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401K under Biden
Posted on 11/24/20 at 6:55 pm
Posted on 11/24/20 at 6:55 pm
I keep seeing that Biden will be “coming after your 401k”. Can anyone explain what will happen? And what is the best response if/when Biden gets in office?
11
Posted on 11/24/20 at 7:02 pm to LSUisKING12
Partisan delusion, things will be just fine.
Posted on 11/24/20 at 7:19 pm to LSUisKING12
Biden will never be president
Posted on 11/24/20 at 7:22 pm to LSUisKING12
quote:
And what is the best response if/when Biden gets in office?
The same thing you did when Obama was in office, watch it go up 150%.
Posted on 11/24/20 at 7:24 pm to LSUisKING12
quote:
I keep seeing that Biden will be “coming after your 401k”. Can anyone explain what will happen? And what is the best response if/when Biden gets in office?
Biden wants to get rid of the 401k tax deduction which you can max out at around 20K. He wants to replace it with a credit. There have been articles written about this by Forbes etc, It was also on Biden's website.
This post was edited on 11/24/20 at 7:27 pm
Posted on 11/24/20 at 7:43 pm to LSUisKING12
Same thing he did to it from 2008-2016. Fearmongering is at an all time high from both the right and the left.
This post was edited on 11/24/20 at 7:45 pm
Posted on 11/24/20 at 8:04 pm to LSUisKING12
Gridlock, not significant changes, will be more likely. That's probably okay for most issues.
Posted on 11/24/20 at 8:31 pm to LSUisKING12
quote:I think the next 4 years is too soon for that. To think it will never happen is insane considering the path of wealth redistribution the Left is pushing for. However, I do think we are a few presidential terms away from something this radical taking place.
I keep seeing that Biden will be “coming after your 401k”. Can anyone explain what will happen? And what is the best response if/when Biden gets in office?
Posted on 11/25/20 at 5:36 am to LSUisKING12
As long as the Republicans keep the senate you will have nothing to worry about. Biden has discussed taking away the tax break of 401 k's and IRA's.
Posted on 11/25/20 at 6:39 am to LSUisKING12
Tax Foundation
This link does a great job of explaining the shift from deduction to credit. Single filers begin to be negatively impacted compared to current deduction at over ~40k and joint filers at ~80k. Depending on where the phaseouts land, you could see those numbers shift up or down.
This link does a great job of explaining the shift from deduction to credit. Single filers begin to be negatively impacted compared to current deduction at over ~40k and joint filers at ~80k. Depending on where the phaseouts land, you could see those numbers shift up or down.
Posted on 11/25/20 at 7:03 am to LSUisKING12
The real problem is for small companies. If the owner (the people making the big bucks) don’t have as much incentive to save, then they will just drop the plan. Then no one saves.
Plans for big corporations are very different than plans for a small company.
Plans for big corporations are very different than plans for a small company.
This post was edited on 11/25/20 at 7:04 am
Posted on 11/25/20 at 11:57 pm to LSUisKING12
Stock market more worried about Covid vaccines and relief packages than POTUS. It’s unlikely Biden can affect it unless himself or Congress start pushing socialist BS into law.
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