Rural Retirees Will Take Huge Hit in GOP 401(k) Tax Scheme
Shockingly, the Republicans in Congress are giving serious consideration to taking money away from American retirees to help pay for tax cuts for the rich and corporations.
Speaker Paul Ryan and his henchman in this scheme, House Ways and Means Chairman Kevin Brady (R-TX) want to take money away from retirees by significantly limiting the amount of money that Americans can save in their 401(k) accounts before paying taxes. Denying retirement money to senior citizens would be a severe blow to Rural America, where the age 65+ population is growing at a rate disproportionately larger than in urban areas.
Now Trump claims the Republicans won’t tamper with 401(k) plans as part of the deal to provide a $1.5 trillion tax cut to mostly the wealthiest among us, but it’s not really his call. Congress decides what goes in the bill, and so far they are still talking about taking money from 401(k)s to pay for the tax cut they’ve promised their fat cat supporters.
Does anyone really believe Trump will veto a tax cut just because Rural Americans and retirees will get shafted in the deal? Not on your life. Trump has a pathetic first-year legislative record and will do anything to pass something he can claim is tax reform, no matter who it hurts, including retirees. He already proved that when he messed with Rural Healthcare earlier this month, costing his own supporters in premiums and coverage. Wall Street, AARP and other organizations aren’t taking any chances that Trump will keep his word and save 401(k)s from the GOP tax plan, banding together to oppose the move by the Republicans
Think about this for a moment: most retirees vote Republican now. So messing with savings is a heck of a way to say thank you to those retirees who have aligned themselves with the Republican Party. The GOP is ignoring a pretty influential part of its own base by messing with American’s retirement money.
If the GOP can’t be trusted to look out for retirees and Rural Americans that should send a signal to the rest of the Republican base that they can be trusted at all.