401kRollover Blog

2016 Budget Proposal Could Mean Higher 401k Taxes

2016 Budget Proposal Could Mean Higher 401k Taxes

President Obama’s proposed budget for fiscal year 2016 includes measures that would increase the capital gains tax on profitable investments to 28%. Obama also wants to put a cap on tax-advantaged retirement accounts like 401k and IRA plans. What’s more, he wants to introduce the Buffett Rule, which requires a 30% minimum federal tax rate for wealthy Americans.

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