ALL YOUR PLAN BELONG TO US: What Would A Joe Biden Presidency Retirement System Look Like? Farewell, 401(k), For Starters. “The promises to “equalize” tax breaks refers to longstanding complaints that, so long as 401(k) plans provide for the deferral of taxes on income saved for retirement, this tax break, or forgone tax revenue, primarily benefits relatively higher earners. Biden promises instead to ‘equalize benefits across the income scale’ and there’s no clear manner in which this lines up with a particular Sanders or Warren proposal, but progressives have been advocating for changes here for many years, for example, in this 2011 Brookings proposal in which tax deferral is replaced by a 30% federal match up to a cap, or other proposals with federal contributions to retirement accounts to be made on a flat per-person basis. Which of these Biden has in mind is unclear.”

I doubt we’ll see any clarity before election day.

Although I do get the feeling that the 30% carrot would quickly be turned into a stick. “Nice ‘match’ you’ve got there. Would be a shame if anything were to happen to it.”