Originally Posted by
Tailhookah
I would recommend you talk to your reps. We need more than just a higher DC percentage. It’s because we make a lot. So the MBCBP allows us high earners to have a secondary tax haven to protect our money. There are rules and the MBCBP is that vehicle. It’s naive to read where some of you say you want the money and you’ll do what you want. That’s fiscally irresponsible and ignorant. You’ll not be able to outpace the taxes and return that the MBCBP will provide.
And the way this this country is going, I expect our 401k max contributions will someday soon be lowered to something around 40k from the current 58k due to our esteemed Reps in the DC swamp thinking we make too much and they enact a tax on the rich. That’s us. That hidden tax will lower our tax savings under current 401k rules. Most of America won’t care because they don’t get close to their limits.
When that hat happens our MBCBP will absorb our money above the new lower limit and protect us from our own swamp rats that are trying to hose us in DC.
The MBCBP is a great vehicle for those who are smart and get it.
I’ve talked to my reps. And any question beyond what is covered in the bullet points they put out gets a “you should ask the R&I guys that question.”
So your theory is that the socialists will take over, and mess up the 401k plan that is used by nearly everyone who has money to save for retirement but leave the MBCBP alone that is only used by the ultra rich?
I have said before and still believe that the MBCBP is a god option, and it might be the best option for some of us. But it’s not for everyone. If we actually believed that it truly will be optional in a TA you wouldn’t see all the pushback.
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