Tax Group Launches Effort to Stop Joe Biden’s Assault on Retirement Savings
Biden’s Proposal to Change IRAs Hurts Middle Class Families, Millennials, Small Business Owners, and Retirees
Washington, D.C. – Today, the Taxpayers Protection Alliance (TPA) launched “Don’t Touch My IRA.” The campaign was launched to protect middle class families and their traditional Roth IRAs from a deeply-irresponsible tax proposal which would jeopardize the retirement security of millions of Americans.
As part of their desperate effort to pay for their $3.5 trillion social wealth distribution legislation, Joe Biden is proposing draconian changes to the way that retirement savings are treated in IRAs and Roth IRAs. In doing so, Biden is launching a direct assault on middle class families, millennials, and small business entrepreneurs who have invested heavily in private retirement savings for later in life and now face the prospect of an increasingly insecure retirement, double taxation, and losses.
In launching the new campaign, TPA President David Williams offered the following comment:
“Joe Biden’s IRA plan is an attack on the savings and retirements of millions of Main Street Americans. Biden’s plan will eviscerate IRA retirement savings system that millions of Americans have relied on and invested heavily in. This proposal is fundamentally unfair and should be rejected.”
“Any changes to the IRA system will jeopardize trust in the financial system and make life more difficult for average savers and investors. Current IRA plans promise retirement security for people who work hard and save money. If this disastrous plan succeeds, it will change the rules in the middle of the game, and threaten the long-term savings of millions of Americans and small businesses.”
“Biden’s plan will hurt middle-income IRAs held by families and millennials with more audits, higher penalties, and disincentives to save. These changes will only lead to an increasingly insecure retirement for hardworking Americans. Democrats should be protecting the middle class, not destroying a proven way of saving for the future.”
The Taxpayers Protection Alliance (TPA) is a non-profit, non-partisan organization dedicated to educating the public through the research, analysis and dissemination of information on the government’s effects on the economy.