According to a leaked version of a proposed tax plan by the GOP, GOP lawmakers and Republicans alike are reportedly preparing to come for the retirement accounts that rightfully belong to ordinary Americans. According to the New York Times, the proposed plan would see the allowed allotment of contributions to a 401k plan at just under $2,700 annually.
That’s a drastic drop from the right-now cap at $18,000, $24,000 if you’re above the age of 50. The Times notes that Republicans think that the caps to 401k style contributions would bring in significant tax revenue for the government (to the tune of $115 billion reportedly by 2018 alone).
Share your thoughts below. Are you prepared to see drastic cuts to your retirement accounts if this tax plan proposed goes forth?