Biden’s tax plan and your 401(k)

SourceCNBC
SectorEconomy
CountryMiddle east

Nervous people keep asking me what the Biden administration’s tax and spending plans are going to mean for their 401(k) plans and other retirement accounts.

That’s especially true after Wednesday’s package of proposals, including tax hikes on corporations and those earning over $1 million a year.

The answer? Relax, Max. Maybe these measures and other spending plans will hit the stock market, the bond market, and the U.S. dollar.

But if so, there is no sign of it — not yet, anyway. One obvious reason: The markets question how much of his plan Joe Biden can get through Congress.

Don’t listen to me. (What do I know? Nothing.) Listen to your 401(k).

The typical assets in retirement accounts were little changed following the president’s speech. The SPDR S&P 500
SPY, +0.64%,
iShares Core S&P Mid-Cap ETF
IJH, +0.04%
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