Because Biden is a stupid socialist obsessed with trying to make things more "fair" he is going to screw up 401K accounts.
Liberals **** up everything they touch.
A frequently overlooked part of Democratic presidential nominee Joe Biden's platform would upend the traditional tax preferences of retirement accounts like 401(k) plans — a change that industry experts warned could force some small companies to cut those benefits.
news.yahoo.com
A frequently overlooked part of Democratic presidential nominee
Joe Biden's platform would upend the traditional
tax preferences of retirement accounts like
401(k) plans — a change that industry experts warned could force some small companies to cut those benefits.
Biden has vowed to convert the current deductibility of traditional retirement contributions into matching refundable credits for 401(k)s, IRAs and others.
The proposal from the former vice president is intended to level the playing the field of tax deferral in traditional retirement accounts, with the intent of boosting saving among low-income earners. But industry experts cautioned that by reducing the benefits that higher earners receive, the Biden campaign may have increased the likelihood of businesses abandoning those retirement benefits altogether.
The article seems to think the reason small businesses offer retirement benefits is so that the owner and higher income employees benefit. Funny, I thought the reason employers offered retirement benefits was to attract and keep workers.
It is a solid plan. Currently higher income employees derive a greater benefit from 401K contributions. This proposal "levels the playing field". Low income workers will derive the same benefit, dollar for dollar, as high income workers. Opposition to this proposal removes all doubt, Republicans have never been for leveling the playing field and I have always been driven by Proverbs.
The rich man’s wealth is his strong city; The destruction of the poor is their poverty.
Proverbs 10:15
You stupid greedy Moon Bats are more concerned about what you morons call "fairness" than you are about the economy of the US.
You Moon Bats don't know any more about Economics than you do History, Climate Science, Biology, Ethics or the Constitution.
We saw what happen when the idiot Moon Bats tried to make healthcare more "fair" by giving insurance subsides to the filthy welfare queens. It ran up the cost of premiums, deductibles and co payments for the paying customers.
Remember what happen when you Left Wing idiots tried to make the lending industry more fair for the people that had neither the means or the inclination to pay back the loans? You passed the filthy ass CRA and a few years later it almost bankrupted the economy.
Many more examples like using billions of Federal dollars to make the education system more fair but having test scores decline or pouring trillions into welfare and having the poverty rate not change or increase like when Obama was President.
The convoluted greedy concept of "fairness" is always a destructive factor in failed Socialist countries.
Trying to make 401Ks more "fair" is going to **** up something that is the bedrock of retirement for many Americans.
Things will get screwed up and you idiot Libtards will never take the responsibility for yet another disastrous outcome.
Well, you make a couple of incorrect assumptions in your post. The first concerns your claim that Obamacare made premiums go up. Health insurance premiums have always went up. The reality is those premiums did not go up near as much as they would have without the ACA. Health insurance premiums are based on two things. Claim history and projected future costs. Conservatively, the ACA has saved 2.3 TRILLION, yes trillion dollars.
Despite constant criticism and occasional sabotage, the Affordable Care Act has successfully expanded health insurance coverage and helped control runaway health care costs.
www.statnews.com
Before the ACA health care costs were projected to be 20.2% of GDP by 2017. Instead, health care costs were under 18%. The reality, Obama, years after leaving office, saved this country as much money as Trump expanded GDP. I mean you guys spout off about the media, why is that reality not front page news each and every day? My son is over my shoulder. He has a degree in Health management. He concurs, Obamacare saved trillions of dollars in health care costs.
So, why all this effort to repeal Obamacare? It is the health services industry, the drug companies, and the insurance companies. They want more of your money. They want more of GDP. Those of you who support the repeal are simply useful idiots. A simple example should help all of you understand.
The doughnut hole. For those of you on Medicare, you are intimately aware of the doughnut hole. That is the point where insurance no longer pays for your prescription drugs. But the ACA has now virtually eliminated the doughnut hole. In 2021 once someone reaches the doughnut hole they will get a 75% discount on prescription drugs. The insurance company pays 5%, the drug manufacturer pays the other 70%. In other words, the drug manufacturers eat 70% of the cost. That does not effect premiums. That portion of the ACA alone has saved billions of dollars. Billions of dollars that are being spent on groceries, gifts for grandkids, home improvement, new car payments instead of going to prescription drugs. Repeal the ACA and BOOM, those billions flow straight to the drug manufacturers. Are you beginning to understand who you are supporting by calling for the elimination of the ACA? Like I said, useful idiots.
But now to 401k's. They are sucker bets. Thing about it. A 30 year old puts a hundred dollars in a 401K. Let's say he makes 6% return a year for 36 years. Sure, he saved the income tax on one hundred dollars. Thirty six years at six percent his hundred dollars has doubled three times. Now, instead of paying taxes on a hundred dollars he pays taxes on eight hundred dollars. Income taxes. Meanwhile the wealthy 30 year old just invests his after tax money in the stock market. When he retires he does not pay income tax on that money, he pays capital gains, a lower rate. Or better yet, he has a ROTH. Then he does not pay shit in income taxes. Tell me, just who is the 401K structured to benefit? It is not the worker. It is the government and the stock brokers. Enticing amateurs to play with the pros, and taxing them at a higher rate. It is a fool's play.
And I am sorry, but the stock market does not have anything to do with the economy. It is a parking place for money. It is not investing, it is saving. And saving is not good for the economy. It is called the paradox of thrift. Instead of that stock market money being invested in expanding the frontier curve it is being "saved", draining the overall investment pool and stifling economic growth. When you buy a stock you are not giving money to the company to invest, you are giving it to another "saver". So if this proposal concerning 401K's results in less money in the stock market it is a good thing, not a bad thing. For that money will either be spent on consumption, which actually drives the economy, or it could be really invested, which actually expands the economy.
