Originally Posted by
guppie
50-70 billion with a “B” annually depending on who you ask. That is what the 401K tax deferred bennies cost the Treasury every year. That buys a lot of tax cut. And the Rs knew it. As I recall, Kevin Brady (R- TX) was pretty adamant about it.
https://www.google.com/amp/s/www.cnb...ing-trump.html
Yes that was the intial increase in taxes. No one is disputing that. What I am disputing is whether deferring now is actually better for most of middle America. And even for those at a higher income, traditional retirement income vs Roth has a huge negative effect on SS and Medicare.
Also factor in that mostly only higher income people even contribute to a 401k, at least in any meaningful way.
Taxes will still be paid on deferred contributions, just not right away.
Oh
Oh and for the record yeah, major pilots would've probably gotten f'ed.