Senate tax bill

[corn18]

Just read through the thing. Boy, do they add a lot of useless stuff to a bill. Regardless, it looks like it will be a wash for me. I'm ok with that.

In other great news, my company just implemented a new non-qualified deferred comp plan. They had one, but it did not appeal to me. The new one is awesome. Once I hit the $275k annual salary limit and my 401k + catchup contributions stop, they will continue to put my elected amount into the NQDC. That in and of itself is not exciting. The sweet part is they will also match up to 5% of what I put into the NQDC. And I get to pick from the same funds that are in the 401k plan (which are pretty good). By my calculation I get a 100% return on the first 5%. I'm in the 39.6% tax bracket and expect to be in the 25% bracket when I retire, so I pick up another 14.6% (10% if the tax bill passes). Then I get to allocate to my 60/40 portfolio. This could turn out to be just the bridge I needed to get me to 70.

Life is good. Carry on.

[Singuy]

How is it a wash for you? Did you look at the new tax bracket? Filling jointly now put you in the 35% tax bracket from 39. it's a 3-4% reduction under all brackets.

[corn18]

How is it a wash for you? Did you look at the new tax bracket? Filling jointly now put you in the 35% tax bracket from 39. it's a 3-4% reduction under all brackets.

Lost the state and local income tax deduction. That added enough income back in @ 35% to cancel the 4.6% savings from the lower tax bracket.

[scfr]

Just read through the thing.

Is this what you read?

https://assets.bwbx.io/documents/users/iqjWHBFdfxIU/rXqXuQfYbRas/v0

I want to skim for myself and read sections of interest, rather than relying on the commentary of those who may not have actually read it.

Edit: I think the link I posted is only a DRAFT.

[LivingAlmostLarge]

I'm not sure if it'll really save so many people money. But until it passes it's a moot point.