Wa Ex: Former Vice President Joe Biden’s presidential platform includes a tax proposal that could force some employers to abandon offering retirement options to workers, the industry is warning.
The plan would dramatically change the incentive to save for retirement by replacing the current deferral system with a tax credit.
Most retirement plans, such as 401(k) plans and IRAs, allow taxpayers to delay paying taxes on contributions to accounts until they are retired. By suspending this tax until retirement, workers have been able to grow their nest eggs beyond what they would have been if taxes were paid in the year that the money was received.
Biden would like to replace the current system with a tax credit. His campaign site does not lay out a rate for the credit, but it has been reported to be 26%. read more
Going after people’s 401k accounts, just like we knew these crooked bastards would.
It’s not Biden’s change. He has no idea what’s going on.
At some point if they gain power they are going to try to seize all the private 401k / retirement accounts and come out with some guaranteed retirement payout BS. It is practically the only real money that exists anymore.
The push for digital money will follow close behind. Joe’s people are studying the social credit system with their Chinese friends as we speak.
The grubby hands of government have been itching to get access to 401k accounts where many people have their largest assets. Lots of $ they just can’t wait to squander.
All of the money printing is diminishing the value of savings anyway.
but no-touchee gubmint-d**k-sucker retirements
Little pink houses for you and me!
If the country doesn’t return to sound fiscal policy, fiscal sanity, soon most retirement accounts may not mean much anyway.
That includes current ones, not just future ones.
If the democrats win money will be little better than toilet paper anyway.
Socialism in America must die. Wipe it out in 2020! MAGA