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Retirement Planning Under a Biden Administration
The election of Joe Biden as President may clear the way for many changes in the retirement planning landscape. As of this writing, some U.S. Senate races are still undecided, so the ultimate balance of power in the Senate can certainly affect the content and implementation of these proposals.
Biggest Change In Qualified Plans In Almost 50 Years
Over 30% of Americans contribute to tax preferenced retirement plans (401(k), IRAs, 403(b), 457 and MEPs). Participants have invested $58M in 401(k) plans alone. The funding currently accounts for over $29 trillion dollars. The Democratic proposals would shift some of the benefits of tax deferral in traditional retirement accounts toward lower- and middle-income earners with the goal of encouraging additional saving by those taxpayers.
Biden's proposals convert the current deductibility of traditional retirement contributions into matching refundable tax credits for 401(k)s, individual retirement accounts (IRAs), and other types of traditional retirement vehicles, such as SIMPLE accounts. Biden's proposal would eliminate deductible traditional contributions and instead provide a 26% refundable tax credit for each $1 contributed. The tax credit would be deposited into the taxpayer's retirement account as a matching contribution. Existing contribution limits would remain, and Roth-style tax treatment would be unaffected. (see comparisons below).
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Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?