Spin Forum Dumping Bin

[nate]

9 minutes ago, gotbeer said:

Aren't you an independent contractor?  Did you see that the tax rate for independent contractors is dropping to 15%?

I wish, I would make way more $ than I do if I was.

[Blarg]

14 minutes ago, gotbeer said:

Aren't you an independent contractor?  Did you see that the tax rate for independent contractors is dropping to 15%?

If it does then I'm going to have to bite the bullet and create an LLC for my job. I should have a decade ago. 

[mtangelsfan]

Any change is guaranteed to bend the middle class over.

That is where the real money comes from.

[Glen]

McCain un-mavericking.

 

[mtangelsfan]

Please, like he is going to admit it.

 

[Thomas]

28 minutes ago, mtangelsfan said:

Please, like he is going to admit it.

It's the old white man version of the Dez Bryant/Josh Norman phone ads.

[nate]

Hooray, fuck the consumer!

[mtangelsfan]

Middle class bend over

[Thomas]

@KarlreMarks: The US exported so much democracy to the Middle East, it ran out of it

[nate]

Starting to sound more and more like that 401k change might happen.  What a gigantic fucking middle finger.  That would really hurt my retirement plans as I currently put 12% (6% is pre-tax) and my company matches another 6%.

[mtangelsfan]

7 minutes ago, nate said:

Starting to sound more and more like that 401k change might happen.  What a gigantic fucking middle finger.  That would really hurt my retirement plans as I currently put 12% (6% is pre-tax) and my company matches another 6%.

Link?  I'm not being an ass, I am curious as I have a large 401K plan as well.

[nate]

13 minutes ago, mtangelsfan said:

Link?  I'm not being an ass, I am curious as I have a large 401K plan as well.

http://thehill.com/policy/finance/357083-top-tax-writer-suggests-401k-changes-still-on-the-table

http://thehill.com/business-a-lobbying/357154-trump-says-he-can-negotiate-on-401k-tax-break

[red321]

What has been discussed is changing the tax deferment of 401k contributions, lowering the tax deferment on those contributions to something like $2500k. Anything about that amount would get taxed as income that year, instead of tax deferred until it is withdrawn. Instead they are offering the magic "we will come up with something better to incentivize investment!" 

 

https://www.washingtonpost.com/news/business/wp/2017/10/25/house-gop-tax-leader-threatens-to-break-trumps-promise-not-to-change-401k-rules/?hpid=hp_hp-more-top-stories_taxplan-1006am%3Ahomepage%2Fstory

 

Anyone in the lower to middle class thinking they are going to get a huge tax break is gonna get that uncomfortable feeling between the asscheeks...this is all about giving huge tax cuts to rich.

[mtangelsfan]

Can't tell whether the changes would be good or bad, but with the batch of losers I put my money on "bad".

[nate]

Taxing it now means less is being invested and growing.  It is a total FU in every way.

[the dude abides]

So I'm too lazy to read the article, but is the proposal that the contribution limit will be $2500, or that the deduction will be limited to $2500?

Also, if the cap remains at $18k, I assume that amount would grow tax free like a Roth, correct?

[Adam]

Won't we all just move to IRAs

[nate]

IRA limit is $5k, also your employer is not going to be matching an IRA like they would a 401k.

[RallyMo]

13 hours ago, nate said:

IRA limit is $5k, also your employer is not going to be matching an IRA like they would a 401k.

Yep. This is such a giant FU.

[nate]

https://gizmodo.com/georgia-wiped-its-election-server-while-advocates-fough-1819885057?utm_campaign=socialflow_gizmodo_facebook&utm_source=gizmodo_facebook&utm_medium=socialflow

[Glen]

1 hour ago, nate said:

https://gizmodo.com/georgia-wiped-its-election-server-while-advocates-fough-1819885057?utm_campaign=socialflow_gizmodo_facebook&utm_source=gizmodo_facebook&utm_medium=socialflow

Our elections are seriously fucked and now, between elections and we'll before the next major one, is when we should be fixing them.

But yeah, this is terrible and absolutely nothing will happen. 

[Adam]

On 10/25/2017 at 5:06 PM, nate said:

IRA limit is $5k, also your employer is not going to be matching an IRA like they would a 401k.

Damn I meant a Roth 401K.

or would the new rules eliminate those?

[nate]

37 minutes ago, Adam said:

Damn I meant a Roth 401K.

or would the new rules eliminate those?

Roth 401k is already taxed up front.

[Adam]

Just now, nate said:

Roth 401k is already taxed up front.

I know. If the standard 401K loses some tax advantages it will probably make sense to just do the Roth 

[Adam]

Maybe I’m just confused as to the ramifications of the proposals. If so I’ll just wait to see what my money man says