Matthew Sommer, senior managing director at Janus Henderson, on the implications of Democratic presidential nominee Joe Biden’s proposed tax plan on retirement accounts. For access to live and exclusive video from CNBC subscribe to CNBC PRO:
» Subscribe to CNBC TV:
» Subscribe to CNBC:
» Subscribe to CNBC Classic:
Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
Connect with CNBC News Online
Get the latest news:
Follow CNBC on LinkedIn:
Follow CNBC News on Facebook:
Follow CNBC News on Twitter:
Follow CNBC News on Instagram:
For info on the best credit cards go to CNBC Select:
#CNBC
#CNBCTV…(read more)
LEARN MORE ABOUT: 401k Plans
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
I told you the Presdent is a crook
Biden should tax the ridiculous retirement benefits that all unions have paid for by our tax dollars. The teachers unions in particular. The average public school teachers retirement packages r ridiculously extravagant and should be heavily taxed.
This is a long term scam, with increasing retirement age and ever increasing taxes. This is a one way marriage to the system, I recommend younger people leave to a country that gives you representation and at least gives you drivable roads or healthcare
Totally a smoke screen, this is a terrible tax change, think about this you can’t reduce your taxable income and instead get a tax credit on the back. Here is the catch, it’s a tax credit but not guaranteed, You only get the credit if you owe taxes. If you manage your money in such a way and contribute money to charitable organizations that reduces your liability to 0, you don’t get the credit. The government gets the total amount, they get more money now and get to keep it later. You loose the total amount.
This is quite a tax scam… because the thing is… you’ll end up paying higher taxes than you are currently paying while working AND the credit won’t matter then. IF YOU QUALIFY… PAY THE TAXES NOW AND PLACE IN A TAX FREE ROTH IRA
You tyr
Biden sucks. Period
Stop sending our hard earned money to other nations worry about us first.
Biden's purposed removal of pre-tax 401k contributions is atrocious, but at least people can opt for a roth 401k in most cases. But, who is to say the gov't won't turn around in 10 or 20 years and decide to tax Roth distributions after all? Wouldn't surprise me at all, and I think it's dumb to punish otherwise intelligent behavior like investing for retirement, because of "equality". If anything, boost the tax credits for lower income people to incentivize them instead of punishing the upper middle class (who aren't the rich by the way).
Migrants need help. You voted for him ..now ..What
Taxing the rich is BS. The Democrats will build loopholes for their friends. Middle class always take the hit.
Looks like those who work hard and saved are paying today and even after retirement for those who did not so Biden and his party can stay in power. Use other people’s $ to bribe for votes.
“If you want to live like a Republican vote Democrat”. Harry S. Truman
My good we the common people just keep getting screwed over by every politician that we voted in. I need to formulate a plan to run for senate!
Ironic that some people blame liberals for tax increases, when Trump’s tax changes have cost me $3k to $4k a year. Yes, I live in California, own a million dollar home, and my taxable income is about $170k
So this good for the middle class is what he's trying to say
Very weak plan for a democrat. Perfect for a corporate stooge.
It's designed to make sure that you have nothing for retirement they make money but you can't socialist
I think capital gains tax should be eliminated for the first 250,000…. Encouraging and getting people to invest in our own companies would make the economy grow. It would also help people grow their investments.
If everyone put away 5.00 a week into investments. It would make an impact on our economy…. Investing is the long term key to wealth.
For many people, traditional 401ks are their only tax shelter, and they provide meaningful leverage to help save and plan for the future.
Great video, Anyway, I count myself as one of the very successful stock traders, this is as a result of the amazing strategy of JOANNA MARIA JERVIS in her Trading platform. I made my first millions from her platform and guess what? She is very honest and trustworthy. I finally got my financial freedom since I started trading with her. she's the only broker I can trust with my money.
I mean… Citizens gotta pay for the support of …..the "voters" have spoken
how about the govt figures out how to stop sending billions of $ to foreign countries before worrying about this?
"Tax pretax 401k and increase social security benefits" sounds like socialism and wealth redistribution to me.
Instead of squeezing more tax revenues out of us, why not legalize marijuana and let the millions of people who use it pay taxes on it?
I hope every democrat that voted for Biden has to work to the day they go belly up. Idiots.
Thank the liberals