In comparison, a single filer making $40,000 and saving 10% of his pay -- $4,000 – into a 401 would only reap about $480 in tax savings. That's because he's in the 12% tax bracket.credit of approximately 26%
Meanwhile, the low-income worker saving $4,000 a year would get a credit of $1,040. He would've had a $480 deduction under the current system. Nonrefundable credits, meanwhile, only give you a refund up to the amount you owe. They don't increase your refund at tax time.
BS. 401k’s don’t benefit people unequally. Even if you don’t have one you can make deductible contributions to other tax deferred accounts. Just wait, the next thing the left will do is tax your Roth withdrawals that are supposed to be tax free.
I’ll gladly pay you Tuesday for a hamburger today. Balance spending fools.
👀👀
Biden’s answer will always be to take more of your money. The whole democrat philosophy.
Joe has dementia
Biden = tax increase.
It’d be cool if a reporter actually asked him a question about this
Biden should seek firm alliances with China, Rusia, Iran , Cuba , Venezuela , which have been the countries that have most moved the world for the better during COVID19 JoeBiden KremlinRussia KamalaHarris SenKamalaHarris NicolasMaduro DiazCanelB BidenWarRoom
At this point, I understand that Biden has strong counter-attack themes up his sleeve for TrumpVirus in the debates since we all know that Trump always saves dirty stabs for last. JoeBiden KamalaHarris SenKamalaHarris DrBiden BidenWarRoom Biden2020 BidenHarris2020
This lame brain cannot think for himself ...I wonder if he wears diapers..
He won’t win.
CNBC Nothing. He will not be elected.
CNBC Watch what happened at 16:34 in ZyroFoxtrot's broadcast: TAKE BACK AMERICA LIVE! NO-SHOW SLEEPY JOE TAKES DAY OFF CAMPAIGN TRAIL AS TRUMP CAMPAIGNS IN PENNSYLVANIA - 2020 ELECTION COUNTDOWN WITH DEANNA LORRAINE - TUESDAY, SEPTEMBER 22ND, 2020
CNBC Make no mistake- Biden/Harris is coming for all of it. Forget retirement accounts, you’ll be lucky to have quarters to stuff in a coffee can.
Absolutely nothing because he's going to get destroyed.
My only hesitation: on surface it encourages savings. But: still no disposable dollars to save for the low end earner. Ends up being a nothing burger for them and a cloaked tax to upper end earners-some of which still have massive student debt (see MDs)
No, no no!!!!
OyaniyiLekan The MAJOR flaw with this is it simply makes people's paychecks smaller - discouraging the very people who should be encouraged to save more! That's counter productive! Biden's propose - your money comes out of your check to your 401K (reducing you take home) and now,
Biden $4T tax plan!!!!!!
Under Obama, my 401K tripled. Biden was part of making that happen too. I trust him more than trump.
is robbing peoples retirement money the next step towards the socialist abyss?
I call for a diaper recall. Time to put the slippers on and take a nap joe
Biden will destroy all retirement accounts!! Keep working till your 80 folks, it’s gonna get alit worse when democrats are in the White House!!
If Dems win they will destroy an already weakened economy
Why don't you interview Biden, instead of posting misinformation? Your credibility is on the wane, CNBC.
Not surprisingly (coming from CreepySleepyJoe), this makes no sense. If you're deferring tax on less money from less income (so a lower tax bracket), you going to save . . . less money. Even democrats should be able to figure that out.
Ira and 401k is giving a small tax incentive on the contribution but Biden the idiot doesnt realize the seed vs the harvest. That small tax break will be taxed 20 fold whe the account is taxed the entire amount eventually when its pulled out. Biden is screwing the Govt. idiot
Basically a savings incentive plan for individuals making ~160k or less. Everyone gets a flat tax credit %, instead of higher deductions as you go up the income scale. The highest income people (~$160k+) would take a small hit, as they are in tax brackets of 32%+.
It’s not a tax break, it’s a tax deferral; and thanks to the minimum distribution rule: higher tax brackets (more then likely).
So, income tax saved now with 10% of income saved Inc. 401k. Tax rate Savings $40k $4,000. 12% = $480. $100k $10,000 24% = $2,400. So, Biden admits $100k earner pays twice the taxes!
From the man who has a federal pension and healthcare for life, this ass clown wants to come after the workers who saved some money back. Id be mad about it but i feel sorry for him & his deteriorating mental health
FACTS: As Trump was shutting down travel to and from China and Europe, Biden was calling Trump's moves as fear mongering and xenophobia. Pelosi and other dems called the move racist.🤷♂️Now, the crooks are coming out from Basements to politicize the deaths. DISGRACEFUL🤮
Wow, no
You are screwed!
Gonna file this under: Reason No. 9,997 why Biden will lose this election.
Since people don't read the actual article: 'To equally incentivize savers regardless of what they earn, Biden proposes a credit of approximately 26% to replace the deduction savers get for putting money in a 401(k) plan'
Oh, they’ll come for the Roth later. Don’t be naive.
'You didn't build that.' 'You didn't save that.'
How about he also scraps the HCE limit which has not been adequately adjusted for inflation and prohibits saving in an inequitable manner whereby someone making 200K can contribute the max whereas someone making 130K can not Darla_Mercado
Joe Biden there for lied when he said nobody making under 400,000 would have their taxes increased
Yes yes we know, citizens pay more taxes under the 'plan' that somehow will take care of everyone's needs but always seems to fail or end up a watered down version of what was originally envisioned.
All of thr math in this article is wrong. All of it. It ignores marginal taxation. Please pull it down and fix it. This is pathetic
It means nothing BECAUSE HE IS NOBODY! And he will never be!
Trump supporters claim that Biden would raise taxes they can’t afford to pay. But Trumps wall would’ve cost them more in taxes. These people are so stupid it hurts! Lol
Well, his base won’t be affected because they don’t have jobs.
He's coming after your 401k... too much money there.
Higher taxes
What it means is the Democrats are going to figure out a sneaky way to rape us of our retirement funds and give it to people who have never attempted to work a day in their lives because they are too lazy. No thanks. Get back to your basement JoeBiden aka sleepy Joe.
why do people think a Roth acct is a good idea? it makes little sense compared to standard IRA. how did these become even a thing
Means I’m not voting for him
It means paying more in taxes. Shocker.
Stop allowing companies, unions, cities, states and federal government to mismanage and underfund promised benefits. Liberate the paychecks of hard-working Americans from the convoluted tax code and dictates of politicians on how to save for retirement. Abolish the income tax!
I didn’t realize joe left his basement today
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Biden bashes Trump's leadership on pandemic, Trump attacks Biden on tradeDemocrat Joe Biden slammed U.S. President Donald Trump's handling of the coronavirus pandemic and Trump criticized Biden's record on trade on Monday as the White House contenders battled for votes in key Midwestern battleground states. This is hilarious coming from the person who called travel bans racist and campaigned another two weeks before his oh shit moment seeing how serious the china virus was I mean that seems like an equal both sides tweet. 200,000 nobody Americans dead vs Trade Biden 'slammed' Trump and Trump 'criticized' Amazing to see how 'news' sources that at one point were respected and considered 'journalism' have succumbed to one-sided sources of liberal propaganda. These comments coming from a traditional democrat. FakeNewsMedia
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