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The Stand - Daily Newsletter

October 20, 2020

Biden’s Bad Retirement Plan 👎

Joe Biden’s tax hikes could end retirement benefits for millions of workers. He has proposed ending tax-deductibility of contributions to 401(k) plans. Experts are now warning that small businesses may respond by dropping their retirement benefits altogether.

Like a lot of liberal policies, Biden’s retirement proposal is supposedly about sticking it to the rich. Also like a lot of liberal policies, many of the consequences would be felt by Americans in the middle. Without the tax break, small businesses would find retirement benefits far less affordable, which could lead them to pull back. One rough estimate has tens of millions of Americans losing their retirement plans as a result.

We’ll tell you more about the staggering costs of Biden’s tax proposals in the days ahead. Spoiler alert: The damage would be a lot worse than just lost retirement plans, and it would affect a lot more people.

→ Read more: Biden’s plan to overhaul 401(k) tax breaks could force some companies to cut retirement benefits (Fox Business)

→ Read more: Joe Biden will end your retirement plan as you know it (Investment News)

Education Gone Wrong 

Two major California school districts are putting virtue-signaling ahead of teaching students. Simply look at what’s happening in two of the state’s largest cities.

In San Francisco, the school board is moving to rename more than 40 of the city’s schools, or about a third of the city’s total. Officials are framing it as a matter of social justice, saying that names like Abraham Lincoln and George Washington have to go. This is the same school district that has not yet reopened its schools, but it’s fine renaming them. Even the ultra-liberal city’s ultra-liberal mayor thinks this is a bad idea, calling it “offensive.” 

Meanwhile, in San Diego, the school district has decided to abandon the typical grading system on the grounds that grading is racist. Not doing homework will no longer count against students and letter grades won’t reflect the quality of students’ work. At least in San Diego schools have slowly started reopening.

The coronavirus pandemic has made clear that millions of students need urgent help. This is the wrong approach.

→ Read more: ‘I am livid’: Mayor Breed says focus should be on disadvantaged students, not renaming schools (ABC News

→ Read more: San Diego school districts overhauls grading system to combat racism (New York Post)