• Latest
  • Trending
  • All
  • Finance
  • Politics
  • US News
  • Political Humor
  • Tech
Points of View: Right versus Left Republicans Divided over 401(k) Plans

Points of View: Right versus Left Republicans Divided over 401(k) Plans

June 29, 2020
3 things to know as the pandemic unemployment surges

3 things to know as the pandemic unemployment surges

December 18, 2020
Robinhood’s manipulation of its investor customers?

Robinhood’s manipulation of its investor customers?

December 18, 2020
Customer churn: How to reduce it

Customer churn: How to reduce it

December 8, 2020
The most popular Enterprise Resources Planning ERP platforms

The most popular Enterprise Resources Planning ERP platforms

November 29, 2020
AI Chatbots

The Best AI Chatbots for Your Website

November 20, 2020
Sales Productivity Hacks that Work Like Magic

Sales Productivity Hacks that Work Like Magic

November 11, 2020
eBook Marketing Guide: 21+ Best Practices and Tips (Infographic)

eBook Marketing Guide: 21+ Best Practices and Tips (Infographic)

November 7, 2020
Bernie Sanders called how Trump would react to the elections perfectly

Bernie Sanders called how Trump would react to the elections perfectly

November 6, 2020
100 Top Product Searches on Amazon

100 Top Product Searches on Amazon

November 5, 2020
How AI Can Benefit Business Development

How AI Can Benefit Business Development

October 28, 2020
MUST WATCH David Attenborough’s: A Life on Our Planet

MUST WATCH David Attenborough’s: A Life on Our Planet

October 23, 2020
A Guide to Survive the Stress While Selling Your House

A Guide to Survive the Stress While Selling Your House

October 21, 2020
  • About
Wednesday, January 27, 2021
  • Login
  • Register
Inside The Nation
  • Daily Buzz
    Robinhood’s manipulation of its investor customers?

    Robinhood’s manipulation of its investor customers?

    100 Top Product Searches on Amazon

    100 Top Product Searches on Amazon

    A Guide to Survive the Stress While Selling Your House

    A Guide to Survive the Stress While Selling Your House

    3 Pieces of Advice to Students Who Are Learning Virtually

    3 Pieces of Advice to Students Who Are Learning Virtually

    Is Jared Kushner Trumps secretary of failure?

    Is Jared Kushner Trumps secretary of failure?

    Journalists share data showing Black people are more likely to be killed by police after Trump says ‘more White people’ are killed

    Journalists share data showing Black people are more likely to be killed by police after Trump says ‘more White people’ are killed

  • US News
    3 things to know as the pandemic unemployment surges

    3 things to know as the pandemic unemployment surges

    Hitman shoots husband and kills son of Judge overseeing Deutsche Bank Epstein trial

    Hitman shoots husband and kills son of Judge overseeing Deutsche Bank Epstein trial

    What The Future of Education in the US Could Look Like

    What The Future of Education in the US Could Look Like

    Todays top stories Inside The Nation July 14th 2020

    Todays top stories Inside The Nation July 14th 2020

    8 Top News stories you need to know

    8 Top News stories you need to know

    The Infamous Russian Adoption Meeting, No longer About Adoption, then it was? Following the Changing Narrative

    The Infamous Russian Adoption Meeting, No longer About Adoption, then it was? Following the Changing Narrative

  • Politics
    Bernie Sanders called how Trump would react to the elections perfectly

    Bernie Sanders called how Trump would react to the elections perfectly

    Claims that mail-in voting will lead to widespread voter fraud are unsubstantiated, according to research and reports

    Claims that mail-in voting will lead to widespread voter fraud are unsubstantiated, according to research and reports

    “Have the courage to act, instead of react.”-Oliver Wendell Holmes

    “Have the courage to act, instead of react.”-Oliver Wendell Holmes

    Hillary Clinton Looms Over 2020 Election

    Hillary Clinton Looms Over 2020 Election

    20 county sheriffs refuse to enforce new gun laws in Washington State

    20 county sheriffs refuse to enforce new gun laws in Washington State

    Donald Trump’s Antics Destroying the U.S.’s Future Growth & Success?

    Donald Trump’s Antics Destroying the U.S.’s Future Growth & Success?

    The Trump Administration’s War on Coal

    The Trump Administration’s War on Coal

    Points of View: Right versus Left Capital Punishment in the U.S.

    Points of View: Right versus Left Capital Punishment in the U.S.

    Points of View: Right versus Left Republicans Divided over 401(k) Plans

    Points of View: Right versus Left Republicans Divided over 401(k) Plans

    Points of View: Right Wing versus Left Wing Some (not Many) JFK Files Released

    Points of View: Right Wing versus Left Wing Some (not Many) JFK Files Released

  • Political Humor
    eBook Marketing Guide: 21+ Best Practices and Tips (Infographic)

    eBook Marketing Guide: 21+ Best Practices and Tips (Infographic)

    Bubba The Love Sponge Adding Additional Radio Markets

  • Business
    • All
    • Finance
    • Marketing
    • Tech
    Robinhood’s manipulation of its investor customers?

    Robinhood’s manipulation of its investor customers?

    Customer churn: How to reduce it

    Customer churn: How to reduce it

    The most popular Enterprise Resources Planning ERP platforms

    The most popular Enterprise Resources Planning ERP platforms

    AI Chatbots

    The Best AI Chatbots for Your Website

    Sales Productivity Hacks that Work Like Magic

    Sales Productivity Hacks that Work Like Magic

    How AI Can Benefit Business Development

    How AI Can Benefit Business Development

    How the Worlds Biggest Tech Giants Make Their Billions & How They Stack Up

    How the Worlds Biggest Tech Giants Make Their Billions & How They Stack Up

    Square’s 50M Investment in BTC Spells Vote of Confidence for Crpyto – Will Others Follow?

    Square’s 50M Investment in BTC Spells Vote of Confidence for Crpyto – Will Others Follow?

    How To Tailor Content To Your Audience To See Huge Increases in Engagement

    How To Tailor Content To Your Audience To See Huge Increases in Engagement

  • Entertainment
    MUST WATCH David Attenborough’s: A Life on Our Planet

    MUST WATCH David Attenborough’s: A Life on Our Planet

    Boxing Champion Winky Wright Interview on Closed Minds Opened

    Boxing Champion Winky Wright Interview on Closed Minds Opened

    After Truth: Disinformation and the Cost of Fake News | HBO Documentary

    After Truth: Disinformation and the Cost of Fake News | HBO Documentary

  • Environment
    eBook Marketing Guide: 21+ Best Practices and Tips (Infographic)

    eBook Marketing Guide: 21+ Best Practices and Tips (Infographic)

    Bubba The Love Sponge Adding Additional Radio Markets

  • Health
    eBook Marketing Guide: 21+ Best Practices and Tips (Infographic)

    eBook Marketing Guide: 21+ Best Practices and Tips (Infographic)

    Bubba The Love Sponge Adding Additional Radio Markets

No Result
View All Result
Inside The Nation
No Result
View All Result
Home Politics

Points of View: Right versus Left Republicans Divided over 401(k) Plans

by Inside The Nation
June 29, 2020
in Politics
0
Points of View: Right versus Left Republicans Divided over 401(k) Plans
497
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

A 401(k) is a defined contribution retirement account, named after the provision of the Internal Revenue Code that defers the taxation of a portion of an employee’s paycheck directed into such an account, until retirement.

This tax deferred status is limited under existing law to a pre-tax contribution of $18,000.

Employers often match employee contributions, and they receive a tax deduction for their contributions.

Millions of American workers and retirees participate in these plans.

One proposal under consideration, as the Republican tax reform plan continues to evolve, would lower the cap on pre-tax contributions to such a plan, putting it at $2,400 a year, only 13.3% of the present limit. Contributions above the $2,400 level would have to go to a Roth account, which is taxed up front.

This proposal would mean that a lot of middle class folks would pay a good deal more in taxes than they would otherwise, and (something that is politically at least as touchy) it would be introduced largely to allow Republicans to make the case that the over-all reform proposal is revenue neutral. Their plan has to raise funds from somewhere in order to get to revenue neutrality, because it will surely involve considerable tax cuts at the highest brackets, and a cut in the corporate tax.

Right Wing View

All the newsy ‘action’ on this subject is on the right-hand side of center, as the Republicans and/or Trumpians try to decide exactly what tax reform they are proposing. On Monday, October 23, President Trump tweeted that he would not support any change in the 401(k) system. He was quite emphatic (as is his habit): “This has always been a great and popular middle class tax break that works, and it stays!”

Yet for the moment the detail work on the plan is largely in the hands of Rep. Kevin Brady (R –Tx), and Sen. Orrin Hatch (R – UT). Brady chairs the Ways and Means Committee in the House, and Hatch chairs its counterpart in the Senate, the Finance Committee.

So far, neither gentleman has indicated that he believes Trump’s tweet ends the matter. On Wednesday, at a breakfast hosted by the Christian Science Monitor, Brady wouldn’t agree that the matter has been ruled out. “We are exploring a number of ideas in those areas,” he said, and there are “continuing discussions with the President.”

Likewise, Sen. Hatch said, “I’m open to looking at anything” as the full bill (supposed to be ready next week) comes together.

Left Wing View

The left has never been enthusiastic about 401ks. It has tended to see them as a poor substitute for pensions, and to think it a dirty trick by corporate forces that “defined contribution” plans have so largely replaced “defined benefits.”

Scott Deshefy, a Green Party activist, says that Americans have been duped into “squirreling away money to shoot craps in the stock market.”

In Vox, writer Dylan Matthews made the case in 2015 that 401(k)s are “failing many Americans,” and it would be better to expand Social Security so people don’t have to rely on such gimmicky accounts.

In 2016, Matthews returned to the subject, asking: “Why not expand Social Security so that it functions not just as a backstop but as the primary source of retirement income for ordinary Americans?”

But this doesn’t mean that Matthews, or Vox, or anyone to the left of center, is going to cheer on Hatch and/or Brady if they propose limiting 401(k)s.

Any stigma will do to hit a dogma with, and the left will surely take up the cause of defined contributions if it will advance the fissioning that may be underway in the Republican Party.

 

 

From the web

Comments
Inside The Nation
Inside The Nation
Website | + posts

The latest trend and news for the people by the people. Left right and center all in one place.

  • Inside The Nation
    https://insidethenation.com/author/itnadmin/
    Chris Collins Charged with Insider Trading Ends Re-election Bid
  • Inside The Nation
    https://insidethenation.com/author/itnadmin/
    Points of View: Right Wing versus Left Wing One Century of the Bolshevik Revolution
  • Inside The Nation
    https://insidethenation.com/author/itnadmin/
    Points of View: Right versus Left Manafort, Business Partner Indicted on Conspiracy Charges
  • Inside The Nation
    https://insidethenation.com/author/itnadmin/
    Points of View: Right Wing versus Left Wing Some (not Many) JFK Files Released
Share199Tweet124Share35SharePin45
Inside The Nation

Inside The Nation

The latest trend and news for the people by the people. Left right and center all in one place.

    Subscribe To Our Newsletter

    Join our mailing list to receive the latest news and updates from the ITN Network.




    We respect your privacy. Please read our Privacy Policy. You can opt-out of emails at anytime.

    • Trending
    • Comments
    • Latest
    Hitman shoots husband and kills son of Judge overseeing Deutsche Bank Epstein trial

    Hitman shoots husband and kills son of Judge overseeing Deutsche Bank Epstein trial

    July 20, 2020
    What we have learned from Coronavirus autopsies

    What we have learned from Coronavirus autopsies

    July 6, 2020
    MUST WATCH David Attenborough’s: A Life on Our Planet

    MUST WATCH David Attenborough’s: A Life on Our Planet

    October 23, 2020
    Chris Collins Charged with Insider Trading Ends Re-election Bid

    Chris Collins Charged with Insider Trading Ends Re-election Bid

    0
    Points of View: Right Wing versus Left Wing One Century of the Bolshevik Revolution

    Points of View: Right Wing versus Left Wing One Century of the Bolshevik Revolution

    0
    Points of View: Right versus Left Manafort, Business Partner Indicted on Conspiracy Charges

    Points of View: Right versus Left Manafort, Business Partner Indicted on Conspiracy Charges

    0
    3 things to know as the pandemic unemployment surges

    3 things to know as the pandemic unemployment surges

    December 18, 2020
    Robinhood’s manipulation of its investor customers?

    Robinhood’s manipulation of its investor customers?

    December 18, 2020
    Customer churn: How to reduce it

    Customer churn: How to reduce it

    December 8, 2020
    Inside The Nation

    Copyright © 2020 Inside The Nation.

    Navigate Site

    • About

    Follow Us

    No Result
    View All Result
    • Daily Buzz
    • US News
    • Politics
    • Political Humor
    • Business
    • Entertainment
    • Environment
    • Health

    Copyright © 2020 Inside The Nation.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    OR

    Fill the forms below to register

    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Sign up to best Trending News, Politics, Finance in United States.

    Get special offers that you won't ever find on our blog·

    Invalid email address
    We promise not to spam you. You can unsubscribe at any time
    Thanks for subscribing! Please check your email for further instructions.