Biden is going to screw us on 401Ks

[The Original Tree]

Biden is talking about taxing dividend income as ordinary income as well.

All capital gains should be taxed as ordinary income. Money you worked for should not be taxed higher than investment income.

So Biden IS RAISING TAXES on the middle class, but...but

Joe expressing an opinion that taxes SHOULD be raised, does not mean that Biden is raising taxes. Biden has been clear. Taxes on those earning less than $200,000 will not be raised.

You might want to give consideration that the people making these claims that the sky is falling, are the people who SELL 401K's, and who may see their commission decline if the rules are changed. They're not looking out for your best interests, they're trying to frighten you into voting for THEIR best interests.

Whenever I see piece like this, I always look to see who's ox is being gored here, and whose interests are being looked out for here.

Given that the stock market always does better under Democrats than Republicans, it's quite likely that those with 401K's will see the value of their portfolios rise more under Biden than Trump, which will more than compensate them for any increases in their taxes. That won't help the brokers selling these 401K's since they only make money on your purchases, not your investment returns.

The stock market more than doubled in Obama's first term. The DOW Jones is up less than 20% in Trump's first term. So if my portfolio doubles in value in 4 years, I've have a whole lot more wealth under Obama. Even if I do have to pay an extra 5% of of that increase in taxes, I'm still up more by 75% over Trump's growth.

DOW up less than 20% under Trump?

DOW when he took office: 19,800
DOW Now: 28,600

Are you math illiterate, a lying sack of shit, or both?

To be honest, The Dow started an uptick when The Democrats lost control of Congress under Obama. They try to claim that Obama started the recovery. No, he started the recession. When the GOP gained control of The Senate and The House, they started undoing what Obama did. Problem is, when Trump was elected there were too many Never Trumpers, and Rinos to keep the momentum going... and The Dems were doing everything they could to act as Obstructionists, even contracting with Russia and China to help them. We get over this last hurdle and all hands on deck gets out to vote, and we have a chance to strengthen this country against The Global Marxist Assault and make it strong enough at least for a while that the next Globalist Democrat will have a hard time undoing it..so it could buy us a little time.

 

[The Original Tree]

Because Biden is a stupid socialist obsessed with trying to make things more "fair" he is going to screw up 401K accounts.

Liberals fuck up everything they touch.

Biden's plan to overhaul 401(k) tax breaks could force some companies to cut retirement benefits

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.

Biden is committed to The New World Order and Globalism, while Trump is a Nationalist.

Trump is the first president in the modern age not to start a single new war in his term. Peace is breaking out in The Middle East.

Obama, Bush, Clinton, Biden are all Globalists. Biden will take America in to WWIII the minute he assumes power. He will confiscate The Wealth of this country and do exactly what his UN "Sustainable Development" masters tell him to do, and that is to redistribute it. Biden also believes in The Depopulation of Earth down to 50, Million People "World Wide"
Harris is completely aligned with him on this and so is The Democrat Party.

You have more to worried about than your 401K. Your house will eventually become the Property of The State under Biden-Harris. They do not believe in private ownership of property.

So true......

But not ONE of the ever vocal leftists can digest TRUTH.

It just isn't in their DNA

Leftists are the exclusive reason Communism and Dictators periodically appear on Earth.

Make you wonder what the cure really is.

The only cure is to occupy and resist until The Return of Christ. Right now The Earth belongs to Satan, and he has Adam's throne and Adam's crown, and he is the god of this Earth.

But what Christ did at Golgotha was sacrifice himself, descend in to Hell, and gained victory over "Death" and Hell, and acquired the keys to The Abyss.

He has possession of The Scroll and Title Deed to Earth. But Christ cannot open it until The Father tells Him to. The reason for this is that "The Father" has in His mind a specific number of souls He wants gathered to Christ, and when that number is reached, then all Hell breaks loose as the seals on the scroll are broken, and with each one comes a curse and the wrath of God until it is all done. In all there are 21 judgments-curses that come from the scroll until The Return of Christ to establish His Millennial rule of Peace on Earth ruling with David from Jerusalem on The Throne of Adam, and after the 1,000 years a new Heaven and new Earth, and then Eternity

 

[Nostra]

Because Biden is a stupid socialist obsessed with trying to make things more "fair" he is going to screw up 401K accounts.

Liberals fuck up everything they touch.

Biden's plan to overhaul 401(k) tax breaks could force some companies to cut retirement benefits

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.

wow your 401k you might never see

Unless they're doing a lot of matching or something just ignore that shit, you manage your money better than your company.

And if they go down you don't have to go down with them

401ks are a scam unless your employer is very old and very profitable. Do not put any money into them that isn't matched

My wife and I saved up quite a bit of 401K during our 30 year careers.

We made the right investment choice and get a nice interest payment every month while preserving the principal for our children and grandkids.

Like everything else the filthy ass stupid Libtards are bound and determined to screw it up.

If I would have had that 7.5% that the filthy ass government stole from us for Social Security and gave me a piss poor return I have a lot more money coming in every month.

Just like that school district in South Texas that managed to opt out of Social Security and their monthly retirement is like twice or more than what they would have received under SS.

Galveston County, and a few others.

Yep, monthly income is far greater than SS, and the can leave the balance to theur kids. SS doesn't do that.

 

[Juicin]

Because Biden is a stupid socialist obsessed with trying to make things more "fair" he is going to screw up 401K accounts.

Liberals fuck up everything they touch.

Biden's plan to overhaul 401(k) tax breaks could force some companies to cut retirement benefits

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.

wow your 401k you might never see

Unless they're doing a lot of matching or something just ignore that shit, you manage your money better than your company.

And if they go down you don't have to go down with them

401ks are a scam unless your employer is very old and very profitable. Do not put any money into them that isn't matched

My wife and I saved up quite a bit of 401K during our 30 year careers.

We made the right investment choice and get a nice interest payment every month while preserving the principal for our children and grandkids.

Like everything else the filthy ass stupid Libtards are bound and determined to screw it up.

If I would have had that 7.5% that the filthy ass government stole from us for Social Security and gave me a piss poor return I have a lot more money coming in every month.

Just like that school district in South Texas that managed to opt out of Social Security and their monthly retirement is like twice or more than what they would have received under SS.

Well i think the issue is many people don't understand SS is a handout for most people

Depending on how long you live you might get vastly more than you put into it if you're poor.

While it may not have been a great deal in 1950....Better than it is now

It was designed for 1930s america with a much lower life expectancy

It becomes less "fair" as our lifespans increase because people are hanging on taking more checks than was ever intended.

 

[Doc7505]

Having a 401(k) is unfair? Biden is talking about taxing dividend income as ordinary income as well. Wow, this guy is going to do wonders for Wall Street.

Sure nuff, If elected he'll do his best to find ways to tax IRA's and 401's higher than they are..... taxed now.

 

[Flash]

Because Biden is a stupid socialist obsessed with trying to make things more "fair" he is going to screw up 401K accounts.

Liberals fuck up everything they touch.

Biden's plan to overhaul 401(k) tax breaks could force some companies to cut retirement benefits

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.

wow your 401k you might never see

Unless they're doing a lot of matching or something just ignore that shit, you manage your money better than your company.

And if they go down you don't have to go down with them

401ks are a scam unless your employer is very old and very profitable. Do not put any money into them that isn't matched

My wife and I saved up quite a bit of 401K during our 30 year careers.

We made the right investment choice and get a nice interest payment every month while preserving the principal for our children and grandkids.

Like everything else the filthy ass stupid Libtards are bound and determined to screw it up.

If I would have had that 7.5% that the filthy ass government stole from us for Social Security and gave me a piss poor return I have a lot more money coming in every month.

Just like that school district in South Texas that managed to opt out of Social Security and their monthly retirement is like twice or more than what they would have received under SS.

Well i think the issue is many people don't understand SS is a handout for most people

Depending on how long you live you might get vastly more than you put into it if you're poor.

While it may not have been a great deal in 1950....Better than it is now

It was designed for 1930s america with a much lower life expectancy

It becomes less "fair" as our lifespans increase because people are hanging on taking more checks than was ever intended.

...and there is a welfare component to it with the disability that many people scam.

 

[my2¢]

Presently if one contributes $5,000 and are in a 10% tax bracket their tax savings is $500. If in the 22% bracket that savings climbs to $1100, if in the 37% bracket the savings is $1850.

From what I understand of the plan the tax savings one gets on their IRA contributions is changed to a fixed rate regardless of one's tax bracket. The estimate used in article below is 26%. Thus on a $5000 contribution the tax savings would be $1300 regardless of the contributor's tax bracket.

I'm not sure at what percentage employers large or small would look at the tax savings to be not worth the trouble.

What Joe Biden's Tax Proposal Could Mean for Your 401(k)

A tax credit could equalize the benefit of saving across income levels.

money.com

 

[excalibur]

DOW up less than 20% under Trump?

DOW when he took office: 19,800
DOW Now: 28,600

Are you math illiterate, a lying sack of shit, or both?

Biden voters, it figures.

 

[excalibur]

Fairness is code for equal poverty.

Except for the people in power.

 

[excalibur]

A President who has provided disastrous leadership in the worst health crisis in 100 year...

All lies by you.

 

[Nostra]

DOW up less than 20% under Trump?

DOW when he took office: 19,800
DOW Now: 28,600

Are you math illiterate, a lying sack of shit, or both?

Biden voters, it figures.

Nope. Dragonlady is a Canuck hack who comes here daily to expose how ignorant she is on the system we have in the USA.

She can't even vote in the US.

 

[Nostra]

Biden is talking about taxing dividend income as ordinary income as well.

All capital gains should be taxed as ordinary income. Money you worked for should not be taxed higher than investment income.

So Biden IS RAISING TAXES on the middle class, but...but

Joe expressing an opinion that taxes SHOULD be raised, does not mean that Biden is raising taxes. Biden has been clear. Taxes on those earning less than $200,000 will not be raised.

You might want to give consideration that the people making these claims that the sky is falling, are the people who SELL 401K's, and who may see their commission decline if the rules are changed. They're not looking out for your best interests, they're trying to frighten you into voting for THEIR best interests.

Whenever I see piece like this, I always look to see who's ox is being gored here, and whose interests are being looked out for here.

Given that the stock market always does better under Democrats than Republicans, it's quite likely that those with 401K's will see the value of their portfolios rise more under Biden than Trump, which will more than compensate them for any increases in their taxes. That won't help the brokers selling these 401K's since they only make money on your purchases, not your investment returns.

The stock market more than doubled in Obama's first term. The DOW Jones is up less than 20% in Trump's first term. So if my portfolio doubles in value in 4 years, I've have a whole lot more wealth under Obama. Even if I do have to pay an extra 5% of of that increase in taxes, I'm still up more by 75% over Trump's growth.

DOW up less than 20% under Trump?

DOW when he took office: 19,800
DOW Now: 28,600

Are you math illiterate, a lying sack of shit, or both?

To be honest, The Dow started an uptick when The Democrats lost control of Congress under Obama. They try to claim that Obama started the recovery. No, he started the recession. When the GOP gained control of The Senate and The House, they started undoing what Obama did. Problem is, when Trump was elected there were too many Never Trumpers, and Rinos to keep the momentum going... and The Dems were doing everything they could to act as Obstructionists, even contracting with Russia and China to help them. We get over this last hurdle and all hands on deck gets out to vote, and we have a chance to strengthen this country against The Global Marxist Assault and make it strong enough at least for a while that the next Globalist Democrat will have a hard time undoing it..so it could buy us a little time.

What you say is true. She would never comprehend it.


I didn't want to confuse the single digit IQ Canuck moron with such facts.

Just exposing Dragonlady as the lying sack she is was my goal. Mission accomplished.

 

[Winston]

Because Biden is a stupid socialist obsessed with trying to make things more "fair" he is going to screw up 401K accounts.

Liberals fuck up everything they touch.

Biden's plan to overhaul 401(k) tax breaks could force some companies to cut retirement benefits

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 fuck 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.

Name the much-criticized federal program that has saved the U.S. $2.3 trillion. Hint: it starts with Affordable

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.

 

[HereWeGoAgain]

Because Biden is a stupid socialist obsessed with trying to make things more "fair" he is going to screw up 401K accounts.

Liberals fuck up everything they touch.

Biden's plan to overhaul 401(k) tax breaks could force some companies to cut retirement benefits

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.

Hardly any surprise there. Liberalism always has the exact opposite of the stated effect. Just one more thing Trump ought to be pointing out to people if he was a more experienced, practiced professional public speaker.

This is all right wingers know how to do even with a Commerce Clause and a central bank:

https://www.usdebtclock.org/

You are confused Moon Bat.

That worthless Muslim shithead Obama added ten trillion dollars to that debt clock and all we got for it was increased poverty, decreased family income, increased taxes, a depleted military and dismal economic growth.

Biden will continue that agenda of destruction.

Only an idiot would vote for that worthless piece of corrupt shit.

JUST THINK: For Joe Biden to win, the nation would have to decide to abandon a president who is finally outside the Washington swamp who has lowered their taxes, given them jobs, raised their wages, deregulated their lives, made them safer, and is now about to bring them a vaccine to spare them further Covid, for a two time loser who has never gotten more than two delegates who is promising to take us right back to the very mess that the nation voted to escape from in 2010, 2014 and 2016.

HARDLY SEEMS POSSIBLE UNLESS EITHER:

1. The election process is now totally corrupt and rigged.
2. Or the people of this country have become such shallow, fickle imbeciles that they deserve the consequences.

I'm going with #1.
There is no way in hell Hiden should win given the lack of enthusiasm and his mental state.

 

[HereWeGoAgain]

Because Biden is a stupid socialist obsessed with trying to make things more "fair" he is going to screw up 401K accounts.

Liberals fuck up everything they touch.

Biden's plan to overhaul 401(k) tax breaks could force some companies to cut retirement benefits

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.

Fewer than 40% of American companies offer 401K's. So once again, you are concerned with the top 40% of the wealthiest and highest earning Americans being favoured over the 60% of working Americans who don't even have access to a 401K.

ALL of your tax policies favour the top 20% of Americans to the detriment of the 80%. It is long past time to restore balance to the playing field. The rich don't need to have their wealth and privilege protected. Low income full time workers shouldn't need public assistance to feed their families.

Bullshit.
58% of Americans have access to 401k plans,if you dont it's because you have no skills and work at low end jobs and thats on you.

 

[HereWeGoAgain]

Because Biden is a stupid socialist obsessed with trying to make things more "fair" he is going to screw up 401K accounts.

Liberals fuck up everything they touch.

Biden's plan to overhaul 401(k) tax breaks could force some companies to cut retirement benefits

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.

Not only the 401K's, but also on the capital gains when you sell your home.
Yet, Biden stated that taxes wouldn't be raised on the middle class.

Biden is not touching capital gains on the sale of your house. Currently $500,000 for a couple.

Topic no. 701, Sale of your home | Internal Revenue Service

Topic No. 701 Sale of Your Home

www.irs.gov

The optimum word is, 'CURRENTLY'.
Tax codes can change yearly.

No President is dumb enough to take away the home sale exemption.

Other capital gains are up for grabs as is the corporate rate

So says Rightwinger, gives me all the confidence in the world.
Biden says he's not going to raise taxes on the middle class.....just get rid of the Trump tax cuts.
Not sure how this gets reconciled.

It's easy. Raise the upper class and corporate rates, and leave the rates of people making less than $200,000, the same. This part isn't rocket science. The tough part is going through and closing the loop holes, that see companies like Amazon paying nothing. That's obscene.

How about everyone have some money in the game?
40% pay no taxes.

 

[HereWeGoAgain]

Because Biden is a stupid socialist obsessed with trying to make things more "fair" he is going to screw up 401K accounts.

Liberals fuck up everything they touch.

Biden's plan to overhaul 401(k) tax breaks could force some companies to cut retirement benefits

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.

wow your 401k you might never see

Unless they're doing a lot of matching or something just ignore that shit, you manage your money better than your company.

And if they go down you don't have to go down with them

401ks are a scam unless your employer is very old and very profitable. Do not put any money into them that isn't matched

Wait...are you saying the company you work for manages your 401k?

 

[excalibur]

Nope. Dragonlady is a Canuck hack who comes here daily to expose how ignorant she is on the system we have in the USA.

She can't even vote in the US.

Plenty of ballots floating around out there, so don't be too sure.