A massive wave of new taxes is coming. The Government is targeting high income earners and those with larger investment portfolios and retirement savings.
Over the next decade and beyond the Government will continue to take more money through the elimination of deductions, higher marginal rates, and excise taxes.
The 30 Trillion dollar Government debt will become 40 Trillion, and the interest cost on the debt will grow exponentially. There is no Government restraint.
Americans Face Considerable Financial Risks…
Most Americans have followed traditional financial planning advice. That advice has resulted in nearly 90 percent of their life’s savings inside financial accounts like IRAs and 401ks where the Government can change the rules to meet their needs.
These taxpayers have almost no tax diversification. Nearly all their money is under the Government’s control for tax purposes.
Today we are seeing living proof of Government’s targeting of American’s retirement savings with the proposed changes to IRAs and Roth IRAs.
The changes to inherited IRAs buried in the Secure Act Of 2019 is proof all IRA money is being targeted. We expect Government to continue to their focus on this money for the foreseeable future.
Because that is where the money is.