“Partisan political discussions of any kind are not permitted.” Direct quote from the “Forum Rules.” Just sayin’…

Not interested in partisan political discussions. Just info on how my (our) taxes will be affected by this bill…

Ummmm… yeah.🙄

what does this even mean?

Well first, I think that’s pretty much a bipartisan presumption, she is in fact both greasy and dishonest.

And second, much like the earlier comment about finishing the actual quote, the rest of my quote is “right now I care about whether I can still load up my 401k with post-tax contributions in 2022.”

Don’t be greasy or dishonest, include the whole quote.

😂

A legitimate concern, but we don’t even have the final version of the legislation to know the answer yet. So why swerve into partisan political name calling?

To quote Ronald Reagan “…there you go again.” I must be getting close to your safe space so I’ll just back away and say peace be with you.

Not my sandbox, but for a forum that says no politics, there sure are a lot of political discussions here.

To LJs point.. this thread is supposed to be about back door retirement conversions affecting many income levels in our pilot community. I initially closed it for concerns it would be the kind of political fight we've seen throughout apc. But I admit it has stayed reasonably civil and it's relevant so we're leaving it open for now.

At this moment in time, the Roth portion has been removed. https://www.asppa-net.org/news/brows...ciliation-bill

I personally emailed every D Senator plus (I) Angus King and my D Rep with the following message:
I am writing to your office because I just found out that the Reconciliation Bill eliminates Roth rollovers and contributions for my wife and I.
We grew up in the lower middle class and have saved all of our lives. We both have military pensions and we both work full time. In addition, my wife works a part time job to bring in additional money to save for retirement and assist our less fortunate relatives. Because of all of our hard work, our combined income is in excess of $500,000 per year.
So now this Reconciliation Bill will target our future Roth contributions and savings due to our income level. I understand the desire to go after those that have abused loopholes in the Roth system. However, your bill also goes after those of us who have worked VERY HARD all of our lives and are finally making a decent income. You folks have chosen to use a machete when a scalpel was appropriate.
We understand paying increased taxes at our income level. But attacking our retirement money is out of bounds.

So that was 49 Senators and 1 House Rep that I sent emails to. I didn't bother with sending an email to Bernie's office. I also called both of my D Senators' offices and my D Rep's office.

Just so you know the origin of the Roth elimination, it came from the House Ways and Means Committee. Pretty much every D on the Ways and Means Committee had to support the change in order for it to get through Committee, so keep their names in mind in this next election cycle. I will. https://waysandmeans.house.gov/subco...117th-congress


The real target of the Roth change was one single person ... Peter Thiel, founder of Paypal. The crappy elected officials chose to go after everyone making more than $200K to get him. And note that there was no indexing for inflation in their Roth changes. https://www.propublica.org/article/l...ree-piggy-bank

Nice work and thank you!

Thanks. I haven't been this worked up over Congressional idiocy for a very long time.
Any guess on how much revenue was forecast to be generated over the next decade by eliminating the back door Roth? $5 billion and that's likely an overestimate.
Elimination of pretax Roth conversions (supposed to be phased in 2031) is revenue negative in the short term.

I consider the Roth to be the greatest single wealth builder for the middle/upper middle class. I don't mind taking a big tax hit today in order to avoid all future taxes on my savings.

S Corporations would have been a much better target, as that is full of abuse.