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 ...
Biden is going to kill Social Security.
Pass it on.
Beijing Biden boosts burdens blissfully.
“We’re going to take things away from you on behalf of the common good.” - Hillary
Close... Biden wants to steal your 401(k).
Research “Obama retirement task force”
Anyone listen to Mark Levin the other day, he had people who are going to vote for Biden call in and he asked them why, and holy smoke, the reasons were so freakin naive it was unreal. One guy said because Biden will bring people together- HAH another said because Biden is against hunting, and one said because he will get rid of CO2. They have NO idea what’s in store for them if he wins do they.
It means that Joe needs more money to remodel a house.
Give me all your stuff. I’m here to help. With — the thing — you know? C’mon man!
I think that's the best case. The worst case is confiscation.
Democrat public employee unions invested their pensions with crooked connected pseudo-mafia parasites for years, resulting in dramatically underfunded pensions.
The time will come when firefighters and teachers need YOUR "subsidized" 401(k) for the sake of basic fairness.
They won't call it confiscation. It will just be a "millionaires tax" on withdrawals from an 401(k) that has more than say $250,000 in it. it will start small (maybe 3 or 4%) and then grow little by little to match the falloff in benefits for public union employees.
I can hear it all now. “Comprehensive retirement reform”. “A secure retirement is a human right. “Common sense retirement reform”. “Quit balancing the budget on the backs of working class families”.
There are few ways that an average wage earner in this world can save $1 million for their retirement. The 401 k is the way for most folks.
But, I always had trouble getting a 19 year old to comprehend this. So it will be impossible for Biden voters to comprehend.
I hope Mark gave them an education.
Oh man! POTUS should stand for a $100k withdrawal from current IRA’s. Tax free. How would the rats react?
You and I are getting robbed, that’s what it means.
Frankly, that’s usually what it means any time any politician opens their mouth.
Democrat scum will have always dreamed of taking 401ks.
“Promises”?
Odd word to use to describe a threat.
You can bet he plans a tax credit for the unwilling to work at the expense of a savings tax taken out of earnings or possibly from your own 401 for the common good.
There’s no reason to vote for ANY member of the Democrat Party in 2020!!!!
[Joe Biden Promises To End Traditional 401(k)-Style Retirement Savings Tax Benefits. What’s That Mean?]
What is means is Joe Biden doesn’t care about seniors.
Joe Biden is a multi-millionaire. What? Biden worry?
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