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Biden calls for an overhaul of 401(k) tax breaks. What it means for - you "redistribution of wealth"

Posted: Sep 22nd, 2020 - 4:17 pm

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, according to the Tax Policy Center’s analysis.

“The biggest thing that stands out to me, by contrast to other proposals, is that it limits the benefit for the highest earners and gives the benefit to the lowest earners,” said Jeffrey Levine, CPA and director of advanced planning at Buckingham Wealth Partners in Long Island, New York.

“It’s a true redistribution of wealth proposal,” he said.

(Excerpt) Read more at cnbc.com ...

LINK/URL: Biden calls for an overhaul of 401(k) tax breaks. What it means for

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