Skip to comments.Fox Business’s Charles Payne ‘Worried’ Biden Tax Plan Will Harm 401(k)s
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 Bidens leftist tax plan would inflict on Americans if it were ever implemented.
During Tuesdays Fox Business virtual town hall America Votes Together, a viewer submitted a question on whether 401(k)s would be taxed under Bidens 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 ...
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.
Harm would be putting it lightly.
Complete and utter destruction is more fitting.
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.
Hes not paying attention
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.
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.
I’m wondering what will happen if Biden wins and the day after its made official EVERYONE starts dumping their 401K’s?
He is right it will.
Many people don’t pay attention and see the messaging they get in campaign advertisements.
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.
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!
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