Writing in Seeking Alpha, Hank Torbert, a business operator and investor, highlights the long-term consequences to middle income Americans, retirees, and investors if the Biden-Democrat plan to upend IRAs and Roth IRAs is passed to pay for the massive social spending bill.
Torbert explains “these ‘middle of the game changes’ to our retirement savings system rotten the lot for everyone.” He continues, writing the U.S. will see “reduced savings across the board” and the “savings decisions of millions of investors will be further complicated.”
If passed, this sweeping, ill-studied IRA proposal would slap individuals with retroactive taxes if they fail to divest from investments outside of Wall Street – including those in small businesses, investors in real estate in disadvantaged communities, and family farms.
Moreover, Torbert addresses on the lack of bipartisan commitment present in the decision-making processes, stating, “tax policy based on malice toward a particular segment of the population only dampens investor sentiment in the broader markets.” He concludes that “any government changes to retirement investing must always be transparent and in the best interest of the broadest population.”
Read the full piece in Seeking Alpha here.