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Message
re: 401K under Biden
Posted on 11/25/20 at 5:36 am to LSUisKING12
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.
2
Posted on 11/25/20 at 5:37 am to djrunner
quote:
As long as the Republicans keep the senate you will have nothing to worry about.
Very good chance of a split or a Rep majority with limp dick Romney as the controlling vote on everything
I'm not confident lol
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 9:57 am 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.
This is very wrong and shows a fundamental lack of understanding of how the credit would work. You should really read the tax foundation link that was posted in this thread and stop spreading misinformation.
Posted on 11/25/20 at 10:05 am to jmcwhrter
quote:
And we'll keep inching ourselves toward a government controlled retirement plan
This is already called Social Security.
Posted on 11/25/20 at 10:21 am to MusclesofBrussels
quote:
This is very wrong and shows a fundamental lack of understanding of how the credit would work. You should really read the tax foundation link that was posted in this thread and stop spreading misinformation.
We actually have no idea how it will work and I've said as much. We don't know much of anything because this was just another campaign promise that has a 80% chance of never seeing the light of day and if it does happen it will likely be very different from the assumptions that all of these groups are using to forecast the impact.
My guess is nothing of substance happens. If it does happen it will negatively impact a very small subset of contributors and it will positively impact an even smaller subset.
It's nothing more than a vague campaign promise
Posted on 11/25/20 at 6:48 pm to JohnnyKilroy
What a cop out post. You specifically said if it’s a 26% credit, then the vast majority will be better off and you’d have to make ~325k to be negatively impacted. That statement simply isn’t true.
Edited to add your quote.
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.
Edited to add your quote.
This post was edited on 11/25/20 at 6:50 pm
Posted on 11/25/20 at 6:57 pm to djrunner
quote:
As long as the Republicans keep the senate you will have nothing to worry about.
Need both those Georgia senate seats. If not, expect changes to occur sooner rather than later, and it will affect all taxpayers, not just those making $400K or more.
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.
Posted on 11/26/20 at 7:35 am to frogtown
quote:The bigger rip-off would be his repealing the present law's step-up basis that increases the tax basis for inherited assets to their full fair market value upon death.
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.
Biden's Tax Increase on Death That No One Is Talking About (Forbes)
quote:
Biden's tax plan calls for carrying over an asset’s tax basis from the the decedent to the next generation. No amount of estate tax exemption would help you, because this is a big income tax increase. Under present law, inherited property receives a full fair market value tax basis on death. The step-up in basis provides tax benefits for everyone passing down appreciated assets, including real estate, stock, family companies and more. For generations, assets held at death have received a stepped-up basis—to market value—when you die.
For those with small businesses being handed down, this is a big f'in deal.
Posted on 11/26/20 at 12:12 pm to RoyalWe
Yeah, this is the big change people are glossing over that affects almost everyone at some point or another. Unfortunately, it’s probably completely constitutional for them to remove the step up basis.
Posted on 11/28/20 at 7:35 pm to kywildcatfanone
quote:
Need both those Georgia senate seats.
You need one...
Math.
Posted on 11/29/20 at 12:07 am to Dixie Normus
So much for not negatively impacting earners making less that $400k. The uncertain climate around traditional retirement accounts means I’m probably from 50/50 way more towards Roth.
Posted on 11/29/20 at 7:38 am to djrunner
quote:
You need one...
Math.
Yes, but a one seat margin is one death away from Harris casting the deciding votes. Two makes a lot more sense.
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