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Joe Biden Promises To End Traditional 401(k)-Style Retirement Savings Tax Benefits

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posted on Aug, 25 2020 @ 07:25 PM

originally posted by: grey580
Did anyone actually read the forbes article?

What are your thoughts on the credits they want to switch to?

Don't care, it's my money.

It's not the job of government to manage it for me.

posted on Aug, 25 2020 @ 07:32 PM

originally posted by: DBCowboy

originally posted by: JinMI

originally posted by: DBCowboy
a reply to: infolurker

I've worked hard to build my 401K so I don't HAVE TO RELY ON GOVENMENT!

You didn't build that.....

And I would suggest that they have sexual intercoursse with maternal relatives.

They are way ahead of ya.

posted on Aug, 25 2020 @ 07:35 PM
I think that when you want to be successful at running your business you add in all these little "pieces" to your end price point. You pass the tax off. Sounds nice, but it's usually the hourly guy who's getting the shaft. Local, state, and federal, they get theirs by just allowing you to do business. By virtue of you having something that can be taken away. They can surely clamp down when needed. Middleman showing up just in time to make free money. Great gig if you can get it.

If it could be done without full on mutiny, everything would be even more tightly regulated. A tricky balancing act. It may be a little harder to hide, but nobody is really concerned about the motives and how diabolical this system is.

I sometimes wonder if there comes a day where they've finally made every single rule possible. Literally no more laws can be made because they've already passed that legislation. Surely impossible and if it were, the heads exploding would make Gallagher blush.

posted on Aug, 25 2020 @ 07:35 PM
Typical Democrat bait and switch

They profes to want to "Tax the rich to help the pore"

But what they really mean is "Tax the middle class to help the rich and the pore"

posted on Aug, 25 2020 @ 07:47 PM
a reply to: infolurker

Why is it that as soon as you feel like you're getting somewhere in life, some absolute # eating # wants to take it off you?!

I #ing hate these wankers.
edit on Wed Aug 26 2020 by DontTreadOnMe because: Censor evasion

posted on Aug, 25 2020 @ 09:20 PM
I just can't picture this live debate try as I might. Something (else) literally must happen before/during the debates to cancel it. I might just get cable to watch it if it gets that far.

posted on Aug, 25 2020 @ 09:56 PM

originally posted by: SuicideKing33
I just can't picture this live debate try as I might. Something (else) literally must happen before/during the debates to cancel it. I might just get cable to watch it if it gets that far.

I can't see that there will be a debate.

Seriously, Trump will destroy him. The MSM would have to blank out Trump's questions or responses.

Raise taxes - check

Impose regulations that increase costs - check

Mess with retirements (for our own safety) - check

Mess with our gun rights - check

Re-impose The Un-Affordable Care Act costing those who work but have to buy it a ton of money - check

Impose Carbon BS to raise energy cost sky high - check.

What in God's name does Biden have to offer that is positive for the middle class? Not one damned thing.

posted on Aug, 26 2020 @ 08:49 AM

originally posted by: 10uoutlaw
a reply to: DBCowboy

Amen to that , I just got it back to where it was before the markets crashed . Already talking to my money manager on what to do if Biden wins .

we are currently in plans that when i switch jobs towards the end of the year to just take the tax hit and withdraw the 401k money and buy as much land as possible.
we own our house already, own our car, and will soon be debt free except for student loans.

ifigure the food, money and indepence we can make from a parcel of land far out outweigh the risk of a 401k that may be stolen after trumps second term.
how do i plan to do it?
while i am still phyiscally capable the plan is to buy atleast 15 acres of timbered land and build as close to an off the grid home i can build, currently that will be an earthship styled home with an indoor green house,in floor radient heat provided by either a natural gas well or outdoor wood burner.
solar and hydro powered electric with grid backup

over an acre of the land will be dedicated to different kinds of berry bushes, fruit and nut producing trees

over an acre will be dedicated to a garden which we intemd to can/preserve and sale the excess production

Large portions of the property will be converted to timber stands to be harvested in fifteen to twenty years which
will be retirerment age for me.

In the past four years while working the full time job i have now, i have completed the above on a much smaller scale including a complete remodel of our home as we paid 18k for it in 2017 we had to put everything back together as it was a mess all new electric, plumbing drywall etc
this year i have made a 30x50 garden and canned or sold much of it
additionally, we have 14 chickens for eggs and two goats for the intended purpose of producing items for sale such as soap, milk and goat meat in a few years.

finally and perhaps the main reason for all of this is our three children when we move to this new property we may rent our current house out to HUD which for our area is $800 a month or sale it for 75k current estimated sale value, which as we have no mortgage will be straight cash to reinvest on the new property.
Our plan is to build three homes for the children to have so they do not need to ever worry about where they will live (assuming they wish to stay around ole mom and pop) i amcpushing them towards jobs based aeound apprenticeships ao they do not have loans to worry about

all that will only occur loan free if i take my 401k and start now if i wait until i am 59 1/2. none of the above will be possible as i suspect i wont live long enough to get anything accomplished or be saddled with so much debt the kids will have nothing to show for all my effort.

my next job i intend to retire from and expect i will be able to work there for twenty years during which i can rebuild any 401k with the enhanced 401k plan they have in place and as we will have little debt larger amounts of money can be saved.

i do not want the government in charge of my livelyhood at the end of my life, i will refuse to be put in the nursing home ( hoping to die peacefully on my front porch watching the sunset no one avoids death) therefore as long as my family has food, water and shelter the rest of life will fall into place and i hope to leave my children vastly better off then i found myself born into

I firmly believe this path will be much more satisfying and ultimately more successful then leaving most of my income sit in a bank while i pay fees on loans and mortgages

if you read all that thanks for reading!

edit on 26-8-2020 by RsaWarhawk because: (no reason given)

posted on Aug, 26 2020 @ 11:24 AM
a reply to: RsaWarhawk

I wish you well , it looks like a great plan .

posted on Aug, 26 2020 @ 11:30 AM

originally posted by: DBCowboy
a reply to: infolurker

I've worked hard to build my 401K so I don't HAVE TO RELY ON GOVENMENT!

I "retired" a year ago although I still work as an independent contractor a few days a week.

When I "retired" from my corporate job I took my entire 401K and converted it to a Roth IRA.

And then I withdrew every cent about 6 months ago. Just no one, etc.

Now, it's in my savings account.

And there it will stay until I need or want it.


edit on 8/26/2020 by Riffrafter because: (no reason given)

posted on Aug, 28 2020 @ 05:08 AM
Where are all the dems defending this as great for America?

a reply to: infolurker

posted on Aug, 28 2020 @ 09:40 PM
Lets see who was in office during the Housing Bubble ? O YES BUSH omg what A republican caused the BIGGEST housing Bubble every BY deregulating the banks I know many People who Lost half 401 ks over that .

O yes Your republican GODS will save us ( well Unless Trump starts WW 3 ) He is master at Insulting our alys )
Trump sure made sure the airlines ONCE AH+GAIN got TWICE as Much money in the bail out as we did Trump made sure ONCE again the banks the Businesses HE OWENS got bailed out out of the 3 trillion we got a measly 258 billion .

Yea right Trump will save you lolololol .

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