Posted on 08/25/2020 2:03:44 PM PDT by karpov
Round about a month ago, I took a closer look at Joe Biden’s retirement-related policy proposals, or, more specifically, those of the “Unity Task Force,” which had just released its final document.
One of the items in that document and on the Biden campaign website is a promise to “equalize the network of retirement saving tax breaks” — a proposal that generally translates to eliminating the tax advantages currently enjoyed by retirement savings accounts and replacing them with a “credit” or “match.” The idea is that the tax advantages, or “tax expenditures,” as they’re called, disproportionately accrue to relatively higher earners, and the hope of a change is to provide benefits in equal measure to all income groups.
But how this translates in practice is not clear. An article at Roll Call this morning picked up on the proposal, as did Courthouse News, but neither had more detail, referencing only a 2014 Urban Institute/Tax Policy Center proposal, which provided various hypothetical alternatives.
So what did that proposal suggest? It included a variety of options, including
Reducing total available pre-tax savings (employer and employee) from (at the time) $51,000 to only the lesser of $20,000 or 20% of pay;
Expanding the currently relatively-small “Saver’s Credit” (equal to 50% of the first $2,000 in retirement savings, only for relatively lower earners, up to $$19,500 for singles, $39,000 for couples; and phasing out quickly, to 20%, 10%, and ultimately nothing for singles with $32,500/couples with $65,000 in income) to stay at 50% for higher earners and phase out in a much more gradual manner instead; or
(Excerpt) Read more at forbes.com ...
No one should be surprised by this. The more people who depend upon the government to live, the better, as far as any democratic socialist is concerned.
Social security has always been welfare for old folks.
Exactly. Most people have no idea what income tax was like when it first started out. Do yourself a favor and fill out the 1913 1040 form. Even with our horribly inflated currency, I'd rather have that form and tables than the modern one.
Your retirement savings would be taken and replaced with a government IOU
bump for later
401k’s are the middle class’s govt pension....take it away and the govt employees should take a huge hit in their pensions as well....
Biden wants to tax your 401(k) to pay for reparations, pass it on.
Bookmark
Remember, these proposals are from a man working in the government for 50 yrs and is now a multi-millionaire. Why doesn’t the lsm investigate the corruption to have that mush from Congressional salaries and being VP for 8 years.
The government has been looking to get its hands on every one’s 401K ever since it was invented.
They would spend it and promise to pay it back out of future Revenue, just like Social Security, if they could get away with it.
The dems have been pussy footing around with eventually killing our wonderful 401k system.
C’mon man!
This will be marketed by Joe Biden’s democrats as: “the stock market is way to risky for people to invest their retirements in” so, instead Joe Biden will manage it for you. Instead of getting 12-15% per year returns, which is quite possible, in Joe’s plan you will get 2%, with the 10-13% you would have earned going to Joe’s favorite groups of needy people.
These Commie bastards want to take over your 401(k), pension plans (except public ones) and IRAs
They’ve bandied proposals for years and little attention has been paid to them
Time to WAKE UP
They are EVIL personified
AOC and Bernie Bro wants to “equalize the network of retirement saving tax breaks”? What could that possibly mean? /s
wants = want
“They have NO idea what’s in store for them if he wins do they.”
What makes you think a Biden voter has ANY skin the game concerning a 401K plan, savings of any kind, assets of any kind and isn’t still living in Mom’s basement?
“Joe Biden! He’s just like me! A basement dweller!”
*SNORT*
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