Fox Business host Charles Payne expressed major concerns over the disastrous consequences Democratic presidential nominee Joe Biden’s leftist tax plan would inflict on Americans if it were ever implemented.
During Tuesday’s Fox Business virtual town hall America Votes Together, a viewer submitted a question on whether 401(k)s would be taxed under Biden’s tax plan, despite the former vice president having dubiously claimed that “[n]obody making under $400,000 bucks would have their taxes raised.” Payne went for the jugular: “[T]here are all sort of schemes out there that I think will amount to fewer people actually using these plans and fewer employers offering these plans.” Payne said he was “very worried about this.”
Earlier in the segment, Payne noted that “People who are near retirement,” born in the 1960s, “rely on Social Security to various degrees. But even for the lowest income quintile, the benefit checks only replace 77 percent of their income.” Payne noted that the “good news” was that “81% of people in the same age bracket" have "some type of retirement account.”
But, Payne said later, “Biden is proposing a radical change to 401(k) programs.” He continued: “He [Biden] says it would quote-unquote ‘equalize the system’ by ending tax deductions and replacing it with a flat credit system that doesn’t change regardless of income.” The idea from the Biden camp’s “point of view,” according to Payne, is that “it’s unfair for someone with a higher income to benefit, so they’re just yanking it from everyone.”
Watch the segment below:
Payne noted that there’s “potentially $3 trillion in retirement benefits that are going to be paid out over the next decade.” Biden, according to Payne, “would lower payments to wealthier folks and distribute it to lower-income folks, even giving refundable tax credits for people who aren’t making any contributions.”
Later in the segment, Payne handed the reins to Wall Street Journal Editor-at-Large Gerry Baker. Baker said that the problem with Biden’s plan is that “a lot of people will be discouraged from 401(k)s.” He continued: “I think the other problem is that — you know — some of the other plans that Biden has to raise corporate taxes are going to lower dividends...they’re going to worsen corporate performance. So, people could find themselves losing out there as well.”
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