Quote:
Originally posted by Sidd Finch
401(k)s barely scratch the surface of tax-free and tax-advantaged savings vehicles, particularly for people who can call themselves "self-employed" (e.g., partners). They can put away amounts in the six figures a year, tax-free (not just tax-deferred on the returns), plus huge amounts in a variety of plans where the returns are tax-deferred. Some of which have been rendered invulnerable because virtually every Senator or Rep owns one.
So, what you said, but much more so. Put differently, 2+.
But this will never happen under Bush -- anything that looks like a current tax increase is being rejected out-of-hand. Future tax increases (i.e., massive deficits) are okay, and as a near-40-y.o. I must express my appreciation to younger Repubs for footing that bill on my behalf.
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FWIW, Congress/Admin did make the nonqualified plan arena less attractive with the legislation passed at the end of last year. I generally feel like whacking executives across the face with a meat tenderizing and screaming repeatedly, JUST PUT SOME OF YOUR COMP IN AN INVESTMENT ACCOUNT!!!! TAX-PREFERRED SAVINGS IS NOT A GOD-GIVEN RIGHT!!!!!! but, whatever. I guess I can just be happy that they can't play with it like it's a savings account (holding money they don't have to pay tax on until they decide to) anymore.
