Posted on 09/22/2020 2:06:39 PM PDT by Red in Blue PA
To equally incentivize savers regardless of what they earn, Biden proposes a credit of approximately 26% to replace the deduction savers get for putting money in a 401(k) plan, according to the Tax Policy Center’s analysis.
“The biggest thing that stands out to me, by contrast to other proposals, is that it limits the benefit for the highest earners and gives the benefit to the lowest earners,” said Jeffrey Levine, CPA and director of advanced planning at Buckingham Wealth Partners in Long Island, New York.
“It’s a true redistribution of wealth proposal,” he said.
(Excerpt) Read more at cnbc.com ...
Read my lips, I'm not in the Bush family.
yup- I remember ayataollah obama’s proposals to restrict the amount 401K accounts reach and/or replace it with guaranteed annuity payouts.
About the time this was happening a story was breaking that a civil servant in the state of kalifornia was retiring with a pension of $500,000 a year:
the extreme leftist D’s pretend to be for working people but they take away our jobs and now want to take away our savings
we need to get these facts out to the voters, and fast!
Who thought this up? It sure wasn’t Joe ‘th Hide’n Biden...Biden’s get their money from all sorts of “industry” foreign and domestic...
Dear red and blue-Stealing $1k is cheaper than redistributing every buck we make. Might plant a seed to watch grow as the kids PLUS the account grows. Not counting on it due to the drinking/blow-it-up-the-nose crowd. Your point is well taken .
ALL public pensions should be limited to $40k/yr.
by all means, lets give more ‘tax breaks’ to people who don’t pay any taxes to begin with...</sarcasm>
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." —Justice John Marshall, Gibbons v. Ogden, 1824.
Send "Orange Man Bad" federal and state government desperate Democrats home in November!
Supporting PDJT with a new patriot Congress and state government leaders that will promise to fully support his already excellent work for MAGA and stopping SARS-CoV-2 will effectively give fast-working Trump a "third term" in office imo.
I don’t see any problem with voting Republican ticket for 2020 elections.
Insights welcome.
"The “Holy Grail” of organized crime is to party with Uncle Sam's "unlimited credit card."" —me
"The power to tax involves the power to destroy, [...]” —Chief Justice John Marshall, McCulloch v. Maryland, 1819.
"The 16th Amendment effectively repealed the involuntary servitude aspect of the 13th Amendment imo, evidenced by unconstitutional federal taxes." —me
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." —Justice John Marshall, Gibbons v. Ogden, 1824.
"13th Amendment, Section 1:
Neither slavery nor involuntary servitude [emphasis added], except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States, or any place subject to their jurisdiction."
"16th Amendment:
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration."
"It’s politically correct, under the Democratic Party and its tyrant judges, to use your voting power to make your fellow citizens involuntary servants." —me
"The Democratic elite define a "pro-choice" democracy as being able to vote for your preferred master." —me
"The ill-conceived 17th Amendment not only effectively politically repealed the 3/4 state supermajority requirement of the Constitution’s Article V for ratification of proposed amendments to the Constitution imo, politically correct interpretations of the Constitution now prevailing under Democratic judicial tyranny, but also consider this. That amendment also effectively nullified Congress’s constitutional Article I, Section 8-limited powers along with the Supreme Court’s clarification of Congress’s limited power to appropriate taxes." —me
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States.” —Justice John Marshall, Gibbons v. Ogden, 1824.
"The constitutionally undefined political parties are basically rival, corrupt voter unions, “union dues” paid by means of unconstitutional federal taxes. Belonging to a political party means that you are a subject, not a member.” —me
"Patriots need to support PDJT in demanding that Congress moves "April 15" tax day to the day before election day." —me
"The smart crooks long ago figured out that getting themselves elected to federal office to make unconstitutional tax laws to fill their pockets is a much easier way to make a living than robbing banks." —me
"Federal career lawmakers probably laugh all the way to the bank to deposit bribes for putting loopholes for the rich and corporations in tax appropriations laws, Congress actually not having the express constitutional authority to make most appropriations laws where domestic policy is concerned. Such laws are based on stolen state powers and uniquely associated stolen state revenues." —me
Yet another thing that will be hiding in the weeds until these bastards take over. MSM will keep this buried too. I keep hearing the Seniors are big on Biden. How long will that last IF they find out about this
I’ve got a few words for this one: come and take it. Let me add, bring a lot of help.
My guess is when this happens, the market will fall about 60% as everyone will bail out and put their money elsewhere if over 59 or pay the penalty and just stash it away anyway. If these a holes win, remember you have only a few months to get as much as you can into this tax year.
It will likely cause a stock market crash because people will reduce their investment in 401ks.
Actually it is a tax break. The income is deferred as is the tax for down the road. Since the future value of money is greater down the road, your tax is deferred at a smaller rate win you will have a smaller income when retired.
Yup. I contribute the limit.
The Democrats are just handing out campaign issue ads like candy:
“Now that they’ve destroyed the economy, put you or your loved ones out of work, and killed off your favorite small businesses, Democrats like Joe Biden and [Insert Democrat running for office here] are coming for whatever you’ve tried to save for your retirement.”
I recall a number of years ago Levin had on some woman who thought this up. She sounded like an idiot and he treated her like one, making fun of while he was interviewing her.
She was not only proposing this annuity idea, but she also had a nice kicker for when you die. Any $$ left over from the 401k amount the government didn’t pay out to you stays with them. Your heirs get nothing.
So you save $500k in a 401k. They take that and give you say, $10k a year in the annuity. You live another 20 years so you get about $200k from that. Then you die. The other $300k gets forfeited to the government.
Part of the anti-cop rhetoric is because of their sky-high pensions. Cops we know have retired with pensions greater than their salary, over $100K/yr. Full benefits retiring after age 50, calculated over 3 percent per year of employment - max of 94 percent of salary, calculated on final year of employment which includes overtime. These formulas allow one to collect far more in a pension than their base salary. Easy street for cops in their fifties.
Soon they’ll be giving the 26% credit to even those, who don’t put any money in. Because, fairness or something....
The Communists hate it that the average person is financially independent. Absolutely hate it.
$1000 per year compounded at the 11% average growth per year (This is the actual average growth of the S&P 500 since 1926) for 62 years would net the person just over $7,000,000 for a $62,000 investment. Make tax exempt from State, Local and Federal taxes.
This would allow Social Security and Medicaid to by abolished saving the government huge amounts of money for an investment of $62k.
It would also give every person a monetary interest in making sure that the country was in sound economic hands.
Would you be a stinking socialist if you were promised seven-million in retirement?
All for less than an average adults pays in SS taxes.
Yeah, I’d go for that as a conservative
All this does is make it harder for the high income earner to reduce their overall taxable AGI which keeps them in the higher 32% and 35% tax brackets rather than qualifying for 24%.
With the elimination of the federal mortgage interest and state taxes deduction this guarantees high earners will have to look for other tax schemes to lower their tax bracket. In the end the tax man gets to take a bigger bite out of your total income if you are successful.
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