In this week’s Hidden Wealth Review, I teach about the coming $24 trillion Government Tax Grab Game. Under the Trump tax plan, there’s some government “giveth” and a lot of government “taketh away.”
In order to pay for lower personal and corporate tax rates, dropping the “death tax,” removing the Alternative Minimum Tax and several other proposed tax reductions, the government is looking for ways to solve the coming tax revenue shortfall with a laser focus on the $24 trillion saved in tax-deferred retirement accounts, such as IRAs and 401(k)s. The government needs to do something to pay for the tax shortfall created by the additional projected $3-7 trillion being added by the proposed Trump Tax Reform Plan. Add this to the trillions of dollars in debt we already had plus the $1.1 trillion just added to the deficit by the recent government emergency shut-down avoidance deficit extension. Currently, our national deficit is already growing at the rate of over $1 million a minute!
The other Government Tax Grab Game strategy is to limit the amount of money that can be contributed to a 401(k) or an IRA. This way, the government can collect more tax up-front by removing the ability to defer income taxes due in these tax-deferred plans. Regardless of which Government Tax Grab strategies that are eventually implemented, the government is targeting tax deferred retirement savings accounts (401(k)s, IRAs, 403(b)s, etc.). It’s not a matter of if, it’s a matter of when and how much.
If you’re retired or positioning yourself for retirement, you can learn how to legally reduce taxes on your retirement savings as well as your retirement income. This coming Tuesday, I will be teaching my Tax Savings Webinar. This no-cost, no-obligation educational opportunity teaches you how to get the government out of your retirement before they take a bigger chunk of it.
To register, go to www.RetirementProtected.com, enter the required information and submit your registration. Once you submit your information, you will receive an email containing a personal link to join Tuesday’s event. Register now! Lean how to discover and uncover your Hidden Wealth Tax Savings Solution. Spouses are encouraged to attend this event together.
When you register and attend the webinar, you’ll receive an e-copy of my latest book, The Baby Boomer Retirement Breakthrough. This book teaches you the top five retirement risks and the unique solutions you can use to avoid them.
Here’s to your Hidden Wealth,