Is Biden lying about taxes?
The bill would ban conversions from traditional to Roth accounts (goodbye backdoor Roth IRA which is necessary to fund a Roth IRA for people who earn >$140,000). It would also ban the mega backdoor Roth 401k, which is available to people at any income as long as their employer 401k supports it. Even Amazon workers making $15/hr who contribute to this would see their taxes go up. TC <$400,000
Read my lips 👄
@google, You do a good Trump impersonation.(see what I did there!)
😴😴😴 ... Was someone asking me a question?
Your taxes won't go up but the tax loopholes used by the privileged will go away. You still owe the same amount, but you actually need to pay it
My taxes liability will go up. Assume I contribute $6,000 to a rIRA via a conversion and $24,000 to my after tax 401k via mega backdoor. Instead of this $30,000 being in a tax-advantaged account, I will need to pay taxes on the quarterly dividends it produces and capital gains taxes whenever I want to sell. My taxes will literally be higher every year for the rest of my life. If you choose to spend the $30,000 instead, then your taxes won’t go up. But I will invest no matter what so I will see a tax increase as someone who makes <$400k
^ spot on
He is senile and does not know what a lie is. Demolish back worse.
Amazon workers making $15/hr aren't doing mega backdoor. They aren't even maxing their 401k.
When did Amazon have a megagback door Roth plan? Not when I worked there
Since the last year or two
It’s after tax money, so no, he isn’t lying about taxes going up.
It's deceitful and lie by omission. Tangent: The idea of "tax the rich" encourages people to not play the game just like "the rich" High level, the administration's actions are about the control of commerce if you ignore what's being said and look at the actions. Everyone is getting left with less rich or not. All the handouts and government projects getting paid back or funded one way or another. Inflating the money supply, decreases purchasing power. Proposed minimum wage increases means cost of goods and services has to get recouped (price hikes or job cuts) on top of that more income means more tax revenue. Money spent on "free vaccines" has to come from somewhere. Proposed reporting of smaller accounts/transactions means more human resources to hire in support of the work. Proposal for all digital dollar. If there's money circulating the federal wants a cut on it all. There's more to be said but the picture should be painted. Thanks for coming to my TED talk
Great point - all his actions are to make the government bigger and people more dependent on the gov’t
of course
To be fair, when it's called "backdoor" that kind of implies it's a loophole going against the spirit of what was originally intended
It’s a lie of omission and he knows it. Sure your taxes won’t go up but your tax advantages will disappear
Not even of omission. Tax obligation increases is higher taxes..
Backdoor Roths are not deducted from your tax for income > 100k or something