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 ...
Exactly right. You have to have some skin in the game.
I knew it. A commie like this guy and his ilk just cannot stand to see all that money sheltered away from their money-grubbing hands. They can’t help themselves.
This is a really stupid move. These retirement vehicles are popular across the political aisle.
You would deny those hero public servants? < /sarcasm >
Democrats must be purged.
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The Creepy Senile Ventriloquist Dummy Speaks ...
How many leftist handlers have their arms up his ass working that mouth ?????
.
“Beijing Biden boosts burdens blissfully.”
Electric eels electrify (Brandon) English
- A Biden campaign staffer -
Because we should all be unionized government employees and enjoy a substantial pension. I’ve known teachers who, in an urban enviornment, earning $120m=140m a year with 30 years in retiring at 70% (around $90m to 100m) at age 55. And accruing additional pension coverage on a second job if they desire. I assume Joe is addressing that.
What does it mean?? That Biden is an idiot.....but we already knew that.
Haircut with a guillotine.
That’ll sure attract voters. Like garlic to bees.
Wow!
Anyone voting for the a##wipes needs thier head examined
I heard it. Terrifying.
Very good analysis.
Mark lost his cool with the first guy who called in about Biden bringing people together, it was great “How will he bring people together sir? Tell me how will he bring people together?” and the guy couldn’t answer him, then Mark asked if he read Bidens 110 pages manifesto and he said he didn’t so Mark called him an idiot lol lol.
Biden is going to kill everything. I was just reading his manifesto where he classifies all illegals as “refugees” and these “refugees” will have a much easier time entering the USA after Joe eliminates the wall. So suddenly everyone is a refugee, this guy is nuts.
https://joebiden.com/wp-content/uploads/2020/08/UNITY-TASK-FORCE-RECOMMENDATIONS.pdf
Actually we just meet our financial advisers target for our age and wxpected years left. Only Gimme’s will be to kids and grandkids.
“ As I recall the proposal that came from the Obama white house it went something like this. The government would take all of the cash in 401ks, IRAs and other related accounts and replace them with government bonds.“
Close. They deal was to “carve out” 25% of those accounts to “buy” a lifetime annuity that would kick in at age 70. When asked what insurance companies would be providing the annuities the answer was “none...the government of course”.
So that 25% would go to the general fund immediately and then become a “Social Security” II, “funded” by government IOU’s (bonds).
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