The Golden Edge
{Sapientiae & Veritas}
Commentary on economy that effects the markets, that help you generate trade ideas, research and tested strategies, Not fake news just the facts, , Real Time Knowledge To Secure Your Future. Read daily or weekly
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Biden Is After
Your Retirement Money
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When this new law really kicks in, you’ll come to know this as fact…
Uncle Sam Is After
Your Retirement Money
And it doesn’t even matter how much or how little you have.
If your money’s in a 401(k)… they’re coming for it.
If it’s in a traditional IRA or a Roth IRA… they’re coming for it.
Heck, if it’s in your kids’ or grandchildren’s college funds… they’ll come for that, too.
The Wall Street Journal summed it up like this: “…a college planning nightmare for middle-income parents.”
As I said, they’re hot on the trail.
Only this time, it’s not just your money they’re after.
It’s also your heirs’ money that’ll get looted.
In other words, your legacy is under attack.
And that’s just the first in a series of nefarious plots they’re planning.
Truth is, the government needs to raid our retirement funds now more than ever.
Congress Just “Raised the Toll” to Tap Your Retirement Accounts
(You’re Paying MORE to
Get Your Money)
Most Americans haven’t seen it coming.
They won’t really know it until they see their retirement funds start vanishing from over-taxation.
We can show you the most powerful (100% legal) solutions to every challenge and every obstacle…
including easy-to-employ strategies, techniques, and action steps you can take today to put a shield around your wealth… and get the most out of your retirement.
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Congressman: Pass Biden's $1.9T stimulus plan with or without Republicans
Jessica Smith·Chief Political Correspondent
Tue, January 26, 2021, 5:40 AM
Rep. Ro Khanna (D., Calif.) says if Republicans don’t get on board with President Joe Biden’s $1.9 trillion stimulus plan, the Senate should use reconciliation— a process that would allow the legislation to pass through Congress without any Republican support.
“This plan is very reasonable. This is not a far-left plan,” said Khanna in an interview with Yahoo Finance Live. “Joe Biden won the election. He campaigned on this kind of plan and we should pass it.”
Leaning toward reconciliation
While Biden has said he wants the relief package to be bipartisan, the White House hasn’t ruled out using reconciliation to get the bill through Congress without Republicans.
“The decision to use reconciliation will depend upon how these negotiations go,” said Biden on Monday. “I don’t expect we’ll know whether we have an agreement on to what extent the entire package will be able to pass or not pass until we get right down to the very end of this process, which will be probably in a couple weeks.”
“The decision to use reconciliation will depend upon how these negotiations go,” said Biden on Monday. “I don’t expect we’ll know whether we have an agreement on to what extent the entire package will be able to pass or not pass until we get right down to the very end of this process, which will be probably in a couple weeks.”
“I don't think a number of the people in the Senate are representative of the actual interests of the American people. There is bipartisan consensus for a $15 minimum wage. There is bipartisan consensus for expanding the earned income tax credit. There is bipartisan consensus for $2,000 checks,” said Khanna. “I understand that you have to compromise if there are issues that don't have 60%, 70% of the public support. These issues are supported by Democrats and Republicans. They're not supported by big business. They're not supported by the special interests, but the Senate in current form is not a true representative body of the American people.”
Khanna says the Biden stimulus proposal is a start, but he thinks Congress should do more. Khanna and Rep. Tim Ryan (D., Ohio) have been calling for monthly $2,000 stimulus checks since the spring.
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President Biden’s Proposed Changes to 401(k) Plans
The 401(k) tax deduction could be replaced with a tax credit.
- The 401(k) tax deduction would disappear.
- Workers would instead get a tax credit for 401(k) contributions.
- The tax advantage of contributing to a 401(k) would be reduced for higher earners and increase for low and middle earners.
- The creation of an automatic 401(k) for workers without access to a workplace retirement account.
- Allowing caregivers to make catch-up contributions to retirement accounts.
Biden's proposal would end the tax deduction for contributing to a 401(k) and replace it with a tax credit.
"Biden is proposing making it an equal tax break no matter what your income level is," says Bryan Bibbo, lead advisor at the JL Smith Group in Avon, Ohio. "The proposed tax credit is 26%, whether you are at $70,000 or $450,000.”
The SECURE Act, which was signed into law last December, included a provision that pushed up the age for mandatory retirement plan distributions from 70 to 72.
A provision in the bill would push distributions up even further, to age 75.
The clever twist? If that happens, the Biden-Harris proposal would also boost tax revenues straight away, as wealthier people stopped deducting their 401(k) contributions. To be sure, that will then reduce tax revenues in the long run, when those rich people start tapping their tax-free accounts. But in the long run, we’re all dead anyway, right?
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How much Did These Presidents take from You?
Look at the past records
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Jimmy Carter
January 20, 1977
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January 20, 1981
s relevant and interesting.
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Bill Clinton
January 20, 1993
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January 20, 2001
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Barack Obama
January 20, 2009
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January 20, 2017
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Joe Biden
2021
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Harris next?
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The United States Is Going Into Hyperinflation
Summary
- Deficit to outlay ratio tops 60%, above the hyper-inflationary threshold of 40%.
- Q2 2020 GDP shrank 31.7% but will improve in Q3 2020.
- Delinquencies are on the rise on record-high corporate debt.
- U.S. dollar will lose value due to ultra-low interest rates and QE.
- Gold is the only safe haven.
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We will show you the most powerful (100% legal) solutions to every challenge and every obstacle…
including easy-to-employ strategies, techniques, and action steps you can take today to put a shield around your wealth… and get the most out of your retirement.
The U.S. is about to embark on a very ominous journey into hyperinflation with record amounts of debt and deficits.
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Call us Today
We Will Talk To You About How To Save Your Retirement
(100% legal)
Secret You Must Know
Right Now!
(800) 630-1691
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Buy Low - Sell High
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A "Views expressed" disclaimer is typically seen on blogs or other online media publications, posts, or articles.
This disclaimer informs readers that the views, thoughts, and opinions expressed in the text belong solely to the author, and not necessarily to the author's employer, organization, committee or other group or individual.
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