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The $6k/yr limit on IRA contributions is a joke. Maybe most "low to middle class people" aren't contributing more than that, but, regardless, if that's all you'
by FooBarBizBazz 5y ago
The $6k/yr limit on IRA contributions is a joke. Maybe most "low to middle class people" aren't contributing more than that, but, regardless, if that's all you're doing, you are completely fucked.
The backdoor Roth part of this... basically anybody making even an entry level Tech salary should be doing it. That's not just for the Peter Thiels of the world.
(By "should" I don't mean "I would prefer if policy were this"; I mean "this is what's smart to do right now, at an individual level, under current policy".)
- ixacto 5y agoUsing tax advantages to incentivize behavior is not the best way to run a government IMO. Just get rid of taxes for most low and middle income people like <300k/yr/family, this would make things much simpler and then there's no gigantic government bureaucracy administering it all. Also the government should file your own taxes, right now tutbotax & friends currently only exist due to government lobbying.