House Democrats propose new retirement plan rules for the rich, including contribution limits and a repeal of Roth conversions

[Nature Boy 2.0 8,366]

On 9/15/2021 at 2:35 AM, LIBrty4all said:

How do you have a mega backdoor Roth without a 401k?  Unless there is some new tax law of which I am unaware, you cannot even make mega contributions until you max out the $19,500 limit of a 401k.  

 

Perhaps you meant to say a backdoor Roth, not a mega?

Huh ? 

[Dashinka 24,108]

On 9/14/2021 at 8:22 PM, laylalex said:

Okay, fair point. But the question is whether the full complement of people within those 43% of plans actually take them up. (Full disclosure -- I have a mega-backdoor Roth IRA, not a 401k.) 

 

I think we all were expecting the wealthy to have to cough up more. I suppose my argument is that not much of this should come as any surprise.

You do realize the middle class and the poor will also be.paying higher taxes as well.  With the increase in corporate taxes being proposed, we will see either higher prices, or downsized products to make up any profit shortfall.  Of course the Dems will not tell their supporters that AOCs dress showing “Tax The Rich” is simply a myth.

[laylalex 7,282]

Believe it or not I actually have things to do that don't involve being in this subforum and I am pretty sure that attendance is not taken on here but it's nice to be missed.  

 

I did follow up on whether I had a backdoor or a mega-backdoor Roth IRA because I assumed I had the latter -- I am not the person in this marriage who is more involved with money management. Anyway since apparently this is very, very important, I don't have either.  My husband asked me to please consider treatment for my feverish condition and delusional state. 

[TBoneTX 44,658]

12 hours ago, laylalex said:

I actually have things to do that don't involve being in this subforum

Bad LL ma'am!  REPORTED!!!!!!!

[Crtcl Rice Theory 2,432]

Its amazing to me that folks riled up about losing the mega- backdoor- Roth IRA are the ones who haven't maxed out their current 401k, if they even have one.

[laylalex 7,282]

11 minutes ago, Crtcl Rice Theory said:

Its amazing to me that folks riled up about losing the mega- backdoor- Roth IRA are the ones who haven't maxed out their current 401k, if they even have one.

Steinbeck may not have said these precise words, but they've been shoved in his mouth often enough they're rightly his by now: 

Socialism never took root in America because the poor see themselves not as an exploited proletariat, but as temporarily embarrassed millionaires.

[LIBrty4all 3,749]

20 minutes ago, Crtcl Rice Theory said:

Its amazing to me that folks riled up about losing the mega- backdoor- Roth IRA are the ones who haven't maxed out their current 401k, if they even have one.

Whom are directing this comment towards?  You know the investing strategies of our current CEHST members?

 

This may be true for you, but some people max out their personal Roth IRA, their partner's Roth, their own 401k, their mega backdoor Roth, as well as have spillover into their VEBA account.

[Ban Hammer 13,109]

On 9/18/2021 at 1:42 PM, laylalex said:

 My husband asked me to please consider treatment for my feverish condition and delusional state. 

lord alex the munificent piledriver is right, as always.

[laylalex 7,282]

1 minute ago, Ban Hammer said:

lord alex the munificent piledriver is right, as always.

He will agree with you, as always.  It's so good to have him home at last after a month, complaining about how I switched out his half and half for 2% in his absence. Completely jetlagged and totally awake now, of course. 🙄

[LIBrty4all 3,749]

On 9/18/2021 at 1:42 PM, laylalex said:

I did follow up on whether I had a backdoor or a mega-backdoor Roth IRA because I assumed I had the latter -- I am not the person in this marriage who is more involved with money management. Anyway since apparently this is very, very important, I don't have either.

Thank you.  Didn't think so, but I didn't want to assume anything prematurely.

[Dashinka 24,108]

6 hours ago, Crtcl Rice Theory said:

Its amazing to me that folks riled up about losing the mega- backdoor- Roth IRA are the ones who haven't maxed out their current 401k, if they even have one.

Proof?  Or just hyperbole?

[LIBrty4all 3,749]

4 hours ago, Dashinka said:

Proof?  Or just hyperbole?

Or uninformed opinion?