re: Biden to end 401k Tax Benefits

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Not to be Politard but this is why gold,silver and crypto are attractive to me

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Diversification is key!

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I'm 31 and I fully believe that in my lifetime 401ks will be raided in some form by Democrats.

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Your saying so enables their thinking. Stiffen your spine and draw the line. Instead, tell them that raiding your hard-earned savings is not acceptable and will never be acceptable.

This is mostly just postulation. Biden wants to revamp 401ks as high income earners are the ones who benefit the most from the tax advantage.

I.e if you have income taxed at the 35% bracket, then every dollar you contribute to a 401k reduces your tax burden at that rate.

Whereas if your highest income is only taxed at the 22% bracket, then every dollar you contribute reduces it at the 22% rate.

Thus it's an unequal tax break that favors higher income earners more for the same contribution amount.

In any case, I haven't seen any official biden document that actually outlines any plan to equalize the 401k contributions(yay politicians), and more just a platitude.

These rash of articles are all referencing an proposed idea of one way to equalize 401ks with no basis on if Biden actually supports doing something like this.

All of this is interesting in theory, but doubt it actually gains in legs.

They want us solely dependent on the government for everything.

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All of this is interesting in theory, but doubt it actually gains in legs.

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This. There is 0% chance there is a retroactive tax on 401k savings. I don't even see how it would be constitutional to do so. That doesn't mean the government can't change how 401k deductions are taken. This is an exemption from a tax, not some right you have. The government can and will likely at some point change how all of this works with the end goal of expanding access and/or utilization of this exemption to encourage saving.

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There is 0% chance there is a retroactive tax on 401k savings. I don't even see how it would be constitutional to do so.

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When has the Constitution stopped various forms of taxing?

article has zero facts. can't stand ppl like you dude

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the hope of a change is to provide benefits in equal measure to all income groups.

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And what do you think they're getting at here? This is the part that should scare people the most IMO.

They see eliminating these tax benefits as keeping money that should belong to the government anyway (untaxed income), and being able to distribute in other ways. It's wealth re-distribution at it's core. They'll use the revenue to funnel money to certain folks as sure as the sun rises, and say that it's not a tax increase but a revenue neutral way to hand out money and decrease the wealth gap in this country.