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$74 Billion Stock Tax Which Will Hit Your Nest Egg

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Post# of 127049
(Total Views: 205)
Posted On: 02/09/2023 8:16:11 PM
Posted By: dbergh
Re: Goosebumps #100437
$74 Billion Stock Tax Which Will Hit Your Nest Egg — 401(k)s, IRAs and Pension Plans

When Americans choose to sell shares of stock back to a company, Democrats will impose a new federal excise tax which will reduce the value of household nest eggs. Raising taxes and restricting stock buybacks harms the retirement savings of any individual with a 401(k), IRA or pension plan.

Union retirement plans will also be hit.

The tax will put U.S. employers at a competitive disadvantage with China, which does not have such a tax.

Stock buybacks help grow retirement accounts. Raising taxes and restricting buybacks would harm the 58 percent of Americans who own stock and more than 60 million workers invested in a 401(k). An additional 14.83 million Americans are invested in 529 education savings accounts.

Retirement accounts hold the largest share of corporate stocks, accounting for roughly 37 percent of the outstanding $22.8 trillion in U.S. corporate stock, according to the Tax Foundation.

In 2017, corporate-sponsored funds made up $4.45 trillion in market value; union-sponsored funds accounted for $409 billion; and public-sponsored funds, which benefit teachers and police officers, added up to $4.25 trillion.

When companies perform stock buybacks, these investors are the ones who benefit. A tax on buybacks could dissuade companies from conducting this action and negatively impact retirement savings.

American companies will face significant compliance costs — a boon to expensive white-shoe law firms — the burden of which will be passed on to working households.

https://www.atr.org/list-of-biden-tax-hikes-h...-on-jan-1/
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Retirement accounts are not taxable while they grow.. so more bullshit lies on hitting 401k’s and other retirements



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