What odds do you guys give this getting thru the Senate? Zero or 1%?

It's really nothing more than Democratic dreamin

Depends on how much pressure they can put on Manchin.

A lot of us might actually get a big tax cut out of this bill (with the repeal of the 10k SALT deduction cap, ie double taxation put in place by Trump).

Bush cut taxes for 100% of Americans. Obama made those tax cuts permanent for 99% of Americans. Then Trump came along and actually raised taxes on ~20% of Americans (ask me how I know).

If this bill passes and repeals the SALT deduction cap of 10k, it will be the biggest tax cut of my lifetime.

A repeal of the progressive SALT deduction cap is not included in this bill.

Besides, only rich people make enough and have enough assets to benefit from a SALT deduction.

My bad. I forgot to post the link:

https://www.cnbc.com/2021/09/15/demo...eduction-.html

Are you paying attention? Maybe the middle class won’t feel anything with the Roth IRA provisions, but many middle class people, including pilots at United, will get pinched by the 401k provisions. That’s part of the nonsense, if you make more than $240k United covers your extra 401k contribution. If you make less, you cannot max that asset by plussing up the difference.

Like it or not, if you have a house worthy of a SALT deduction of more than 10K, then AOC and the progressive wing has determined that you are wealthy and need to pay more, you just don't realize it yet.

The Trump tax change included lower tax brackets, a higher AMT threshold.

Are you including those reversing for the largest tax cut of your life?

You can plus up the difference, and interest would be tax deductible until withdrawn. They’re only blocking Roth conversion.

Their proposal blocks all after tax contributions to 401ks, not just the conversion, so the ability to plus up in the PRAP will be gone.

I did not see any provisions for limiting the ability to do non-deductible traditional ira contributions, so that will still be available, just not the conversion.

“Furthermore, this section prohibits all employee after-tax contributions in qualified plans and prohibits after-tax IRA contributions from being converted to Roth regardless of income level, effective for distributions, transfers, and contributions made after December 31, 2021.”

I’m not sure how many people earning more than 240k at United take advantage of this, but it is also possible for them to make after tax contributions as well, it’s just that it guarantees that the company contributions will spill over to the VEBA.