Oct 16, 2020
Democratic presidential nominee Joe Biden wants to change the way the tax code treats 401(k) contributions. Investing strategist Matthew Sommer tells CNBC that Biden wants to convert the tax deductibility of contributions to a 26% refundable tax credit. It sounds like he's saying this would be good for low-income savers, but bad for everyone else. Is that accurate and – if so – how would you advise clients to respond to this potential change?