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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 7:20 pm to TheWalrus
quote:
things will be just fine.
How so? Explain.
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 7:31 pm to frogtown
Actually works out better for the middle class as I recall.
Posted on 11/24/20 at 7:32 pm to frogtown
Most of the rhetoric from his campaign regarding 401k centers around how poor people don't have them
They'll start cranking up the "retirement is a right" nonsense pretty soon
And we'll keep inching ourselves toward a government controlled retirement plan
They'll start cranking up the "retirement is a right" nonsense pretty soon
And we'll keep inching ourselves toward a government controlled retirement plan
Posted on 11/24/20 at 7:37 pm to frogtown
quote:
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.
Blackrock and Vanguard will never allow this to happen. Lawyers write laws not progressive freaks that want to raid your retirement accounts for social justice. They represent their clients not an ideology.
This post was edited on 11/24/20 at 7:38 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 7:53 pm to frogtown
quote:
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.
it's been floated that the credit will be 26% for every dollar put in. If that's the case, the VAST VAST majority of 401k contributors will be better off under that plan vs today's deduction. A family would have to make over 326k per year to be worse off under that type of plan.
Obviously this is all talk and not something that's in a proposed law waiting to be voted on. I wouldn't be worried about it. Neither the Republicans nor the left wing of the democrats will support Biden on anything.
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 11/24/20 at 8:35 pm to frogtown
quote:
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 is what I had read but did not want to explain in poorly. I doubt anything actually happens but I was curious what the best response would be if it did. Thanks everyone.
Posted on 11/24/20 at 8:42 pm to JohnnyKilroy
quote:
it's been floated that the credit will be 26% for every dollar put in. If that's the case, the VAST VAST majority of 401k contributors will be better off under that plan vs today's deduction. A family would have to make over 326k per year to be worse off under that type of plan.
It will only work like that if they don't cap the amount of the credit. They will cap the credit amount. We just don't the details yet.
Posted on 11/24/20 at 9:00 pm to JohnnyKilroy
quote:
it's been floated that the credit will be 26% for every dollar put in. If that's the case, the VAST VAST majority of 401k contributors will be better off under that plan vs today's deduction. A family would have to make over 326k per year to be worse off under that type of plan.
under Trump tax brackets, if Biden returns to the 2016 brackets it would negatively affect any family starting at $151K
Posted on 11/24/20 at 9:08 pm to TigerintheNO
What about singles
Posted on 11/24/20 at 9:20 pm to jimbeam
quote:
What about singles
Focus on that brunette chick on the other side of the bar. Your taxes and 401(k) are fine.
Posted on 11/24/20 at 9:30 pm to jmcwhrter
quote:
around how poor people don't have them They'll start cranking up the "retirement is a right" nonsense pretty soon
Well got damn, most of his voters sit on the porch all day already acting retired. I’d like to get to that porch someday myself but won’t be able to do it as early as them.
Posted on 11/25/20 at 12:26 am to wutangfinancial
quote:
Blackrock and Vanguard will never allow this to happen. Lawyers write laws not progressive freaks that want to raid your retirement accounts for social justice. They represent their clients not an ideology.
What exactly would they disagree with?
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