Congress, it has been reported that you want to massively reduce the amount the American middle class can contribute to 401k programs tax-free. Tax-free contributions to 401k programs are an incentive to save for the future, and for many of us, the only hope we have for retirement.
You have no business taking that away from us so you can pay for tax breaks that primarily benefit the richest Americans.
Putting money away pre-tax allows significantly more money to compound and grow. Paying taxes up front reduces the amount that is actually invested, and could result in tens of thousands of dollars in lost growth over the course of one’s career. Plus, paying taxes up front diverts money away from markets and instead puts it into the hands of the federal government, which is the opposite of “pro-business.”
Members of Congress, senators and President Trump, keep your hands off my 401k. Find another way to pay for your tax breaks, or don’t do them at all.
Gordon Sackley, Woods Cross