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 ...
Too many white people have 401(k)s. They're racist.
It’s almost like he’s trying to lose the election. One voter alienation step after another and another.
Congratulations: You are rich. Gimme-dat. Ha Ha.
What does that mean? A haircut for savers.
Yeah, he wants to tax you going in (contributing) and going out (distributing). But the end goal is for the government to ultimately seize all private retirement accounts.
All that money in 401k’s is just too tempting for democrats. They’d love to get their hooves into it.
How are people not paying attention??
I call them the Buy-Dumb voters....they have no clue....
Same plan floated at least 2 or 3 times in the past 20 years.
Take the real money, put a gov IOU in there.
Reminds me of the Steve Miller song “Take the Money and Run”.
Worked well for Social Security right?
Trust Fund full of worthless paper?
Will Hunter Biden have to give back the graft money?
“...This is why only property owning, gainfully employed (or having retired from such), verifiable citizens of the United States should ever be allowed to vote in any elections....”
I believe that is what is called a: B I N G O !!!!
....”What’s That Mean?”....
Bidens doing what he does well..stealing your money!
Veterans should have weighted votes that count 10 times.
Unions Covet Your 401K, Obama Wants to Oblige
Flush with the victorious takeover of health care by the President and his progressive lemmings have a new target, your 401K. Under the guise of “protecting your future,” they want to take over your IRAs in exchange for getting a lifetime guaranteed annuity. Your retirement accounts will be put in the same pot as the Union pension plans (most of which are failing) creating a big pot with all of the solvency of Social Security and AARP wants to help.
https://www.redstate.com/diary/jeffdunetz/2010/05/12/unions-covet-your-401k-obama-wants-to-oblige/
They tried taxing distributions on people that had moved to another state. That got knocked down.
Dems will do ANYTHING and EVERYTHING to eliminate the middle class ... socialists can make everyone “equal” only by making everyone equally poor ...
I depend a lot on stock dividends to pay for my medicines as well as my little 401K account (as backup), so I guess Red China/Ukrainian funded crook Joe-Job wants to kill me because I’m just an old white, Jewish guy recovering from pancreatic cancer and am worthless to him (seems I heard that said by “someone, somewhere at some-time” back in Germany in the 30’s - which cost me dozens, if not scores of relatives, to Nazi firing-squads and perhaps the ovens of Auschwitz).
Didn’t see Joe’s lilly white, racist ass in Nam or Cambodia. Wonder why. I guess he has something about helping poor brown and yellow-skin people under attack from Communism or in the Democrat-created inner-city plantations burning now by his supporters.
If true then the Republicans do need to spread the word on this. The Democrats are already advertising that Trump wants to end Social Security because of his pledge to end the FICA tax. The GOP needs something to offset that.
It means he plans to steal everything. Obama tried this with the “MyRA” program (which flopped since it was an obvious scam).
Pass it on.
So is Trump, or so the Democrats would have us believe. And since he's pledged to end the FICA tax it'll be hard to refute it.
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