Ted Cruz Blocks SECURE Act

[Elderberry]

401K Specialist by Brian Anderson 6/7/2019

Texas senator, others object to certain provisions, including a lack of 529-plan expansion

After the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) passed in the House on May 23 with an overwhelmingly bipartisan majority 417-3 vote, it looked like the bill was set up for “unanimous consent” approval in the Senate through a process known as “hotlining.”

Had it proceeded to a vote before the Senate’s Memorial Day recess, it could now sit on President Trump’s desk, on its way to becoming the law of the land.

Of course, it can’t be that simple in Congress, and once again it isn’t.

A handful of Republican senators, including Ted Cruz (R-TX), placed a “hold” on the bill due to concerns over some provisions that were stripped out of the House version of SECURE Act just before it passed.

Chief among them was a provision that would expand the capabilities of 529 plans, allowing them to be used to pay for homeschooling expenses.

More: https://401kspecialistmag.com/ted-cruz-blocks-secure-act/

[libertybele]

 

[libertybele]

Washington Threatens to Change Retirement Planning Forever

..."However, recent legislation would take away a substantial portion of the benefits that those inheriting IRAs and 401(k)s have enjoyed up to this point. With a bill already having passed the House and headed to the Senate, fears are mounting that a significant aspect of many people's retirement and estate planning is about to get taken away forever....


https://www.fool.com/retirement/2019/06/09/washington-threatens-to-change-retirement-planning.aspx

[EdJames]

Good on Ted for blocking this, hopefully he can kill it.

You can almost always be certain that any bill passing with "an overwhelmingly bipartisan majority 417-3 vote" is going to be harmful to the American people.

[libertybele]

Good on Ted for blocking this, hopefully he can kill it.

You can almost always be certain that any bill passing with "an overwhelmingly bipartisan majority 417-3 vote" is going to be harmful to the American people.

Exactly -- it changes IRA and 401k rules and from what I can tell, not in a good way.

[catfish1957]

Exactly -- it changes IRA and 401k rules and from what I can tell, not in a good way.

Yep, allows Fedzilla to confiscate tax dollars from heirs much much easily.  I hate the f'n government. 

[txradioguy]

Yep, allows Fedzilla to confiscate tax dollars from heirs much much easily.  I hate the f'n government.

The Feds have been wanting to get their hands on private retirement funds and "federalize" them for about a decade now.

[libertybele]

Yep, allows Fedzilla to confiscate tax dollars from heirs much much easily.  I hate the f'n government.

Having the gov't change IRA and 401k rules before retirement is bad enough, but people may have a chance to restructure their portfolio depending on age, but it is very difficult to restructure after retirement, especially if an income stream has been set up.

We (or our heirs) shouldn't have to be paying taxes again on the money we've earned in the first place!  We are being penalized for saving for retirement.

Hopefully, this will die completely in the Senate.

[mountaineer]

The Feds have been wanting to get their hands on private retirement funds and "federalize" them for about a decade now.

I recall during the Obama years the veiled threats that the government was going to seize IRAs that it - in its infinite wisdom - decided contained more money than the person really needed.

[txradioguy]

I recall during the Obama years the veiled threats that the government was going to seize IRAs that it - in its infinite wisdom - decided contained more money than the person really needed.

Teresa Ghilarducci, an economics professor from The New School for Social Research in New York is the first one I heard talk about this.  She unwittingly did a radio interview Mark Levin of all people.

[libertybele]

I recall during the Obama years the veiled threats that the government was going to seize IRAs that it - in its infinite wisdom - decided contained more money than the person really needed.

The gov't doesn't want any tax deferment. I'd suggest start buying gold in small increments and save it for a rainy day, but it looks like the rainy day is just around the corner.

[austingirl]

Good on Ted for blocking this, hopefully he can kill it.

You can almost always be certain that any bill passing with "an overwhelmingly bipartisan majority 417-3 vote" is going to be harmful to the American people.

QFT

[TomSea]

Won't stop it, more futile acts, he promised as Prez he'd build the wall but he's had his co-sponsored El Chapo bill for over a year, nothing has happened, it's a big FAILURE.  Something stopping him as a Senator from building the wall himself? Big feather in his cap if he did.

https://www.forbes.com/sites/jamiehopkins/2019/05/24/8-major-ways-the-secure-act-could-impact-your-retirement-plan/#130d51b53437

Trying to please his deep-pocket donors.

[Sanguine]

Won't stop it, more futile acts, he promised as Prez he'd build the wall but he's had his co-sponsored El Chapo bill for over a year, nothing has happened, it's a big FAILURE.  Something stopping him as a Senator from building the wall himself? Big feather in his cap if he did.

https://www.forbes.com/sites/jamiehopkins/2019/05/24/8-major-ways-the-secure-act-could-impact-your-retirement-plan/#130d51b53437

Trying to please his deep-pocket donors.

Hey, @TomSea, you do realize that Cruz ISN'T president, right?  Not sure why you expect him to build a wall when he's not.  And, yes, Senators don't do the work of the Executive.  The fact that the wall isn't built falls on Trump.

[TomSea]

Gohmert voted for it.

Setting Every Community Up for Retirement Enhancement Act of 2019
https://www.billtrack50.com/LegislatorDetail/15972
https://www.billtrack50.com/BillDetail/1111816

[txradioguy]

Won't stop it, more futile acts, he promised as Prez he'd build the wall but he's had his co-sponsored El Chapo bill for over a year, nothing has happened, it's a big FAILURE.  Something stopping him as a Senator from building the wall himself? Big feather in his cap if he did.

https://www.forbes.com/sites/jamiehopkins/2019/05/24/8-major-ways-the-secure-act-could-impact-your-retirement-plan/#130d51b53437

Trying to please his deep-pocket donors.

Tom is living proof that:

[IsailedawayfromFR]

Good.  Spending bills should never be under 'hotlining'. 

We need debate, not rubber stamping.