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SECURE Act Of 2019
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, , was signed into law by President Donald Trump on December 20, 2019 as part of the Further Consolidated Appropriations Act, 2020 ( 2020 United States federal budget). The SECURE Act changed the most popular retirement plans used in the United States and was the first major retirement-related legislation enacted since the 2006 Pension Protection Act. Major elements of the bill include: raising the minimum age for required minimum distributions from 70.5 years of age to 72 years of age; allowing workers to contribute to traditional IRAs after turning 70.5 years of age; allowing individuals to use 529 plan money to repay student loans; eliminating the so-called stretch IRA by requiring non-spouse beneficiaries of inherited IRAs to withdraw and pay taxes on all distributions from inherited accounts within 10 years; and making it easier for 401(k) plan administrators to offer annuities. The act was f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Service
The Internal Revenue Service (IRS) is the revenue service for the Federal government of the United States, United States federal government, which is responsible for collecting Taxation in the United States, U.S. federal taxes and administering the Internal Revenue Code, the main body of the federal statutory tax law. It is an agency of the United States Department of the Treasury, Department of the Treasury and led by the Commissioner of Internal Revenue, who is appointed to a five-year term by the President of the United States. The duties of the IRS include providing tax assistance to taxpayers; pursuing and resolving instances of erroneous or fraudulent tax filings; and overseeing various benefits programs, including the Affordable Care Act. The IRS originates from the Commissioner of Internal Revenue, a federal office created in 1862 to assess the nation's first income tax to fund the American Civil War. The temporary measure funded over a fifth of the Union's war expens ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
401(k)
In the United States, a 401(k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401(k) of the U.S. Internal Revenue Code. Periodic employee contributions come directly out of their paychecks, and may be matched by the employer. This pre-tax option is what makes 401(k) plans attractive to employees, and many employers offer this option to their (full-time) workers. 401(k) payable is a general ledger account that contains the amount of 401(k) plan pension payments that an employer has an obligation to remit to a pension plan administrator. This account is classified as a payroll liability, since the amount owed should be paid within one year. There are two types: traditional and Roth 401(k). For Roth accounts, contributions and withdrawals have no impact on income tax. For traditional accounts, contributions may be deducted from taxable income and withdrawals are added to taxable income. There are limits to contribut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
SIMPLE IRA
A Savings Incentive Match Plan for Employees Individual Retirement Account, commonly known by the abbreviation "SIMPLE IRA", is a type of tax-deferred employer-provided retirement plan in the United States that allows employees to set aside money and invest it to grow for retirement. Specifically, it is a type of Individual Retirement Account (IRA) that is set up as an employer-provided plan. It is an employer sponsored plan, like better-known plans such as the 401(k) and 403(b) (Tax Sheltered Annuity plans), but offers simpler and less costly administration rules, as it is subject to ERISA and its associated regulations. Like a 401(k) plan, the SIMPLE IRA can be funded with pre-tax salary contributions, but those contributions are still subject to Social Security, Medicare, and Federal Unemployment Tax Act taxes. Contribution limits for SIMPLE plans are lower than for most other types of employer-provided retirement plans as compared to conventional defined contribution plans ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ron Wyden
Ronald Lee Wyden ( ; born May 3, 1949) is an American politician serving as the Seniority in the United States Senate, senior United States Senate, United States senator from Oregon, a seat he has held since 1996 United States Senate special election in Oregon, 1996. A member of the Democratic Party of Oregon, Democratic Party, he served in the United States House of Representatives from 1981 until 1996. He is the dean of United States congressional delegations from Oregon, Oregon's congressional delegation and serves as the ranking member of the Senate Finance Committee. Known for his Libertarian Democrat, libertarian-leaning stances within the Democratic Party, Wyden has been a prominent advocate for Right to privacy, privacy rights, internet freedom, and limiting Surveillance, government surveillance, positioning him as a defender of civil liberties. Early life, education, and early career Ronald Wyden was born in Wichita, Kansas, the son of Edith (née Rosenow) and Peter H. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Senate Committee On Finance
The United States Senate Committee on Finance (or, less formally, Senate Finance Committee) is a standing committee of the United States Senate. The committee concerns itself with matters relating to taxation and other revenue measures generally, and those relating to the insular possessions; bonded debt of the United States; customs, collection districts, and ports of entry and delivery; deposit of public moneys; general revenue sharing; health programs under the Social Security Act (notably Medicare and Medicaid) and health programs financed by a specific tax or trust fund; national social security; reciprocal trade agreements; tariff and import quotas, and related matters thereto; and the transportation of dutiable goods. It is considered to be one of the most powerful committees in Congress. History The Committee on Finance is one of the original committees established in the Senate. First created on December 11, 1815, as a select committee and known as the Committ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chuck Grassley
Charles Ernest Grassley (born September 17, 1933) is an American politician serving as the president pro tempore of the United States Senate since 2025, a role he also held from 2019 to 2021. A member of the Republican Party (United States), Republican Party, Grassley is the Seniority in the United States Senate, senior United States senator from Iowa, serving since 1981. He is the dean of the United States Senate. Before becoming a senator, Grassley served eight terms in the Iowa House of Representatives (1959–1975) and three terms in the United States House of Representatives (1975–1981). He has served three stints as United States Senate Committee on Finance, Senate Finance Committee chairman during periods of Republican Senate majority. Upon the retirement of Orrin Hatch on January 3, 2019, Grassley became the Senate's most senior Republican and its president pro tempore of the United States Senate, president pro tempore. Upon Patrick Leahy's retirement in January 2023, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Senator
The United States Senate consists of 100 members, two from each of the 50 U.S. state, states. This list includes all senators serving in the 119th United States Congress. Party affiliation Independent Senators Angus King of Maine and Bernie Sanders of Vermont Senate Democratic Caucus, caucus with the Democratic Party. Leadership Presiding officers Majority leadership (Republican) Minority leadership (Democratic) List of senators See also * Seniority in the United States Senate * List of current members of the United States House of Representatives * List of members of the United States Congress by longevity of service * List of United States Senate committees * List of United States congressional joint committees * Religious affiliation in the United States Senate * Shadow congressperson Notes References {{US Order of Precedence 117th United States Congress, ** 21st-century United States government officials, Senate Lists of current office-holders ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Retirement Enhancement And Savings Act
Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload. Many people choose to retire when they are elderly or incapable of doing their job for health reasons. People may also retire when they are eligible for private or public pension benefits, although some are forced to retire when bodily conditions no longer allow the person to work any longer (by illness or accident) or as a result of legislation concerning their positions. In most countries, the idea of retirement is of recent origin, being introduced during the late-nineteenth and early-twentieth centuries. Previously, low life expectancy, lack of social security and the absence of pension arrangements meant that most workers continued to work until their death. Germany was the first country to introduce retirement benefits in 1889. Nowadays, most developed countries have systems to provide pensions on retirement in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mike Kelly (Pennsylvania Politician)
George Joseph "Mike" Kelly Jr. (born May 10, 1948) is an American politician and businessman who has been a U.S. representative since 2011, currently representing . The district, numbered as the 3rd district from 2011 to 2019, is based in Erie and stretches from the northwest corner of the state to the outer northern suburbs of Pittsburgh. A member of the Republican Party, Kelly is known for his support of Donald Trump, his pro-life stance, and filing a lawsuit in state court to invalidate all mail-in ballots cast in Pennsylvania during the 2020 United States presidential election. On October 22, 2021, it was reported that a congressional ethics watchdog had recommended subpoenaing Kelly for an ethics violation after it was revealed that his wife had purchased stock in an Ohio-based steel company in April 2020 after Kelly had received confidential information about the company. In June 2022, Senator Ron Johnson accused Kelly of providing a slate of fake electors meant to o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ron Kind
Ronald James Kind (born March 16, 1963) is an American lawyer and politician who served as the U.S. representative for from 1997 to 2023. He is a member of the Democratic Party. His former district is in western Wisconsin, anchored by La Crosse, Eau Claire, Platteville, Stevens Point, Wisconsin Rapids, Prescott, and River Falls. Kind was the dean of Wisconsin's congressional delegation when he chose not to seek re-election in 2022. Early life, education, and career Kind was born and raised in La Crosse, the third of five children born to Greta and Elroy Kind. His is the fifth generation of his family to live in the area. Kind's mother formerly worked as the assistant director of personnel in the La Crosse School District. His father had a 35-year career as a telephone repairman and union leader at the La Crosse Telephone Company. Kind attended La Crosse schools and was a student athlete at Logan High School in both football and basketball. He accepted a scholarship to H ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kevin Brady
Kevin Patrick Brady (born April 11, 1955) is an American politician who served as the U.S. representative for from 1997 to 2023. He is a member of the Republican Party. The district includes northern Houston, including The Woodlands. He retired after the 2022 election cycle. Early life, education, and early political career Brady was born in Vermillion, South Dakota, one of five children of William F. and Nancy A. Brady. His father, a lawyer, was killed in 1967 in a courtroom shooting in Rapid City when Brady was 12 and his mother was in her early 30s.Holt, VanessaU.S. Rep. Kevin Brady stays close to his roots in The Woodlands area ''Community Impact'', December 14, 2020. Retrieved December 16, 2020. He graduated from Central High School in 1973. Brady has a degree in mass communications from the University of South Dakota in Vermillion. Brady worked for the Rapid City area Chamber of Commerce. He was elected to the Rapid City common council at age 26. In 1982, he move ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
House Ways And Means Committee
A ways and means committee is a government body that is charged with reviewing and making recommendations for government budgets. Because the raising of revenue is vital to carrying out governmental operations, such a committee is tasked with finding the ways and means with which to raise that revenue. The term "ways and means" originated with the Parliament of England and refers to the provision of revenue to meet national expenditure requirements and to implement the objectives of economic policy. The ways and means are provided by the imposition of taxation. Canada The Canadian federal government, which follows the British Parliamentary System, also adopted the term "Ways and Means" within its tax system. For example, the Minister of Finance introduces changes to its fiscal plan via a Ways and Means Motion to Amend the Income Tax Act 1985. The Minister tables the motion in Parliament and then presents the budget highlights in a formal budget speech. Only after a federal bud ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
