[FewsOrange]

Here is the piece from the Biden website

"Equalizing the tax benefits of defined contribution plans. The current tax benefits for retirement savings are based on the concept of deferral, whereby savers get to exclude their retirement contributions from tax, see their savings grow tax free, and then pay taxes when they withdraw money from their account. This system provides upper-income families with a much stronger tax break for saving and a limited benefit for middle-class and other workers with lower earnings. The Biden Plan will equalize benefits across the income scale, so that low- and middle-income workers will also get a tax break when they put money away for retirement."

What that means is that instead of deducting your 401(k) contribution from your taxable income you will get a refundable tax credit instead.

[semimojo]

What that means is that instead of deducting your 401(k) contribution from your taxable income you will get a refundable tax credit instead.

Sounds right.

Probably reasonable public policy.