Biden Wants to Plunder Your 401k

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They’re coming for your 401k. One of the things that we pride ourselves on here is being able to figure out what the next narrative is, what the powers that be are pushing, how they’re trying to mold public opinion to get their way. And I am seeing an ever more increasing.

volume, amount of stories in various different publications attacking retirement in America and attacking actually retirement programs, in particular, the 401k. Now we can go back to the Obama years and I wrote a lengthy piece entitled Retirement Raid where actually the Treasury Department and a lady that I’ve gone after here on the program, Teresa Geralducci,

We’re talking about basically ridding the United States of 401k plans and having the government take it all over. Now back at that point in time, Theresa wanted to have basically a second social security program. It’s called the Guaranteed Government Accounts, where basically they would take over the 401k plan. You’d lend the money to the federal government and you’d get a substandard rate of return. Yeah, that’s working out great with social security. I mean, just buying government bonds.

couldn’t get much dumber than that. Anyway, one by the wayside. But now I’m seeing Teresa’s popping up more and more and more and more stories here, there and everywhere. And there’s basically they’re framing her as this retirement expert, retirement plan expert. She’s changed her views to some degree. She’s now talking about coming up with some sort of retirement plan for people that are not participating in 401k. And quite frankly, I don’t have any problem with that.

I don’t have any problem with that at all. I think that that’s great. I think the system that we have now, quite frankly, is too complex. And I think everyone should be available. But what she also wants to do is she wants to destroy all of the tax advantages to having a retirement plan and putting money away and having matches because I guess it’s unfair. It’s unfair that you’re responsible. It’s unfair that you are

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putting money away. It’s unfair that if you put more money away, your employer will match you to an even greater degree. And it’s not just Teresa. I mean, you’re seeing Wall Street Journal. Again, I used to think that the Wall Street Journal was kind of like a pro -capitalist publication. I’m not so sure anymore. I mean, they’ve got some columnists there that are out of their mind. There was one this past week, Ann Turgeson.

Is your company’s 401k match unfair? Now, we offer a 401k plan with matching at Markowski Investments. And again, you have to follow the rules. I have to pay money to people to make sure that all the plan is completely equitable across the board. I don’t have any problem with that. But be that as it may, the more you save, the more you put away,

the more the company is going to match. It’s also based upon, it’s gonna be based upon the amount of money that one makes. And for some reason, they keep saying that this is not fair. Now, people that, let’s say, my company, for instance, people that were making a certain amount of money, making X several years ago are now making a hell of a lot more money today.

Therefore, guess what? They’re able to get a higher match. But with that being said, it’s not like that this is some sort of, call it some sort of like tax scheme or some sort of loophole to hide money. You can’t put that much money away. I mean, there’s limits to it and there’s limits to your match. It’s not, you know, this bottomless pit of money.

And again, some of the comments that they’re making in this thing talking about, geez, these people also have saved for retirement in other ways. And again, what they want to do, I’m following the narrative right now. They want to do with the tax benefits of 401ks and IRAs. And they want to use that money to fund matches for people that.

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are not getting a 401 government is going to match people’s brand new retirement accounts. Again, don’t have any problem with it, but for the life of me, I don’t understand why. Again, I’m going to have to start matching other people’s savings that don’t even work for me in the first place. yeah. Yeah. Yeah. They’re, they also want to raise capital gains taxes and use that capital gains tax again.

Again, to match people that do not have 401ks and are at the lower levels of the earnings spectrum. Again, we’re at a point in time, again, that the narrative has become very much, I want to call it social, I can’t even call it social. I mean, it’s basically taken. We’ve got the narrative going where,

Again, with student loans, everybody’s gonna bail out that, everybody’s gotta get that money. Now we’re gonna have to start paying matches for other people. I just don’t understand this at this point in time and when there’s gonna be some pushback. But mind you, okay, because I follow all this stuff, this is my business, they’re coming for your 401k. Watchdog on wallstreet .com.