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 ...
Biden has gone from leading from behind to leading from the basement
Just the beginning. if he wins, your 401k is gone sooner or later. They have always dreamed of taking it.
Good way to stampede trillions of dollars in middle class investments to waiting offshore arms.
Capital is ALWAYS mobile.
I wonder how banking in the Cayman Islands is doing...
Redistribution to him and his corrupt family and cronies.
Not worth examining any leftist idea but i got a retirement plan + a 401k plan through a big employer. Throw in SSI and I’m in very good shape. I’m for giving every newborn $1k(ROTH) in the S & P 500 and having absolutely no access to it until age 59. With parents paying their bills all money mowing lawns can go to the roth until age 18. Too many of my buddies drank their benefits/paychecks or blew it up their nose so there’s no help for certain people.
Biden didn’t propose anything, some intern or media mogul came up with that. Biden can barely string two sentences together on two consecutive days.
“Just the beginning. if he wins, your 401k is gone sooner or later. They have always dreamed of taking it.”
That is the plan - they’ll turn it into an ‘annuity’, and the formula will be ‘progressive’, so a person with $500k saved up might get twice the monthly annuity as one with $100k.
Anyway...who care, I’m MAKING A STATEMENT and voting Libertarian, since there’s no difference between the parties (just kidding, but far too many people on our side think just that).
You bet the socialists are dying to get their hands on it.
They want to take from those who worked hard and saved all their lives and give it to those who did nothing but binge-watch Netflix all day long with a bowl of nacho chips and a bag of marijuana.
It’s not just redistribution. It’s a tax increase.
Try explaining a tax credit to a 19 year old idiot.
“Just the beginning. if he wins, your 401k is gone sooner or later. They have always dreamed of taking it.”
I watched Obama argue that saving was racist because white people disproportionately planned and saved for retirement.
IT’S GRAND THEFT!
And just like all other Democrat proposals, money just appears and you hand it out to your potential voters. No one knows where the money comes from (national debt) and no one cares, as long as they get free money.
Has the laws/rules changed?
I thought higher earners were limited to what they could stash in a 401(k) based on a formula to the extent that what non-executive pay employees participation level is at the company.
That is, the more a company successfully incentivizes employees to participate, the more income an executive can put in the plan.
There’s no tax break.....it’s either before taxes (still pay taxes) or after taxes.
not needed for redistribution. They already believe the Fed has infinite money. It’s just for the pure joy of confiscation.
When a Leftist says overhaul, they really mean to screw it
up so badly nobody in their right mind would ever use it, and those who did would get screwed beyond belief.
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