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Fox Business’s Charles Payne ‘Worried’ Biden Tax Plan Will Harm 401(k)s
NewsBusters ^ | 10/29/2020 | Joseph Vazquez

Posted on 10/29/2020 7:59:25 AM PDT by JV3MRC

Fox Business host Charles Payne expressed major concerns of the disastrous consequences Democratic presidential nominee Joe Biden’s leftist tax plan would inflict on Americans if it were ever implemented.

During Tuesday’s Fox Business virtual town hall America Votes Together, a viewer submitted a question on whether 401(k)s would be taxed under Biden’s tax plan, despite the former vice president having dubiously claimed that “[n]obody making under $400,000 bucks would have their taxes raised.” Payne went for the jugular: “[T]here are all sort of schemes out there that I think will amount to fewer people actually using these plans and fewer employers offering these plans.” Payne said he was “very worried about this.”

(Excerpt) Read more at newsbusters.org ...


TOPICS: Business/Economy; Government; Politics
KEYWORDS: charlespayne; foxbusiness; joebiden; taxes

1 posted on 10/29/2020 7:59:25 AM PDT by JV3MRC
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To: JV3MRC

Well this claimed tax plan is a total lie - a lie that has been allowed to continue on unrefuted for months now. Biden has totally controlled this narrative...very frustrating.


2 posted on 10/29/2020 8:03:45 AM PDT by Republican Wildcat
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To: Republican Wildcat

Harm would be putting it lightly.

Complete and utter destruction is more fitting.


3 posted on 10/29/2020 8:05:26 AM PDT by wally_bert (I cannot be sure for certain, but in my personal opinion I am certain that I am not sure.)
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To: JV3MRC

The left has been after 401K plan for a long time. It’s only a matter of time and they will get it.

How can Biden say no one making under $400k will have their taxes raised but also say he will reverse the Trump Tax cut that everyone that works got? That was a rhetorical question. We know Biden is lying. He will raise taxes on everyone. It’s what the left does.


4 posted on 10/29/2020 8:06:47 AM PDT by Dutch Boy
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To: JV3MRC

401k?

He’s not paying attention


5 posted on 10/29/2020 8:08:30 AM PDT by stanne
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To: JV3MRC

Nooooo Kidding, Charles! The phrase that “Elizabeth Warren would be considered for cabinet”... like Treasury or whatever.

The phrase— capitalism and Wall Street usually not hindered- but in the future to support the massive tax increases Biden wants.... that “equity” markets will to be looked into— as in 401 Ks, IRAs all untaxed or pre-taxed investment=TO BE TAXED.


6 posted on 10/29/2020 8:10:47 AM PDT by John S Mosby (Sic Semper Tyrannis)
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To: Republican Wildcat

Any person who does not realize that a Biden presidency means less money in their pocket every month has not paid attention to him or history.

Higher taxes and higher energy costs are a given and financial goals for retirement will suck also.


7 posted on 10/29/2020 8:17:38 AM PDT by volunbeer (Find the truth and accept it - anything else is delusional)
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To: Dutch Boy
The left has been after 401K plan for a long time. It’s only a matter of time and they will get it.

The 403B version will probably be safe, since that is the one that most university professors have.
8 posted on 10/29/2020 8:34:47 AM PDT by Chad_the_Impaler
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To: JV3MRC

I’m wondering what will happen if Biden wins and the day after its made official EVERYONE starts dumping their 401K’s?


9 posted on 10/29/2020 8:40:51 AM PDT by Nekman (The Dems are SocialistCommunistUtopianMarxists...SCUM for short...it FITS!)
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To: JV3MRC

He is right it will.


10 posted on 10/29/2020 8:51:30 AM PDT by JoeRender
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To: volunbeer

Many people don’t pay attention and see the messaging they get in campaign advertisements.


11 posted on 10/29/2020 9:02:09 AM PDT by Republican Wildcat
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To: JV3MRC

One of the other concerns we should all have is that Biden is likely playing the DC semantics game. He has said his tax plan will not raise taxes on anyone making less than $400,000/yr. He also says he’s going to repeal Trump’s tax-cuts, with the normal perjoratives about the wealthy, and their paying their fair share.

In DC-speak, this is 2 separate things. Although the repeal of the Trump tax-cuts WILL result in increased taxes for everyone, he isn’t counting this as a Biden tax-plan increase for low- and middle-class earners.

Kind of like a cut in the future growth of spending is a cut, even when actual spent amounts increase.


12 posted on 10/29/2020 10:42:44 AM PDT by Be Free (When guns are outlawed, only outlaws will have guns.)
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To: JV3MRC

The democrats starting point is more then 62% of your money in taxes!!
Now add all the other taxes you pay for gas, utilities, property tax, sales tax and on and on etc!


13 posted on 10/31/2020 12:29:31 AM PDT by minnesota_bound (homeless guy. He just has more money....He the master will plant more cotton for the democrat party)
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