Trump Tax Reform Coming For Your 401(k) | Soshal Network, Social Circle Connection

Trump Tax Reform Coming For Your 401(k)


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Trump Cenk Uygur and John Iadarola, the hosts of The Young Turks, simplify. Tell us just what you believe in the remark section listed below. Sign up with TYT:

" President Donald Trump claimed on Wednesday that alters to Americans' retirement-savings accounts could still be included in the honest Republican tax-reform strategy.

Trump was inquired about remarks from Rep. Kevin Brady, chair of the House Ways and Means Board as well as an author of the forthcoming GOP tax costs, that there could be changes to retirement accounts like 401( k) s in the strategy.

Trump said 401( k) s are "very important" to him due to the fact that they benefit the center course however suggested tweaks might be consisted of.

" Well maybe it is, possibly we'll utilize it as negotiating, however trust me, that is just one of the terrific points," Trump claimed. "There are particular aspects of offers that you don't intend to discuss with– and also Kevin recognizes this, and also I think Kevin Brady is wonderful– but he understands how essential 401( k) s are."

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  1. Posted by Nicholas Raynes, at Reply

    Members of congress should be not allowed to lie about their policies. If they do the must be required to say they lied and what they lied about and why they lied. If the fail to do this they must serve a mandatory minimum of 10 years in prison. Once they are out of prison they are banned from running for office for 10 years.

  2. Posted by Rahim EL-MullA, at Reply


  3. Posted by Putins Cat, at Reply

    This makes no sense. We get a 4K tax break, but if we want to pre-tax 401K, we lose about the same 4K depending on our contribution and tax bracket. Sounds like a Trump con to me.

    • Posted by Dark Jedi, at Reply

      Hope you didn’t vote for him too.

    • Posted by mizzmolly, at Reply

      Putins Cat – If you’re paying a mortgage, you probably wouldn’t be getting a $4,000 tax break anyway. Don’t forget about the state and local taxes you’ll no longer be able to deduct on your itemization. And the GOP doesn’t want us to write off mortgage interest either.
      If your tax write-offs have always been more than the new proposed standard deduction, then you’d be in a worse position with the GOP tax plan.
      So BINGO! You’ve got it! It’s a CON!

  4. Posted by NickTheGreatAndPowerful, at Reply

    All the pessimists in the comments… Look at the bright side! With Trump destroying the healthcare system and letting corporations dump toxic sludge into the water supply, vent toxic chemicals into the air, and use dangerous pesticides that have proven to at BEST be extremely carcinogenic, it won’t matter that he’s also destroyed the 401k, because not only is no one able to retire anymore due to being expected to save money despite not being paid enough to live, but now nobody will live long enough to use their retirement savings anyway.

    • Posted by Ray Ray, at Reply

      NickTheGreatAndPowerful 👏👏👏👏👏👏👏👏👏 u are absolutely right!!

  5. Posted by gabo1841997, at Reply

    Theyre evil. They just want to make the middle class poor and divert all the money to them

  6. Posted by movieman175, at Reply

    wait what? Donald Trump is president? what?

    • Posted by Marcus Figueroa, at Reply

      movieman175 president of what

  7. Posted by sixstanger00, at Reply

    Such economic policy cannot sustain itself indefinitely. They can keep wringing the middle class for every last penny they have, but eventually, the middle class won’t have any pennies left to give. What then?

    What happens when the 1% control 100% of the wealth?

    *TOTAL ECONOMIC COLLAPSE* — the 99% has no money to spend on day-to-day products & services. Thus, the entire capitalistic system grinds to an abrupt halt.

    • Posted by Rahim EL-MullA, at Reply

      sixstanger00 YEP its communism LOL

    • Posted by andola jackson, at Reply

      lmfao if you really study the truest forms of capitalism…..its just communism on steroids bc most true philosophy on capitalism state that in its most ideal form it has to have an economy that is ran/controlled contingently through govt so through a form of psudo-globalizaion/imperialism you can influence “markets” based on how you affect your competitors via comparative advantage…..and how to influence these power positions based on political strategy…..thus needing both economics(lobbyists)/govt/fed to be in close knit because just like politics, “the hegemons” rule because they are deemed “fit”. Which is no different than communism when at the end of the day this “Ideal” form of capitalism/economic setting would require unilateral levels of ludicrous litigation in a state/nation where they apparently never are able to pass any logical litigation in regards to natural law while on the parallel fully capable of passing litigation so long as it may lead to some notion of prosperity….which is just consequentialism on steroids played to the note of everything we do is “right” if we succeed/reap benefits of our actions.

    • Posted by mizzmolly, at Reply

      sixstanger00 – Middle class? What middle class?

    • Posted by sixstanger00, at Reply

      *_Can I ask you WHAT draining the swamp does mean?_*

      “Draining the swamp” referred to eliminating the corruption from our government — getting money out of politics and restoring a sense of honor & service to the people by our elected officials. However in this respect, Trump unsurprisingly went against his word and instead appointed the most corrupt individuals under the sun.

    • Posted by sixstanger00, at Reply

      *_YEP its communism LOL_*

      NOPE, it isn’t. In no sense can 100% of the wealth being owned & controlled by 1% of the population be considered communism.

      *com·mu·nism* – _/kämyəˌnizəm/_ — a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.

  8. Posted by Jan Cerny, at Reply

    Republicans: The party that gives you the incentive to hide cash under a mattress. Too long for a slogan?

    • Posted by fanofmetal1, at Reply

      Jan Cerny you’re telling me you havent started doing that yet? You know the banks are about to fail again right?

    • Posted by Jan Cerny, at Reply

      I wish I had more cash to hide.

  9. Posted by jwuw74, at Reply

    this has been their plan for ages. they hype the fear of brown people, fear of them TAKIN YER GUNS, wave some flags, and it’s ALWAYS ALWAYS ALWAYS been about taking back benefits from workers, letting wages stagnate while inflation goes up, busting unions, stripping worker’s rights, and putting you BACK ON THE ASSEMBLY LINE WHERE YOU CAN WORK FOR PENNIES UNTIL YOU DIE SICK ON THE STREET. there is nothing republicans have wanted more than to tap into all those $$$$$$$s sitting in 401ks and social security and let the pricks at goldman sachs go hog wild with it until it all collapses again.

  10. Posted by Simone Conti, at Reply

    Double standards when Trump won’t disclose his tax return. Red flag anyone.

    • Posted by Dark Jedi, at Reply

      Trump only cares about one tax break and that is the estate tax. The fat man doesn’t pay taxes anyway because he under values his properties when it comes to paying up for taxes.

    • Posted by mizzmolly, at Reply

      Simone Conti – He really doesn’t need to disclose his tax return when it comes to this issue. We all know he’s a business owner and we all know he’s rich and will benefit from the tax cuts, which the middle class might be financing with their 401ks.

  11. Posted by Bolgernow, at Reply

    Trump fucks, YOU own this. ALL of you ignorant fucks. Live in the streets while I piss on your faces!

  12. Posted by SweatyShivers, at Reply

    Bad news America, I think your government hates you. I mean, the evidence is really piling up.

    • Posted by Nigel Garrett, at Reply

      SweatyShivers Yeah its gettin terrible over here B. 😤

  13. Posted by Greg Raines, at Reply

    I don’t know how the middle class Trump supporter can just say nothing about this.

    • Posted by San Qiang Li, at Reply

      They probably don’t understand what the policy really does in the first place.

    • Posted by Jason Smith, at Reply

      Cause theyre old and about to die so they dont care

    • Posted by Danielito, at Reply

      Not everyone believes Young Turks.

    • Posted by jorge osorto, at Reply

      Danielito you don’t believe facts. Yep that sounds like a Trump supporter

    • Posted by mizzmolly, at Reply

      San Qiang Li – That’s exactly the problem. They don’t understand. They hear Trump say “Tax cuts are gonna be great,” and that’s all they need to hear. They’ve got their tongues wagging, ready for a bigger tax refund, only to realize that they were getting more of a refund itemizing. Only, if the GOP has it’s way, we won’t be able to deduct state and local taxes or maybe even mortgage interest. Who’s going to want to donate to charity if it’s not a decent tax write-off? Charitable donations aren’t going to give someone a higher number than the proposed new standard deduction. But I haven’t heard a peep from non-profit organizations. They should be worried.
      And what happens if we’re limited to contributing $2,400 tax-deferred in our 401ks? The Roth IRA also has contribution limits, so how are we going to make up the loss – raise that limit?
      Once again, the wealthy business owners will be getting a big tax cut, and it’ll be at the expense of the middle class.
      And if you think that businesses are going to hire more and give raises because of the tax savings, then you’re sadly mistaken. That money will either line their own pockets or invest in automation technology, so they won’t have to hire humans. The Great Recession showed them that they can do more with fewer people.

  14. Posted by Scott Cox, at Reply

    It took him 24 hours to change his mind because he needed time for someone to explain to him what a 401K is.

  15. Posted by morry271, at Reply

    The worst president in American history, considering the opposition for that title (GW Bush, Carter, Reagan, Nixon) that is some achievement.

  16. Posted by Taz Ward, at Reply

    Look you all voted for Trump thinking that you would break the black man but little did y’all know y’all just hurt yourselves in the long run so deal with him for 4 years actually I’m glad he’s in office because he’s a wake up call to my black people as well that most white people just flat out hate you

  17. Posted by sailormanariel, at Reply

    I was putting $16,000 in my 401k. So yes this is an attack on me. $2400 is not enough to do anything for anyone. I can only imagine there are rich people who make money on my 401k contributions and they will nix this idea.

  18. Posted by Steve Pax, at Reply

    Republicans have always been Loot and Lie. Nothing new here.