Progressives want to force you to buy stocks in underperforming companies that care about climate change, social justice, and gender equity issues. In the Democrats’ reconciliation plan, they have proposed forcing asset managers of 401(k)s to invest in these sorts of companies, whether you want to or not.
You mean like in 2008 when the government forced banks and other lending institutions to loan money to people they knew could never, under the best circumstances repay the loans. What could go possibly wrong?
I am sure that this is a wet dream by many on the left. I am also more sure that it won't happen. Why you ask? The Left has not taken the guns yet and no sane owner is going to willingly give his up with possibilities like this on the horizon.
There's a great video at PragerU that talks about this. Leftist know there's billions in these funds and they keep on thinking of ways to get access to that money. If this becomes a thing, all we will be doing is funding leftist causes (their cronies) while our accounts go broke! This has to be unconstitutional since this is government overreach right?
Keep in mind that any time the idea of "tax" anything comes up, there's a governmental finger on that pulse. We're talking about tax-deferral either on payout (traditional 401(k) ) or on earned interest (Roth 401(k) ).
The IRS is involved in any tax-related policy. Any cracks, loopholes or gray areas can be exploited by our "benevolent" government for political ends (as we saw with Lois Lerner and TEA party org tax status) :-(.
Would not surprise me if this was forced by Biden/Pelosi/Schumer, lawsuits and appeals ensue eventually up to SCOTUS and, depending on makeup of the SCOTUS at that time, could swing toward Capitalism or Socialism.
You mean like in 2008 when the government forced banks and other lending institutions to loan money to people they knew could never, under the best circumstances repay the loans. What could go possibly wrong?
I am sure that this is a wet dream by many on the left. I am also more sure that it won't happen. Why you ask? The Left has not taken the guns yet and no sane owner is going to willingly give his up with possibilities like this on the horizon.
There's a great video at PragerU that talks about this. Leftist know there's billions in these funds and they keep on thinking of ways to get access to that money. If this becomes a thing, all we will be doing is funding leftist causes (their cronies) while our accounts go broke! This has to be unconstitutional since this is government overreach right?
Wow. Talk about federal government overreach. How would this even be legal?
Keep in mind that any time the idea of "tax" anything comes up, there's a governmental finger on that pulse. We're talking about tax-deferral either on payout (traditional 401(k) ) or on earned interest (Roth 401(k) ).
The IRS is involved in any tax-related policy. Any cracks, loopholes or gray areas can be exploited by our "benevolent" government for political ends (as we saw with Lois Lerner and TEA party org tax status) :-(.
Would not surprise me if this was forced by Biden/Pelosi/Schumer, lawsuits and appeals ensue eventually up to SCOTUS and, depending on makeup of the SCOTUS at that time, could swing toward Capitalism or Socialism.