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During the 2020 U.S. presidential campaign cycle, social media users circulated a meme claiming that Democratic presidential candidate Joe Biden had announced he intended to tax 401(k) plan retirement accounts: However, the published Biden campaign plan for addressing savings and retirement issues makes no mention of taxing 401(k) accounts, nor could we locate any speech or other public statement by Biden in which he suggested imposing a tax on such accounts. Biden did unveil a tax plan that called for equalizing the tax benefits of retirement plans. Key to that plan was the fact that currently, contributions workers make to retirement plans such as 401(k)s consist of pretax dollars, which reduces those workers' taxable income and thus their income tax liability: But, Biden contended, this type of tax benefit is skewed in favor of higher-income families: Therefore, Biden has proposed to equalize these benefits across the income spectrum by providing taxpayers with an approximately 26% refundable tax credit in place of the deductions they currently get for contributing to retirement plans:
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