How President Biden’s Tax Proposals Could Affect Your Retirement Plan

How President Biden’s Tax Proposals Could Affect Your Retirement Plan

- in Featured, Retirement, Taxes
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Biden’s proposal would equalize the tax benefits of saving for retirement by instituting a refundable tax credit for contributions into a traditional retirement plan such as a 401(k), 403(b), or IRA. Under the current system, contributions to a traditional retirement account are deducted from the individual’s income, effectively providing a tax benefit for the contribution in an amount equal to the filer’s marginal tax rate.

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