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.
It’s not just redistribution. It’s a tax increase.
Try explaining a tax credit to a 19 year old idiot.
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.
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.
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...
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
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.”
Soon they’ll be giving the 26% credit to even those, who don’t put any money in. Because, fairness or something....
These types of plans are a temporary tax break, are taken as ordinary income, you get no lower cap gains rate no matter how long you hold the investments, the government shares your gains as a partner, you can’t deduct losses, or depreciation.
The Roth IRA and Roth 401k are better.
When I realized the limitations, I educated myself and then moved into investments with permanent tax breaks, cash flow, and good returns.
For the average person, who has no interest in becoming a better investor, The democraps have a plan for your money.