While the tax reform talks didn\u2019t do much to negatively impact 401(k) plans. Mark my words: the elimination of certain deductions will negatively impact the amount of deferrals that people will be able to put in their 401(k) plan.<\/p>\n
Limiting the amount of deductions for mortgage and state and local taxation will hit middle and upper-middle class taxpayers in the pocketbook, which give them less room to make salary deferrals. While people will point that most Americans will receive tax cuts, a lot of people in some blue states won\u2019t be getting any type of cut especially if they own an expensive piece of real estate in a big city or in the suburbs.<\/p>\n
While the industry activated strong support against any tax reform that will negatively impact how much could defer, I think there are going to be quite a few taxpayers out there that will be cutting back on what they\u2019ll defer.<\/p>\n
<\/span><\/p>","protected":false},"excerpt":{"rendered":" While the tax reform talks didn\u2019t do much to negatively impact 401(k) plans. Mark my words: the elimination of certain deductions will negatively impact the amount of deferrals that people will be able to put in their 401(k) plan. Limiting … Continue reading