jeffw@lemmy.world to politics @lemmy.world · 2 years ago‘The 401(k) industry owns Congress’: How lawmakers quietly passed a $300 billion windfall to the wealthywww.politico.comexternal-linkmessage-square17linkfedilinkarrow-up11arrow-down10
arrow-up11arrow-down1external-link‘The 401(k) industry owns Congress’: How lawmakers quietly passed a $300 billion windfall to the wealthywww.politico.comjeffw@lemmy.world to politics @lemmy.world · 2 years agomessage-square17linkfedilink
minus-squarejeffw@lemmy.worldOPlinkfedilinkarrow-up0·2 years agoBecause you can hide hundreds of thousands annually in there. No working class individual makes that much. That money should be taxed
minus-squaredie444die@lemmy.worldlinkfedilinkEnglisharrow-up0·2 years ago23k is the max annual contribution. The money is taxed upon withdrawal. It’s not “hidden”.
minus-squarejeffw@lemmy.worldOPlinkfedilinkarrow-up0·2 years agoIn a 401k? Yes. But if you read the article: Today, wealthy taxpayers can protect up to $452,500 per year in tax-advantaged accounts in a single year, saving up to $203,600 on their taxes. And they can keep their money in tax-advantaged accounts far longer. There are many types of tax-advantaged accounts. https://www.investopedia.com/terms/t/tax-advantaged.asp
Because you can hide hundreds of thousands annually in there. No working class individual makes that much. That money should be taxed
23k is the max annual contribution. The money is taxed upon withdrawal. It’s not “hidden”.
In a 401k? Yes. But if you read the article:
There are many types of tax-advantaged accounts.
https://www.investopedia.com/terms/t/tax-advantaged.asp