House Democrats propose retirement changes
#1
House Democrats propose retirement changes
https://www.cnbc.com/2021/09/13/hous...e-wealthy.html
Basically, this Democrat-proposed legislation will neuter tax-advantaged retirement vehicles frequently used by professional pilots such as backdoor and mega-backdoor Roth conversions, and place annual RMDs on combined IRA/Roth/DC plans valued over $10M (which may be a factor for some people).
Here's a white paper of the proposed legislation, designed to help "make the tax code more equitable" and help pay for Democrats' $3.5T spending wishlist
https://waysandmeans.house.gov/sites...btitleISxS.pdf
Basically, this Democrat-proposed legislation will neuter tax-advantaged retirement vehicles frequently used by professional pilots such as backdoor and mega-backdoor Roth conversions, and place annual RMDs on combined IRA/Roth/DC plans valued over $10M (which may be a factor for some people).
Here's a white paper of the proposed legislation, designed to help "make the tax code more equitable" and help pay for Democrats' $3.5T spending wishlist
https://waysandmeans.house.gov/sites...btitleISxS.pdf
#3
Occasional box hauler
Joined APC: Jan 2018
Posts: 1,683
https://www.cnbc.com/2021/09/13/hous...e-wealthy.html
Basically, this Democrat-proposed legislation will neuter tax-advantaged retirement vehicles frequently used by professional pilots such as backdoor and mega-backdoor Roth conversions, and place annual RMDs on combined IRA/Roth/DC plans valued over $10M (which may be a factor for some people).
Here's a white paper of the proposed legislation, designed to help "make the tax code more equitable" and help pay for Democrats' $3.5T spending wishlist
https://waysandmeans.house.gov/sites...btitleISxS.pdf
Basically, this Democrat-proposed legislation will neuter tax-advantaged retirement vehicles frequently used by professional pilots such as backdoor and mega-backdoor Roth conversions, and place annual RMDs on combined IRA/Roth/DC plans valued over $10M (which may be a factor for some people).
Here's a white paper of the proposed legislation, designed to help "make the tax code more equitable" and help pay for Democrats' $3.5T spending wishlist
https://waysandmeans.house.gov/sites...btitleISxS.pdf
#4
Gets Weekends Off
Joined APC: Mar 2011
Posts: 1,022
The “good news” is that the Democrat senator from West Virginia and the Democrat senator from Arizona do not appear to be on board. That’s a slim twig that a lot of our ability to grow generational wealth hangs by. The last thing I need is to be forced to liquidate my retirement investments at an age when my biggest expenses will be paying a nurse to spoon feed me and wipe my behind. They are destroying the social contract that said that saving for the future was beneficial for society and replacing it with a system that encourages the masses to blow it all on bread and circuses, since the government will “care” for you in old age.
It's all about the EGO (Embedded Growth Obligation).
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#5
The “good news” is that the Democrat senator from West Virginia and the Democrat senator from Arizona do not appear to be on board. That’s a slim twig that a lot of our ability to grow generational wealth hangs by. The last thing I need is to be forced to liquidate my retirement investments at an age when my biggest expenses will be paying a nurse to spoon feed me and wipe my behind. They are destroying the social contract that said that saving for the future was beneficial for society and replacing it with a system that encourages the masses to blow it all on bread and circuses, since the government will “care” for you in old age.
A separate very weird wrinkle. If President Joe Biden were to resign or be removed by the 25th amendment, Vice President Kamala Harris would become President. She would want to name a replacement Vice President. It would have to be confirmed by simple majorities of both Bodies in the Capitol. Since the Senate is 50-50 with no Vice President to break the tie, a new Vice President would not be confirmed. With the political animosity, on both sides, I do not see a Republican voting to confirm a leftist Democrat. It would have to be somebody very middle of the road. Those are hard to come by these days. If no confirmation happens, the Vice President seat will remain vacant.
But, some have asked, doesn’t the President Pro Tempore of the Senate beak the tie? No, that is Sen. Patrick Leahy (D-VT). He already voted in the 50-50 tie. So, in essence, a resignation of President Biden means the Democrats no longer will be able to pass legislation by straight party lines. Interesting, isn’t it??
#8
Claim
The Biden Administration’s American Families Plan proposes that financial institutions report all transactions from personal and business accounts except those below $600.
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Mixture
About this rating
What's TrueAccording to the proposed American Families Plan, banks would “report gross inflows and outflows” for all business and personal accounts to the Internal Revenue Service (IRS), “with the exception of accounts below a 'low de minimis gross flow threshold of $600 or fair market value of $600.'” But ...
What's False... this does not mean all individual transactions above that threshold would be reported. Rather, aggregated numbers would be provided to the IRS annually.
What's UndeterminedA parenthetical to the proposal indicates that the administration would be “flexible on raising the minimum account balance/inflow/outflow above $600.” If passed and signed into law, the proposal is expected to go into effect for tax years after Dec. 31, 2022
#10
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