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Basically, Biden wants to replace tax deductibility with tax credits and manipulate the
math to give lower-income savers more credits and reduce the credits for higher
income savers.
Although Biden's goal is to get more lower-income employees to participate, the Obama
administration offered incentives with the same goal, but that plan was discontinued
after three years because of low participation.
Lower income employees don't contribute to 401(k)s because they don't have the
discrentionary income to participate, offering them higher tax credits is unlikely to
change that. But it will certainly roil the rest of us.
Basically, Biden wants to replace tax deductibility with tax credits and manipulate the
math to give lower-income savers more credits and reduce the credits for higher
income savers.
Although Biden's goal is to get more lower-income employees to participate, the Obama
administration offered incentives with the same goal, but that plan was discontinued
after three years because of low participation.
Lower income employees don't contribute to 401(k)s because they don't have the
discrentionary income to participate, offering them higher tax credits is unlikely to
change that. But it will certainly roil the rest of us.
One correction: Yahoo is not neutral, it is a far left website. Nearly all of the articles they post support the left agenda. The had to eliminate their comment section because the fact they were playing fast and loose with facts was being called out in nearly every article.
One correction: Yahoo is not neutral, it is a far left website. Nearly all of the articles they post support the left agenda. The had to eliminate their comment section because the fact they were playing fast and loose with facts was being called out in nearly every article.
The whole Yahoo site is full of left wing propaganda. The pick and choose the articles to post of their website to support that view and ignore articles that do not.
The whole Yahoo site is full of left wing propaganda. The pick and choose the articles to post of their website to support that view and ignore articles that do not.
Yahoo Finance is mostly technical financial articles. There isn’t a political slant. It’s like CNBC or Bloomberg. This article is a great example. It must be hard to know what’s going on in the world if all you can trust is FoxNews and Breitbart.
I thought Biden wasn't going to raise taxes on anyone unless they made over 400k.
This is another Biden lie wrapped up in sheeps clothing. PLEASE wake up and realize that all you are to the Dems is a gravy train for their cushy retirement and war games.
Yahoo Finance is mostly technical financial articles. There isn’t a political slant. It’s like CNBC or Bloomberg. This article is a great example. It must be hard to know what’s going on in the world if all you can trust is FoxNews and Breitbart.
That's why they'll buy more guns because obviously Democrats will take them away THIS time. Not in 1993. Not in 2009. So, certainly in 2021, right? And it isn't safe to go outside right now because there are riots literally down the street too. And the looters are coming to YOUR house too, right?
As I recall, the last two times Democratic Presidents ruled the roost, we were led to economic prosperity and equality. Everyone can get on board with prosperity. And if some others get equality along the way, that seems like a win-win for everyone.
It's a better deal financially for most people. Biden proposes a flat ~26% tax credit for 401k contributions, rather than have them be tax free deductions at time of contribution.
Although I doubt this passes both the house and senate. They might keep the pre-tax 401k contribution rules the same and add a new tax credit so people can get extra money at end of year but no change otherwise. That is more likely. Pre-tax deduction every paycheck is convenient for people and I see people and congress pushing back. They'll want to keep their pre-tax contributions. Too big of a change for people to stomach, even if it means more money in their pocket.
It's a better deal financially for most people. Biden proposes a flat ~26% tax credit for 401k contributions, rather than have them be tax free deductions at time of contribution.
Although I doubt this passes both the house and senate. They might keep the pre-tax 401k contribution rules the same and add a new tax credit so people can get extra money at end of year but no change otherwise. That is more likely. Pre-tax deduction every paycheck is convenient for people and I see people and congress pushing back. They'll want to keep their pre-tax contributions. Too big of a change for people to stomach, even if it means more money in their pocket.
Most people for whom, mostly lies spread from the Democrats.
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