Posted on 10/08/2020 10:38:24 AM PDT by SJackson
Round about a month ago, I took a closer look at Joe Biden’s retirement-related policy proposals, or, more specifically, those of the “Unity Task Force,” which had just released its final document.
One of the items in that document and on the Biden campaign website is a promise to “equalize the network of retirement saving tax breaks” — a proposal that generally translates to eliminating the tax advantages currently enjoyed by retirement savings accounts and replacing them with a “credit” or “match.” The idea is that the tax advantages, or “tax expenditures,” as they’re called, disproportionately accrue to relatively higher earners, and the hope of a change is to provide benefits in equal measure to all income groups.
But how this translates in practice is not clear. An article at Roll Call this morning picked up on the proposal, as did Courthouse News, but neither had more detail, referencing only a 2014 Urban Institute/Tax Policy Center proposal, which provided various hypothetical alternatives.
So what did that proposal suggest? It included a variety of options, including
Reducing total available pre-tax savings (employer and employee) from (at the time) $51,000 to only the lesser of $20,000 or 20% of pay; Expanding the currently relatively-small “Saver’s Credit” (equal to 50% of the first $2,000 in retirement savings, only for relatively lower earners, up to $$19,500 for singles, $39,000 for couples; and phasing out quickly, to 20%, 10%, and ultimately nothing for singles with $32,500/couples with $65,000 in income) to stay at 50% for higher earners and phase out in a much more gradual manner instead; or Wholly removing any tax benefit for retirement savings and provide a credit of 25% instead ...snip...
(Excerpt) Read more at forbes.com ...
I am in CA. the looney state of the country, I too will also be crawling over broken glass to bring my mail in vote to the polls we were given no choice to vote in person however the polling place will be open to collect the votes!!\So on the same day I received my voter guide in the SAME daily mail telling me NO VOTE IN PERSON was a jury summons not safe to vote in person BUT perfectly safe to serve on a jury NO WAY!! I was pissed for over a week about this, can’t wait to get the hell out of this one party rule state!! Going to Idaho very soon!!
Democrats are bastards to the nth degree. Just the thought is outrageous.
“The tree of liberty ...”
The myRA program has been phased out.
Any open myRA account in your name has been closed and the balance moved to a new Roth IRA in your name at Retirement Clearinghouse, LLC (RCH), a private sector IRA provider.
The RCH accounts are not myRA accounts. However, for two years there will be no account maintenance fees or fees associated with withdrawals, transfers, or the closure of your RCH account.
RCH has also taken over customer service responsibilities related to your former myRA account, such as providing you with applicable tax forms, even if you closed your account prior to the transition to RCH.
The myRA program began in December 2014 and was phased out in September 2018. We want to thank all of those who participated in the myRA program and wish you continued savings.
Please note that RCH was the handpicked manager of the myRA program. Don't know much about their efforts, except that very few people joined the program.
Yeah...
Argentina did that move TWO times.
It means everything that moves will be taxed.
Another vintage favorite screech from Hill was “I’m going to take those profits!”
They need your 401 k to redistribute.
“ I have heard of annuity contracts that begin to pay out less after 75 and then, at 83 or so, people are told they no longer have enough life span left to justify the annuity.“
I am in Financial Services and I can assure you no annuity AS DESCRIBED exists.
You can have a period certain payout (10 years for example) or a lifetime annuity pay out. You can be told you are too old for a period certain to begin. You can have an annuity that you don’t turn into an income stream. There are many other choices...just not what you described.
Keep whistling, $27 trillion has no chance what so ever of being paid off, ever. A recent analysis projected $50 trillion by the end of Trump’s second term. Politicians will never address this, Trump MAY, he is rumored to have addressed renegotiating our debt with the Federal Reserve ( a private corporation), but is unable by law to do the same with our Treasury Dept. Either way, our days are numbered , dollar reserve status WILL be deposed by 2030.
It means the democrats will steal your svings and spend it on their pet projects like terrorism and electing themselves and new homes for themselves.
Thanks for that info!
On 59.5 years being the age where you can pull money from a 401 k without penalty, of course, you still have to pay the income, etc taxes.
Why did the people not rise up and do a Mussolini?..................
Thx - this I am aware of and have planned for. This Biden idiot could screw it all up when I’m this close.
Hillary said in 2016 as the dem candidate that
there is 2.3 TRILLION in the collective 401k nest egg
She said they are gonna take it all for better management
And WE GET 3% annually til death
Hillary worships Government ,
not GOD
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