The Dems have gone beyond desperation into 'The Panic Zone'.
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 ...
In other words, take more of our money and give it to lazy slobs who vote democrat.
Too late. They’ll take it next year. In five years or in nine years. Too many of our neighbors, fellow parishioners, co-workers, or “friends, haven’t saved a penny and they need to be bought off.
59.5 yrs, still own deferred taxes however
“Equalize the...” retirement savings?
So in essence, they want to punish the people who work hard, save money, and are prudent.
Not the greatest idea in the world.
If you like your 401k, you can keep your 401k.
Only thing is that your 401k will only receive tax benefits if it is invested, 100%, in US treasury notes.
We have to pay down this massive Trump debt.
I’ve been whistling that tune since 2008.
The left has wanted to get rid of 401k since it was created.
America thinks 401k are a great idea.
November 4th, 50 million American cash out their 401Ks and take a one-time tax hit for 2020.
This would be the time to do it if Biden cheats and wins.
Our state income taxes will hammer us.
I intend to disrupt BFRP (the Biden Family Retirement Plan) any way I can.
They’ve had their greedy eyes on our retirement savings for years.
Abb and I have been warning about this for a long time.
Yeah, My brother has been securities licensed for decades. We talk about this stuff quite a bit. Well, we used to.
I don’t do 401K’s unless there are matching funds. There are plenty of other places to put my money. And actually, a divorce wiped me out back just before the turn of the century. My “savings” now is buying a home and property in rural KY, getting it paid off, and getting my cost of living low enough to literally live comfortably on SS alone. We’ve already achieved that. The rest is icing on the cake. Socking away entire paychecks.
It is called the wealth tax...
Sounds right.
Probably reasonable public policy.
“Compared to other forms of saving for retirement”, I should have added.
Bill Daley. He was President and COO of a Chicago union affiliated bank for a few years in the 90x. Maybe John Daley, I believe he owns or owned an insurance agency along with being a ward committeeman, though he might have only sold insurance. Of course it’s different in their type of “competitive environment”. If you’d ask 8-10 years ago, Donald Trump. If you’re limiting it to elected Democrats or their families, not many.
Biden is a corrupt crook....... that what it means
The Dems have gone beyond desperation into 'The Panic Zone'.
It is called cutting off the China and Ukraine payoff pipeline.
Ms. Bauer has not been paying attention if she thinks "how this translates in practice is not clear." The idea of confiscating 401Ks and redistributing it "more fairly" has been around for several years in leftist circles.
There are trillions in 401Ks out there ... sooner or later it will be too tempting for a politician to not grab it to secure votes.
Not just the 401Ks, there’s lots of money in Roths.
Also, plain Jane IRAs, my wife and I rolled over our 401ks and her mini Roth into our IRA’s on advice from our CPA after retiring into Fido IRA’s because of their low costs and excellent investment opportunities that our 401 k’s didn’t offer.
I opposed the creation of the 401k in 1986.
First... the savings should be after tax, period. It’s yours... you can spend or save at your discretion.
The his first as an excuse fir the government to meddle in my business
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.