Spencer Jakab
speaker
981 appearances
14 recordings
1 series
first heard Jul 2017
last heard Jun 2021
Spencer Jakab’s voice in public audio — every appearance, attributed to the second.
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Appearances
But the benefit of that tax deferral...
is less and less as you earn less and less.
And so it's sort of a backwards type of incentive.
And he wants to make it a level playing field, which definitely is more fair.
So that's the effect Biden hopes to have with this change to make it a level playing field?
That's what he hopes.
to do is to make it more fair and to get basically more people who are lower income to contribute.
But he also would like to give a subsidy to firms to create 401k plans because a lot of companies, a lot of employers don't have them.
And so the less you make, the more likely you are to work at a place where there isn't a 401k plan available at all.
And this would basically give you an attractive subsidy that is more attractive than what your marginal tax rate would suggest, but also make it more likely that you work someplace that has the benefit.
Any criticisms?
Yeah, he's come under quite a bit of criticism from the industry that makes a lot of money from 401ks.
And some of it is self-serving and some of it is not self-serving.
So what they've said is that we don't think that people will trust the tax credit and they won't contribute.
I mean, there's no reason the federal government's money is good.
I don't really...
see it as being an issue.
I think it is more likely that some people who don't contribute today will see a reason to contribute.
But other criticisms are basically self-serving in the sense that wealthy people, if they get a flat 26% benefit, and some of them can get a benefit in the, you know, approaching 50% once you count their state tax liability.
And
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