Joe Biden Promises To End Traditional 401(k)-Style Retirement Savings Tax Benefits. What’s That Mean?

Forbes ^ | August 25, 2020 | Elizabeth Bauer

[SunkenCiv]

[zeugma]

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.

[zeugma]

The same way they sold the income tax. "Only the rich will pay" mm-hmm.

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.

[The Great RJ]

Your retirement savings would be taken and replaced with a government IOU

[GOPJ]

bump for later

[cherry]

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....

[Mozzafiato]

Biden wants to tax your 401(k) to pay for reparations, pass it on.

[Svartalfiar]

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.

I find it hard to believe when stations like him have people call in like that. I mean, they're that naive, yet they're listening to Levin? And listening enough to actually take the time and effort to call in..?

[rhubarbk]

FO BIDEN

[rhubarbk]

I hope Mark gave them an education

The Great One tried, the question is did it get through to their brain . . . doubtful.

[NetAddicted]

Bookmark

[Aggie65]

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.

[Mr. K]

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.

[Grampa Dave]

The dems have been pussy footing around with eventually killing our wonderful 401k system.

[Still Thinking]

C’mon man!

[The_Media_never_lie]

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.

[A_Former_Democrat]

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

[Chgogal]

AOC and Bernie Bro wants to “equalize the network of retirement saving tax breaks”? What could that possibly mean? /s

[Chgogal]

wants = want

[Diana in Wisconsin]

“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*