Joe Biden doesn’t seem like a radical, mostly because he’s not coherent enough to have much influence on the direction his party is taking.
But the people running Joe’s campaign are radical, and they have plans to transform America from the ground up. They won’t leave any stone unturned. One of the areas that they plan to transform is retirement savings accounts, including the one used by most Americans, the 401(k).
As you might expect, the changes won’t reduce the tax burden on ordinary Americans. Instead, they’ll only serve to perpetuate the Democrat’s obsession with class warfare.
401k Specialist Magazine explains:
The basic thought is the proposal would replace pretax 401k contributions that Biden believes provide outsize tax benefits to the rich, and instead everyone would get a flat tax credit.
The problem with this is that in attempting to make everything more equal, Biden’s plan would hurt the employees of small businesses, which would be much less likely to match employee’s retirement contributions.
American Retirement Association CEO Brian Graff was recently quoted as saying, “Among ARA concerns would be how reduced tax incentives for small business owners would impact their willingness to make matching and other contributions or, even more worrisome, to have a plan in the first place.”
It’s amazing that the party that knows so little about the economy is so committed to transforming it. It’s a good reminder that you don’t want Democrats anywhere near economic policy.
Read the full story here.