Biden Plans to Destroy 401k for Millions of Retirement Accounts
Democratic Presidential hopeful and former Vice-President, Joe Biden has proposed slashing much of the tax deduction benefit for all Traditional 401k and IRA accounts, instead capping them with a flat-tax deduction. Biden tax policies could end up costing you tens or hundreds of thousands of additional dollars throughout your retirement years. Will a Roth 401k fix the traditional IRA/401k? 💰💰 Steven's Stock Picks 👉 https://www.StevenCarlson.Show/@M1Pie 💰💰2 Free Stocks valued up to $1,400 👉 https://www.stevencarlson.show/@WeBull 🏋️♀️ 🚴 Steven's new channel 👉 / @fatboyfitness 💬 Discord Server 💬 http://stevencarlson.show/@Discord 📔📔 America Hijacked: How Deep State Actors from LBJ to Obama . . . 👉 https://amzn.to/2BWQ97T Ben Harris, a Biden adviser who served as the nominee’s chief economist during his vice presidency, emphasized “If I’m in the zero percent tax bracket, and I’m paying payroll taxes, not income taxes, I don’t get any real benefit from putting a dollar in the 401k” Harris said. “But if someone’s in that top tax bracket, they get 37 cents on the dollar for every dollar they put in there,” he concluded. And this is exactly where these politicians get it wrong. No! You are not correct, Mr. Harris. It is not that the zero percent tax bracket person didn’t see any benefit; they are already at zero percent tax so they effectively already have a 100% tax break. Whereas, someone of higher income only gets 37cents for every dollar written off, they pay taxes on the remainder. I am not sure how this is hard to understand? Of course, honestly, the politicians are just pandering to financially illiterate individuals. I do not blame the people here, the politicians from both parties for decades, have fought to keep people ignorant of how finances work. That is why YouTube channels like this and Graham Stephan, Meet Kevin, etc., are so important! What is not clear, and in all transparency, I am only speculating about this fact. Would Biden’s plan also remove the tax credit incentive for businesses to match contributions? If, as I suspect, the Joe Biden and Kamala Harris plan is to brand “rich businesses” as evil, one could easily deduce they would remove tax incentives for businesses offering 401k and IRA plans. For example, currently, at my business AutoCorner, we offer a 3% matching contribution, if we lose our tax credits, would I still continue to provide the matching? Maybe, maybe, not. I feel many small business owners will be in the same boat, wondering what they can afford to do. ⚠️ ⚠️ ⚖️⚖️ I am not a lawyer, CPA, tax advisor, realtor, financial advisor, etc., I have absolutely no licenses/certifications in anything related to these industries, I am just a dude on the internet. So, in full disclosure: the information I provide here is for “entertainment purposes only!” You should seek counsel from competent and certified individuals if you have questions. I may receive commissions when you use my affiliate links. 401k vs roth 401k roth 401k vs roth ira
