patrick.net

We still have 10 days left. My fingers are crossed and I'd like another year to max out a 401K and Mega back door Roth.

You can put up to 67.5K (single filer) in those two tax shelters alone depending on your age next year. Not to mention others like HSA etc.

Man that SALT deduction woulda been nice. Woulda been atleast 4 grand back in taxes this year for us. We never got a tax break under Trump cause the Lower rates in our income plus child credit were cancelled out by the SALT deduction loss. Trumps tax cuts were non-existent for us.

The easy solution would be to re-instate a SALT deduction but cap it to like $50k… and cap the ability to deduct it based at an income threshold of say… $400k. That way it costs less.. but helps out people in the middle class in big cities. And yes… $200-400k is middle class in most big cities if you got a few kids and want to live in a decent neighborhood.

Remote work is gonna drive people out of blue states if they don’t throw us a bone. A handful of people at my company have moved out of state since we officially went remote permanently. If we hadn’t bought our house in 2011 at the bottom of the market I think we would already be gone.

Biden is truly trying hard to get creamed in the mid terms and next election. Letting student loans kick back in next month… and no build back better bill. Plus Covid still running rampant. Democrats really like losing.

If you don't get killerated by the Guv before you can enjoy the Caligulan retirement plunder.

BoomAndBustCycle says

Man that SALT deduction woulda been nice. Woulda been atleast 4 grand back in taxes this year for us. We never got a tax break under Trump cause the Lower rates in our income plus child credit were cancelled out by the SALT deduction loss. Trumps tax cuts were non-existent for us.

The easy solution would be to re-instate a SALT deduction but cap it to like $50k… and cap the ability to deduct it based at an income threshold of say… $400k. That way it costs less.. but helps out people in the middle class in big cities. And yes… $200-400k is middle class in most big cities if you got a few kids and want to live in a decent neighborhood.

Remote work is gonna drive people out of blue states if they don’t throw us a bone. A handful of people at my company have moved out of state since we officially went remote permanently. If we hadn’t bought our house in 2011 at the bottom of the market I think we would already be gone.

Biden is truly trying hard to get creamed ...

Average salary in LA County prior to pandemic was $64k.

Lol@$200-400k being middle class. People that think that have a spending problem, not a income/tax problem.

The SALT deduction rewards those in high tax states. They should be happy paying the state exorbitant taxes.

If they are unhappy, they should do something about it, fight or leave.

Fuck Biden, fuck losers, crybabies and assorted illegals and their spawn.

Off the subject, I told a couple of broke girls I used to “date” that Santa might be nice to them, my mutual funds will distribute dividends and capital gains this month. I take some dividends in cash; boy are they champing at the bit lately.

Prince Harry rides again. (If I talk about myself, I’m imitating Harry)

SALT deduction was pretty much cancelled out by AMT. Now that fucking AMT is gone getting the SALT deduction back would be nice. :) But the rest of that "package" should stay dead.

Starve the beast!

Less taxes is always better then moar taxes.

HunterTits says

ucked over the Donor Class too. Because the SALT deduction restoration was in that bill.

I suspect not many in WV benefitted from SALT deductions. In any case, kudos to Mr. Manchin. He appears to be one of very few persons in Senate with a set of balls.

HunterTits says

HunterTits prediction: Manchin switches parties in the next year or so.

Or goes independent.

He appears to be one of nearly extinct breed of D's who cares about the "common working man".

HunterTits says

HunterTits prediction: Manchin switches parties in the next year or so.

Maybe so, but the Dems may end up with more Manchins after his example shows it can be done.

Without Manchins they still have enough votes. Why are they looking for his vote!

just_passing_through says

We still have 10 days left. My fingers are crossed and I'd like another year to max out a 401K and Mega back door Roth.

You can put up to 67.5K (single filer) in those two tax shelters alone depending on your age next year. Not to mention others like HSA etc.

401k with rollover to roth?

Ceffer says

If you don't get killerated by the Guv before you can enjoy the Caligulan retirement plunder.

25th booster shot should do everyone in

I guess Manchin must have been pissed off at the Dems over all the death threats that he got over this.

HunterTits says

I am looking at a total tax rate of 40% at least when my six month waiting period post-IPO ends for my RSU vesting

Only 40%???

Blue says

Without Manchins they still have enough votes. Why are they looking for his vote!

No they don't. They have only 49+Cumalala=50. They need 51.

Fortwaynemobile says

401k with rollover to roth?

Not exactly. At a company (not all allow it) you can fully fund your 401K AND a 401K-Roth. This is where I'm at so far this year (less because I'm not 50 yet):



This year I'm able to stash 19.5K in a 401K and 38.5K into a corporate Roth. Then roll the Roth over to my Ameritrade Roth. The latter is called a Mega Backdoor Roth if you'd like to look it up. BBB bill was going to cancel it in 2022 but now we get at least one more year and the limits increased.

When I leave this job I'll roll the 401K over to the Roth at some point as well - whenever it's strategically best to do.

https://www.investopedia.com/threat-to-mega-backdoor-roth-conversions-5211038

... 64.5K isn't bad for 50+! Probably the last chance for this.

Now Trump is in favor of restoring SALT deduction? I personally would benefit, but doesn't it "unfuck the donor class"?