Trump Plans To Tax Your Retirement Account In Order To Pay For Tax Cuts For The Rich
One of the proposals in the Trump administration’s tax reform is to tax the retirement plan contributions of workers up front in order to give the wealthy a tax cut.
The idea was reported last month by Politico who stated:
“One idea quietly being discussed would be taxing the money that workers place into their 401(k) savings plans up front: an idea that would raise billions of dollars in the short-term and is pulled from the Camp plan. This policy idea is widely disliked by budget hawks, who consider it a gimmick; the financial services industry that handles retirement savings; and nonprofits that try to encourage Americans to save.”
This is Donald Trump and his administration’s plan to take money away from hard working Americans in order to give a tax break to the top 1%.
This is something many worried about when Trump became president. His plans are only beneficial to the wealthy and corporations.