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I think it will only hurt 401k's if they have over a billon in assets, or pull out $100M/annual. In which case... I think I'm still ok with it. I remember someone has a billon+ Roth IRA, and at some point that is just getting really lucky and then abusing the structure.

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Income tax was originally only applied to the wealthy. Now look where we are. Even if they do pass the bill with those limits it is only a matter of time until they lower it more and more and it applies to everyone.

Yep, it's a strategy to divide opposition and get people used to the idea of it

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