Donald Trump May Be Messing With Your 401K

donald trump

In the off chance that you weren’t convinced that Donald Trump and Steve Mnunchin were only out for their own rich dillhole interests, they’re now seeking to cap off 401K contributions at $2,400 — which is a really steep drop from the current limit of $18,000, Market Watch reported.

This comes after Politico reported last month that Trump and Congress were considering taking away the tax deferment offered by 401Ks, effectively making them operate as IRAs with higher caps (though, as aforementioned, that cap will be much smaller in the new proposal).

Vanguard spokeswoman Laura Edling told The New York Post that the company is “greatly concerned over legislation that would negatively impact investors’ ability or incentive to save for retirement … Proposals that mandate contributions be made after tax should be carefully reviewed to take into account their impact on incentives to save.”

Mike McNamee, The Investment Company Institute spokesman, concurred, noting, “We believe the best way to maintain or raise retirement plan participation and the resources available for retirement is to preserve the current system of tax deferral, which has encouraged millions of Americans to save for retirement.”

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