And, yes, you guessed it, of course, all public and 401K system have generous employer match provisions and private employers tend not to. But if you worked for an organization that didn’t match (or only matched small amounts or were self employed or made independent 401K contributions), you’re out of luck. So if you worked for an organization that matched your contributions, the matching money and the employee’s equivalent contributions would result in tax-free withdrawals. What to do? The ‘ingenious’ idea is to make 401K withdrawals tax free but only for monies that were subject to employer match. There’s a twist though–Michigan’s public employees were largely been switched to 401Ks by Republican administrations in the 90s. Now that Democrats have retaken control of state government, they’re about to make their supporters’ pensions tax-free again. In the early 2000s, Republicans made pensions also subject to tax (understandable given that those receiving pensions now are mostly public-sector and union Democratic voters while Republicans tend to have 401Ks). In Michigan, pensions were once tax-free while 401K withdrawals were not.
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I thought it was such a terrible idea that I wrote a chapter about Hughes and the cadre of conspiracy theorists attempting dangerous stunts to prove their beliefs. I suggested, much too gently, that it was a terrible idea. “This space launch is to prove or disprove the Flat Earth,” he told me in spring 2019. He was going to build a rocket ship, blast into Earth’s upper reaches, and see for his own eyes whether the horizon was flat or curved. He had earned his fame by taking the theory to its logical conclusion. Until that moment, Hughes had been one of the most famous living Flat Earthers. Hughes’s rocket crashed into the dust with absolute finality. But the parachutes that had bloomed above Mike Hughes on his previous death-defying rocket launches were nowhere to be seen. “Come on, parachute,” one watcher murmured anxiously. To onlookers on the ground, the ship and the man inside it were a blur of black. For a moment, the rocket seemed to hover, oblivious to gravity. 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The Facebook cookie is used by it's parent company Meta to monitor behavior on this website in order to serve targeted ads to its users when they are logged into its services. Google will use this information for the purpose of evaluating your use of the website, compiling reports on website activity for us and providing other services relating to website activity and internet usage. The purpose of Google Analytics is to analyze the traffic on our website. Security (protection against CSRF Cross-Site Request Forgery) Stores login sessions (so that the server knows that this browser is logged into a user account) which cookies were accepted and rejected). Storage of the selection in the cookie banner (i.e. being associated with traffic metrics and page response times. 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