Biden will go after your retirement accounts, and here's how it starts...

[JGalt]

401k, Roth IRA, and other retirement accounts. I'm predicting right now that the Biden Administration will eventually try to go after them in the name of "saving Social Security." When they do this, it will be incremental. They'll start by taxing a small percentage of the biggest accounts, then working their way down.

Congress wants to kill the 'backdoor Roth IRA.' Here's what it means for you​

"Tax-free savings in retirement are great to have at your disposal.

But provisions in the Build Back Better bill would limit some of the ways to accrue them in the future -- at least for high-income savers.

The provisions are included in the version of the bill that recently passed the House, and is set to go to the Senate for consideration in December."

Congress wants to kill the 'backdoor Roth IRA.' Here's what it means for you

 

[Mac1958]

There are several tweaks that can be made to Social Security that can "save" it just fine.

Silly paranoia is not one of them.

 

[Batcat]

I have always suspected the government will try to steal my retirement savings.

Fortunately it doesn’t look like Biden will get a second term and currently he is extremely unpopular. Note the “F**k Joe Biden” and “Let’s Go Brandon” chants.

 

[marvin martian]

There are several tweaks that can be made to Social Security that can "save" it just fine.

Silly paranoia is not one of them.

Like what?

 

[Hang on Sloopy]

Like what?

Raise the fucking tax rate and hope Covid wipes a lot more out

 

[Mac1958]

Like what?

Seriously?

1. Increase the payroll tax from 12.4%
2. Increase or eliminate the payroll income cap
3. Means-test the income on the back end
4. Accelerate the increase in FRA
5. Any combination therein

 

[Thinker101]

401k, Roth IRA, and other retirement accounts. I'm predicting right now that the Biden Administration will eventually try to go after them in the name of "saving Social Security." When they do this, it will be incremental. They'll start by taxing a small percentage of the biggest accounts, then working their way down.

Congress wants to kill the 'backdoor Roth IRA.' Here's what it means for you​

"Tax-free savings in retirement are great to have at your disposal.

But provisions in the Build Back Better bill would limit some of the ways to accrue them in the future -- at least for high-income savers.

The provisions are included in the version of the bill that recently passed the House, and is set to go to the Senate for consideration in December."

Congress wants to kill the 'backdoor Roth IRA.' Here's what it means for you

Yep, if the government says it's good, you're being set up.

 

[MarathonMike]

There are several tweaks that can be made to Social Security that can "save" it just fine.

Oh really? And what "tweaks" to Social Security would be sufficient to save it? Here is where Mac cuts and runs.

 

[Mac1958]

Oh really? And what "tweaks" to Social Security would be sufficient to save it? Here is where Mac cuts and runs.

Please see post 6, Einstein.

 

[marvin martian]

Please see post 6, Einstein.

All you did is advocate for higher taxes, like the cultist you are.

 

[Mac1958]

All you did is advocate for higher taxes, like the cultist you are.

So you didn't understand what I wrote.

I'm not surprised.

This is why I don't bother.

 

[Otis Mayfield]

401k, Roth IRA, and other retirement accounts. I'm predicting right now that the Biden Administration will eventually try to go after them in the name of "saving Social Security." When they do this, it will be incremental. They'll start by taxing a small percentage of the biggest accounts, then working their way down.

Congress wants to kill the 'backdoor Roth IRA.' Here's what it means for you​

"Tax-free savings in retirement are great to have at your disposal.

But provisions in the Build Back Better bill would limit some of the ways to accrue them in the future -- at least for high-income savers.

The provisions are included in the version of the bill that recently passed the House, and is set to go to the Senate for consideration in December."

Congress wants to kill the 'backdoor Roth IRA.' Here's what it means for you

High earners, however, are prohibited from contributing directly to a Roth IRA if their modified adjusted gross income in 2022 is at least $144,000 ($214,000 if married).

But they can still create a Roth IRA through a so-called "backdoor" strategy that involves converting their other IRA savings.


That's from your article. Roth IRA aren't available to people who make over $144,000 a year.

What's the problem? Roth IRA is meant for the poor.

 

[JGalt]

High earners, however, are prohibited from contributing directly to a Roth IRA if their modified adjusted gross income in 2022 is at least $144,000 ($214,000 if married).

But they can still create a Roth IRA through a so-called "backdoor" strategy that involves converting their other IRA savings.


That's from your article. Roth IRA aren't available to people who make over $144,000 a year.

What's the problem? Roth IRA is meant for the poor.

Like I said, incremental. If it starts here, how long before they start means testing Social Security by reducing your benefits because you have a couple hundred grand in a retirement account?

Of course there's always another possibility: If inflation keeps rising at the current rate, the government's dipping into those retirement accounts won't be worth the effort.

 

[Votto]

401k, Roth IRA, and other retirement accounts. I'm predicting right now that the Biden Administration will eventually try to go after them in the name of "saving Social Security." When they do this, it will be incremental. They'll start by taxing a small percentage of the biggest accounts, then working their way down.

Congress wants to kill the 'backdoor Roth IRA.' Here's what it means for you​

"Tax-free savings in retirement are great to have at your disposal.

But provisions in the Build Back Better bill would limit some of the ways to accrue them in the future -- at least for high-income savers.

The provisions are included in the version of the bill that recently passed the House, and is set to go to the Senate for consideration in December."

Congress wants to kill the 'backdoor Roth IRA.' Here's what it means for you

A cancer intuitively goes after the blood supply of any host

This is not a question of if, but when.

 

[MarathonMike]

1. Increase the payroll tax from 12.4%
2. Increase or eliminate the payroll income cap
3. Means-test the income on the back end
4. Accelerate the increase in FRA

You call these 'tweaks"? And I notice that you casually just use "increase" without saying how much or if these would be one shot increases or ratcheted up continuously. I also notice you didn't say anything about cutting the bloat out of the Federal government, laying off superfluous workers, going after the waste, stopping foreign aid giveaways and choose instead to stick it to the American people. I'm sure your Democrat leaders are right in lockstep with you.

 

[bendog]

There are several tweaks that can be made to Social Security that can "save" it just fine.

Silly paranoia is not one of them.

The thread isn't paranoia it's flat out lies.

 

[Mac1958]

You call these 'tweaks"? And I notice that you casually just use "increase" without saying how much or if these would be one shot increases or ratcheted up continuously. I also notice you didn't say anything about cutting the bloat out of the Federal government, laying off superfluous workers, going after the waste, stopping foreign aid giveaways and choose instead to stick it to the American people. I'm sure your Democrat leaders are right in lockstep with you.

You asked, I answered.

If you want to cut spending, do it. For a change.

 

[Mac1958]

The thread isn't paranoia it's flat out lies.

It's the alternate universe: Lie to the rubes, keep them angry, tithing and voting.

Working like a charm so far.

 

[MarathonMike]

You asked, I answered.

Yes you did. Your answer was "Bend over taxpayers, time to pay your fair share again".

 

[marvin martian]

So you didn't understand what I wrote.

I'm not surprised.

This is why I don't bother.

I understood it perfectly. It's the party line for DNC cultists like you.