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Biden's 401(k) Plan Proposal
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U_of_Elvis Offline
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Post: #41
RE: Biden's 401(k) Plan Proposal
I put $19.5k into 401k pre-tax and 26.5k into 401k post tax which including company match puts me at the 57k hard limit and give me a 19.5k deduction which saves me about 6300 in taxes.

The Biden plan would take away the deduction and give me a tax credit. I've seen two numbers for the credit, .20 and .26. At .20 I would pay an extra 1300 in taxes, and at .2 i would pay an extra 2300. I'm good with it if it encourages more retirement saving for low income individuals.
01-13-2021 02:57 PM
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Was SoMs Eagle Offline
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Post: #42
RE: Biden's 401(k) Plan Proposal
We have to pass it to see what’s in it....
01-13-2021 03:00 PM
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Attackcoog Offline
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Post: #43
RE: Biden's 401(k) Plan Proposal
(01-13-2021 02:57 PM)U_of_Elvis Wrote:  I put $19.5k into 401k pre-tax and 26.5k into 401k post tax which including company match puts me at the 57k hard limit and give me a 19.5k deduction which saves me about 6300 in taxes.

The Biden plan would take away the deduction and give me a tax credit. I've seen two numbers for the credit, .20 and .26. At .20 I would pay an extra 1300 in taxes, and at .2 i would pay an extra 2300. I'm good with it if it encourages more retirement saving for low income individuals.

But it wont, because you as well as Biden dont understand basic economics. If you cant afford rent or a $400 unexpected expense----you arent failing to contribute to your 401K because the tax credit is too low. Your not contributing because you cant afford to contribute--and if you did come into a little bit of extra money---its not very likely the first option would be to place the extra money into an account you cannot access until 30 to 40 years in the future. Its a naked money grab---and thats all it is--plain and simple.
(This post was last modified: 01-13-2021 03:05 PM by Attackcoog.)
01-13-2021 03:02 PM
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49RFootballNow Offline
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Post: #44
RE: Biden's 401(k) Plan Proposal
The middle class pays 52% of taxes, the upper class, despite being much smaller, pays the other 48%. These are the same folks that have turned the erroneously nicknamed "Party of the common man" into their private political shell-front. They won't be paying more taxes no matter how the Demos try to make it look like they are.
01-13-2021 03:06 PM
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U_of_Elvis Offline
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Post: #45
RE: Biden's 401(k) Plan Proposal
(09-14-2020 02:14 PM)gdunn Wrote:  Here's what I've learned about 401(k)s.

It's good to pump money in them, but also build a secondary fund like a savings or Roth IRA that you pay taxes on as you put it in. When you retire and start pulling money from the 401(k) the taxes you'll be hit with will be in accordance with your previous tax return. So if you were making 6 figures when you retired, that's how your 401k will be taxed after retirement. If you can swing a Roth IRA, do it. You pay taxes as you put in and in 5 years, you can pull it out with no penalties. Same with retirement. If you can live on the IRA for a year or two without hitting your 401k, you'll be in a lower tax bracket and it'll last longer and get more bang for your buck.

When you're young be aggressive and as you get older start being a little more conservative.

And lastly taxation is theft.

You can build a Roth conversion ladder, lot's of people who retire early use them as a means to access 401k money penalty free. Start 5 years before you retire, and covert one years retirement expenses each year. You will get hammered on taxes if you are working and converting, so many people live off of taxable or roth the first five years.

One the tax front 401k withdrawals in retirement are taxed as normal income, not at your previous tax rate. Assuming 401k was your only income that year it would follow the same marginal tax rate table as any other earned income.
01-13-2021 03:06 PM
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Was SoMs Eagle Offline
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Post: #46
RE: Biden's 401(k) Plan Proposal
(01-13-2021 03:06 PM)49RFootballNow Wrote:  The middle class pays 52% of taxes, the upper class, despite being much smaller, pays the other 48%. These are the same folks that have turned the erroneously nicknamed "Party of the common man" into their private political shell-front. They won't be paying more taxes no matter how the Demos try to make it look like they are.

Those numbers will change after Sloe’s inauguration. He has promised on the first day to get rid of Trump tax cuts.
01-13-2021 03:09 PM
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shere khan Offline
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Post: #47
RE: Biden's 401(k) Plan Proposal
(09-14-2020 12:57 PM)stinkfist Wrote:  if ya didn't see this coming, you're living in a cave....

how else can debt be pd. to siphon mo' $$$....

it ain't biden, pal......that fk'r couldn't milk an elsie unless she was 13....

LEVELING

Bwahahaha.

I told the stupid arse prog filth it would happen. But muh Trump has mean tweets


03-lmfao03-lmfao
01-13-2021 03:09 PM
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U_of_Elvis Offline
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Post: #48
RE: Biden's 401(k) Plan Proposal
(01-13-2021 03:02 PM)Attackcoog Wrote:  
(01-13-2021 02:57 PM)U_of_Elvis Wrote:  I put $19.5k into 401k pre-tax and 26.5k into 401k post tax which including company match puts me at the 57k hard limit and give me a 19.5k deduction which saves me about 6300 in taxes.

The Biden plan would take away the deduction and give me a tax credit. I've seen two numbers for the credit, .20 and .26. At .20 I would pay an extra 1300 in taxes, and at .2 i would pay an extra 2300. I'm good with it if it encourages more retirement saving for low income individuals.

But it wont, because you as well as Biden dont understand basic economics. If you cant afford rent or a $400 unexpected expense----you arent failing to contribute to your 401K because the tax credit is too low. Your not contributing because you cant afford to contribute--and if you did come into a little bit of extra money---its not very likely the first option would be to place the extra money into an account you cannot access until 30 to 40 years in the future. Its a naked money grab---and thats all it is--plain and simple.

I know a lot of people who make enough to contribute to their 401k, but they spent their money on a nicer truck payment. Hopefully this will encourage savings in some of these people.
01-13-2021 03:10 PM
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49RFootballNow Offline
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Post: #49
RE: Biden's 401(k) Plan Proposal
(01-13-2021 03:09 PM)Was SoMs Eagle Wrote:  
(01-13-2021 03:06 PM)49RFootballNow Wrote:  The middle class pays 52% of taxes, the upper class, despite being much smaller, pays the other 48%. These are the same folks that have turned the erroneously nicknamed "Party of the common man" into their private political shell-front. They won't be paying more taxes no matter how the Demos try to make it look like they are.

Those numbers will change after Sloe’s inauguration. He has promised on the first day to get rid of Trump tax cuts.

Well, they're only "for the rich" and that's not most of us here I'd guess, so we'll see what happens to our paychecks. 07-coffee3
01-13-2021 03:10 PM
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U_of_Elvis Offline
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Post: #50
RE: Biden's 401(k) Plan Proposal
(01-13-2021 03:06 PM)49RFootballNow Wrote:  The middle class pays 52% of taxes, the upper class, despite being much smaller, pays the other 48%. These are the same folks that have turned the erroneously nicknamed "Party of the common man" into their private political shell-front. They won't be paying more taxes no matter how the Demos try to make it look like they are.
What's the income breaks there?
01-13-2021 03:10 PM
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UofMTigerTim Offline
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Post: #51
RE: Biden's 401(k) Plan Proposal
(01-13-2021 03:02 PM)Attackcoog Wrote:  
(01-13-2021 02:57 PM)U_of_Elvis Wrote:  I put $19.5k into 401k pre-tax and 26.5k into 401k post tax which including company match puts me at the 57k hard limit and give me a 19.5k deduction which saves me about 6300 in taxes.

The Biden plan would take away the deduction and give me a tax credit. I've seen two numbers for the credit, .20 and .26. At .20 I would pay an extra 1300 in taxes, and at .2 i would pay an extra 2300. I'm good with it if it encourages more retirement saving for low income individuals.

But it wont, because you as well as Biden dont understand basic economics. If you cant afford rent or a $400 unexpected expense----you arent failing to contribute to your 401K because the tax credit is too low. Your not contributing because you cant afford to contribute--and if you did come into a little bit of extra money---its not very likely the first option would be to place the extra money into an account you cannot access until 30 to 40 years in the future. Its a naked money grab---and thats all it is--plain and simple.

Exactly.

This proposed change is nothing but a way to tax the middle class in the disguise of helping the poor.

One of the only ways many middle class family's can build wealth and have a retirement is through a company sponsored 401k and Joe wants to screw with it to try and score political points.
01-13-2021 03:10 PM
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Attackcoog Offline
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Post: #52
RE: Biden's 401(k) Plan Proposal
(01-13-2021 02:38 PM)Redwingtom Wrote:  
(01-13-2021 02:22 PM)Attackcoog Wrote:  
(09-14-2020 12:40 PM)VA49er Wrote:  So, I've been reading up on Biden's 401(k) plan proposal. Apparently he thinks the current set up isn't "fair" because currently the size of the incentive is dependent on earnings. He proposes changing the tax incentive to save for retirement from a deduction to a flat, refundable tax credit. Of course, they make no mention of the fact that those same higher earners are shouldering a higher tax burden.

Thoughts?

Biden was a dummy before dementia ate the best part of his brain---so his idiotic proposal doesnt surprise me. He doesnt understand economics...or much of anything else--even his own campaign. This is a guy who ran on "unity"---yet somehow arrived at the conclusion that spending most of his first 100 days's pursuing a divisive impeachment of a president who is already gone is a great idea. As a nation, I fear we are in for what may be the worst 4 years since the Civil War.

Well, pushing impeachment to the Biden administration is mostly all on Mitch.

But it's hardly going to consume 100 days. The last one only took 20 days total in the senate, and this one will likely last much much less.

Additionally, I've seen some proposals were the new Senate would split their time, working on impeachment for half a day and on other things like COVID relief and vaccine distribution improvement the other half of the day.

Factually false. Impeachment starts in the House. As for the Senate, my understanding is once it reaches the Senate, the Senate has no choice but to immediately address it when the Senate next gathers.
(This post was last modified: 01-13-2021 03:11 PM by Attackcoog.)
01-13-2021 03:11 PM
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shere khan Offline
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Post: #53
RE: Biden's 401(k) Plan Proposal
(01-13-2021 02:57 PM)U_of_Elvis Wrote:  I put $19.5k into 401k pre-tax and 26.5k into 401k post tax which including company match puts me at the 57k hard limit and give me a 19.5k deduction which saves me about 6300 in taxes.

The Biden plan would take away the deduction and give me a tax credit. I've seen two numbers for the credit, .20 and .26. At .20 I would pay an extra 1300 in taxes, and at .2 i would pay an extra 2300. I'm good with it if it encourages more retirement saving for low income individuals.

03-lmfao you honestly believe the stupid shite you post.
01-13-2021 03:11 PM
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49RFootballNow Offline
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Post: #54
RE: Biden's 401(k) Plan Proposal
(01-13-2021 03:10 PM)U_of_Elvis Wrote:  
(01-13-2021 03:06 PM)49RFootballNow Wrote:  The middle class pays 52% of taxes, the upper class, despite being much smaller, pays the other 48%. These are the same folks that have turned the erroneously nicknamed "Party of the common man" into their private political shell-front. They won't be paying more taxes no matter how the Demos try to make it look like they are.
What's the income breaks there?

Middle is $50k to $200K.
01-13-2021 03:11 PM
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U_of_Elvis Offline
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Post: #55
RE: Biden's 401(k) Plan Proposal
(01-13-2021 03:10 PM)UofMTigerTim Wrote:  
(01-13-2021 03:02 PM)Attackcoog Wrote:  
(01-13-2021 02:57 PM)U_of_Elvis Wrote:  I put $19.5k into 401k pre-tax and 26.5k into 401k post tax which including company match puts me at the 57k hard limit and give me a 19.5k deduction which saves me about 6300 in taxes.

The Biden plan would take away the deduction and give me a tax credit. I've seen two numbers for the credit, .20 and .26. At .20 I would pay an extra 1300 in taxes, and at .2 i would pay an extra 2300. I'm good with it if it encourages more retirement saving for low income individuals.

But it wont, because you as well as Biden dont understand basic economics. If you cant afford rent or a $400 unexpected expense----you arent failing to contribute to your 401K because the tax credit is too low. Your not contributing because you cant afford to contribute--and if you did come into a little bit of extra money---its not very likely the first option would be to place the extra money into an account you cannot access until 30 to 40 years in the future. Its a naked money grab---and thats all it is--plain and simple.

Exactly.

This proposed change is nothing but a way to tax the middle class in the disguise of helping the poor.

One of the only ways many middle class family's can build wealth and have a retirement is through a company sponsored 401k and Joe wants to screw with it to try and score political points.

How is this a tax to the middle class?
01-13-2021 03:14 PM
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shere khan Offline
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RE: Biden's 401(k) Plan Proposal
03-lmfao

1 year, down from 2 before the filth realize how bad the fricked up.

Better keep the oil changed in that Suburu you cucks. You're going to be drivin it a long time
(This post was last modified: 01-13-2021 03:14 PM by shere khan.)
01-13-2021 03:14 PM
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Claw Online
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Post: #57
RE: Biden's 401(k) Plan Proposal
Don't worry. They will eventually take it all to fund guaranteed income for all. Something fair.
01-13-2021 03:15 PM
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stinkfist Offline
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Post: #58
RE: Biden's 401(k) Plan Proposal
(01-13-2021 03:11 PM)shere khan Wrote:  
(01-13-2021 02:57 PM)U_of_Elvis Wrote:  I put $19.5k into 401k pre-tax and 26.5k into 401k post tax which including company match puts me at the 57k hard limit and give me a 19.5k deduction which saves me about 6300 in taxes.

The Biden plan would take away the deduction and give me a tax credit. I've seen two numbers for the credit, .20 and .26. At .20 I would pay an extra 1300 in taxes, and at .2 i would pay an extra 2300. I'm good with it if it encourages more retirement saving for low income individuals.

03-lmfao you honestly believe the stupid shite you post.

when ya broke, ya broken....

that li'l butch is smart....

<<<< direction
01-13-2021 03:19 PM
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maximus Offline
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Post: #59
RE: Biden's 401(k) Plan Proposal
(01-13-2021 03:14 PM)U_of_Elvis Wrote:  
(01-13-2021 03:10 PM)UofMTigerTim Wrote:  
(01-13-2021 03:02 PM)Attackcoog Wrote:  
(01-13-2021 02:57 PM)U_of_Elvis Wrote:  I put $19.5k into 401k pre-tax and 26.5k into 401k post tax which including company match puts me at the 57k hard limit and give me a 19.5k deduction which saves me about 6300 in taxes.

The Biden plan would take away the deduction and give me a tax credit. I've seen two numbers for the credit, .20 and .26. At .20 I would pay an extra 1300 in taxes, and at .2 i would pay an extra 2300. I'm good with it if it encourages more retirement saving for low income individuals.

But it wont, because you as well as Biden dont understand basic economics. If you cant afford rent or a $400 unexpected expense----you arent failing to contribute to your 401K because the tax credit is too low. Your not contributing because you cant afford to contribute--and if you did come into a little bit of extra money---its not very likely the first option would be to place the extra money into an account you cannot access until 30 to 40 years in the future. Its a naked money grab---and thats all it is--plain and simple.

Exactly.

This proposed change is nothing but a way to tax the middle class in the disguise of helping the poor.

One of the only ways many middle class family's can build wealth and have a retirement is through a company sponsored 401k and Joe wants to screw with it to try and score political points.

How is this a tax to the middle class?
Newsbreak pal

Im not working my dick off and saving for retirement for somebody else....

Im already doing that, its called social security. They have robbed it down to bare bones, now they are coming for it in other ways.

No effin thank you

Sent from my SM-N975U using Tapatalk
01-13-2021 03:26 PM
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UofMTigerTim Offline
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Post: #60
RE: Biden's 401(k) Plan Proposal
(01-13-2021 03:14 PM)U_of_Elvis Wrote:  
(01-13-2021 03:10 PM)UofMTigerTim Wrote:  
(01-13-2021 03:02 PM)Attackcoog Wrote:  
(01-13-2021 02:57 PM)U_of_Elvis Wrote:  I put $19.5k into 401k pre-tax and 26.5k into 401k post tax which including company match puts me at the 57k hard limit and give me a 19.5k deduction which saves me about 6300 in taxes.

The Biden plan would take away the deduction and give me a tax credit. I've seen two numbers for the credit, .20 and .26. At .20 I would pay an extra 1300 in taxes, and at .2 i would pay an extra 2300. I'm good with it if it encourages more retirement saving for low income individuals.

But it wont, because you as well as Biden dont understand basic economics. If you cant afford rent or a $400 unexpected expense----you arent failing to contribute to your 401K because the tax credit is too low. Your not contributing because you cant afford to contribute--and if you did come into a little bit of extra money---its not very likely the first option would be to place the extra money into an account you cannot access until 30 to 40 years in the future. Its a naked money grab---and thats all it is--plain and simple.

Exactly.

This proposed change is nothing but a way to tax the middle class in the disguise of helping the poor.

One of the only ways many middle class family's can build wealth and have a retirement is through a company sponsored 401k and Joe wants to screw with it to try and score political points.

How is this a tax to the middle class?

"But detractors of the proposal have noted it would reduce the tax benefit of traditional retirement accounts for married couples earning above $80,250 and earning under $400,000 -- violating the former vice president's pledge to not hike taxes on earners below the $400,000 threshold.

"This increases federal tax on any married couple earning more than $80,000," Paul Swanson, the vice president and head of intermediary distribution at CUNA Mutual Retirement Solutions, told FOX Business."

https://www.foxbusiness.com/economy/bide...ign-pledge
01-13-2021 03:26 PM
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