Drudge Retort: The Other Side of the News
Monday, August 12, 2019

A string of pending proposals on Capitol Hill could change the way current and future retirees live. But that's assuming they can first get through both Houses of Congress. ... When the Secure Act sailed through the House of Representatives on May 23 by a 417-3 vote, it looked like it would be fast-tracked in the Senate. Months later, progress on that side of Congress is still elusive.

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Follow the money, people.

#1 | Posted by PinchALoaf at 2019-08-12 08:44 AM | Reply

I want to hear what Andrew Yang has to say about this idea.

#2 | Posted by PinchALoaf at 2019-08-12 08:47 AM | Reply

Not sure what you mean by follow the money?

It's more like follow the votes. These ON THE SURFACE seem like generally good legislation. Especially since companies have mostly cut pension plans.

#3 | Posted by GalaxiePete at 2019-08-12 12:05 PM | Reply

"In order to pay for those changes, the bill calls for raising payroll taxes on wages over $400,000. Wages up to $132,900 are currently taxed."

Significant.

#4 | Posted by schifferbrains at 2019-08-12 02:16 PM | Reply

From the article:

It also calls for increased payroll contributions from workers and employers. That rate would increase to 7.4% from 6.2% and would be gradually phased in from 2020 to 2043.

Which tracks with my claims SS could be put into balance for 75 years with this type of increase. Go figure.

#5 | Posted by Danforth at 2019-08-12 02:58 PM | Reply

"The proposal would give those who are or will be receiving benefits a raise that is the equivalent of 2% of the average benefit. It would also set the new minimum benefit at 25% above the poverty line."

A 2% increase for those receiving benefits. They must have had to pay off the AARP.

I'll take it. It's my patriotic duty help Congress bankrupt the system.

#6 | Posted by Ray at 2019-08-12 07:12 PM | Reply

Don't you fret.

Moscow Mitch has already dug its grave.

#7 | Posted by ClownShack at 2019-08-12 07:15 PM | Reply

"I'll take it. It's my patriotic duty help Congress bankrupt the system."

Yup.

Gotta make up for those losses on gold the last 8 years. Losing 16%, vs making 143% in the S&P 500 has got to be tough.

#8 | Posted by Danforth at 2019-08-13 02:21 AM | Reply

Senator Cruz is probably the biggest roadblock to the SECURE Act being passed under unanimous consent. Among other issues, it seems that Senator Cruz is refusing to support the final version of the House bill because it no longer includes a provision that would allow people to use tax-advantaged savings in 529 college savings account to pay for home school expenses.
www.planadviser.com

Why on earth should a "college savings account" be used to pay for "home schooling expenses?" That seems well beyond the intent of the original 529 program, and a silly (yet predictable) reason to hold up progress on such a bipartisan bill.

#9 | Posted by JOE at 2019-08-13 05:11 AM | Reply

Texas liberalized the types of education you can pay for with a 529. Home schooling is one of those.

#10 | Posted by sitzkrieg at 2019-08-13 10:13 AM | Reply

"Texas liberalized the types of education you can pay for with a 529. Home schooling is one of those."

Link please.

The reason I'm skeptical is twofold: One, using a 529 for homeschooling is specifically prohibited in the new tax code, and two, 529s are state-sponsored plans, and only deductible on the state level...but Texas has no state income tax, so the point would be moot anyway.

#11 | Posted by Danforth at 2019-08-13 10:22 AM | Reply

"Why on earth should a "college savings account" be used to pay for "home schooling expenses?""

529s have recently been expanded to include ALL schooling, K-12, as well as college...except for homeschooling.

My advice to my clients is keep funding the college 529--provided they've maxed out their retirement opportunities first--AS WELL AS all ongoing school bills. Basically, if your state has a 6% income tax, you'll save 6% on all the school expenses you funnel through a 529.

#12 | Posted by Danforth at 2019-08-13 10:26 AM | Reply

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