate is more than 15%.

[Patriotsfatboy1 1,432]

1 minute ago, Bert said:

No it won’t because people that make less than us will pay a helluva lot more.  People like MDC that make a 150k combined actually think his effective tax rate is more than 15%.

My effective tax rate has been 18-23%. I need to cheat more/better.  

[Bert 1,087]

2 minutes ago, Patriotsfatboy1 said:

My effective tax rate has been 18-23%. I need to cheat more/better.  

You and me both!!!!!