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re: Many posters here are saying they'll come after our 401K
Posted on 1/20/21 at 9:27 pm to newmexicotiger
Posted on 1/20/21 at 9:27 pm to newmexicotiger
Joe Biden gonna change retirement
He gonna donaway with tax defferals on retirements, introduce a new tax credit, and still tax you when you withdraw the money.
He gonna donaway with tax defferals on retirements, introduce a new tax credit, and still tax you when you withdraw the money.
quote:
The details of his retirement plan are ambiguous but appear to involve taxing income twice by only including after-tax contributions in retirement accounts, which are again taxed as income when withdrawn. Biden plans to offset this double taxation with a tax credit that would make Americans more dependent on the government and prevent retirees from realizing the benefits of a lifetime of compounded interest on their pretax retirement account income.
2
Posted on 1/20/21 at 9:33 pm to Dawgfanman
quote:
including after-tax contributions in retirement
Which just makes it an individual brokerage account
Posted on 1/20/21 at 9:37 pm to Dawgfanman
if they touch Roth accounts that’s when I’m bailing on this nation. I forfeited the ability to get compounded growth on pre-tax income for the ability to get Uncle Sam out of my life.
If they renege on that agreement, I won’t trust any part of this federal government with another nickel of mine.
If they renege on that agreement, I won’t trust any part of this federal government with another nickel of mine.
This post was edited on 1/20/21 at 9:38 pm
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