Please Click the Video to Watch This Important, Short Message
In this week’s Hidden Wealth Reviews, I teach that the Democrats are dubious around supporting the Trump tax cuts. In the last few days, we’ve had some concerning economic news:
- The Fed failed to reduce interest rates.
- Gross domestic product (GDP) fell short of where it was projected to be.
- Inflation is still lingering and is not likely to go away soon.
USA Today had a great article about what Americans would give up if the Tax Cuts and Jobs Act (TCJA) from the first Trump administration is extended. Many people believe that, with Donald Trump back in office, the economy is going to turn around. Americans just don’t know how fast, how soon or how much.
By waiting for this economic turn-around before we do something about taxes, we incur a cost of waiting. As the economy improves, the value of what we’ve saved in ticking tax time bomb accounts such as IRAs and 401(k)s is now deferring a larger amount of taxation.
Without action, the TCJA will cease to exist this year. President Trump needs Democratic support in order to extend the TCJA. If the TCJA expires, the majority of us will see a significant tax increase. “We have to get Democrats to approve it. If the Democrats didn’t approve it, I don’t know how they can survive with about a 45 percent tax increase,” the President said.
A report by the nonpartisan Congressional Budget Office found that preserving the TCJA tax reductions for the next 10 years would add $4.6 trillion to the federal deficit. Taxes are going to have to increase to cover all of our deficit spending. Unfortunately, most Democrats are pooh-poohing the notion of any kind of participation in the GOP tax plan.
The time to do what you can do is right now! Act now before tax rates increase and your tax-deferred account balances increase. The more your account grows, the more you’ll owe in taxes later. Remember, every dollar you defer today means a bigger tax bill tomorrow. Why let Washington take a bigger cut of your hard-earned money when you can take steps now to protect your wealth? Waiting to act could cost you thousands.
A recent Saving Tax Optimization Analysis reflects that every 10% increase in the IRA value creates a 30% of the original balance, lifetime tax increase. As an example, David, age 65, presently has $1 million in his IRA. He sees the negatives in waiting as every 10% increase in his account value produces an additional $300,000 of added lifetime tax.
How Big is Your Retirement Tax Bill?
Stay Informed: Trump on Taxes and the Debate Over Extending the TCJA
This coming Tuesday, at my Remove Your Wealth from Washington webinar, I will teach you how to use tax credits and tax deductions that allow you to strategically remove your wealth from the tax system for good. Go to RetirementProtected.com to learn how to keep more of what you’ve earned before tax rates go up. This year is a unique window of opportunity!
Elon Musk recently pointed out just how much waste exists in government. He highlighted the fact that it costs three cents to make a one cent penny; wasting $70 million a year! It seems as if the government has no problem with just throwing money away, which is why you shouldn’t let them take more of your hard earned money in taxes.
Elon Musk says we need to get rid of the penny but really, there’s so much other waste we need to get rid of, too. If you want to get rid of taxes, learn how to do so now.
This Tuesday, at my Remove Your Wealth from Washington Webinar, I’ll show you how to:
- Protect your savings from higher taxes before the TCJA expires
- Eliminate unnecessary taxes on retirement accounts, income, real estate, and investments
- Avoid market risks and keep more of your hard-earned money, tax free
To join this no-cost, no-obligation event:
- Visit RetirementProtected.com.
- Select the webinar date and time that works best for you.
- Enter your details carefully—double-check your email address.
- Click “Reserve My Spot!”
Once you’ve registered, you’ll receive a confirmation email containing your personal access link for Tuesday’s event.
You’ve worked too hard to let Washington take more than its fair share. Visit RetirementProtected.com now and learn how to protect your savings, eliminate unnecessary taxes, and secure your financial future before it’s too late.
Spouses and Significant Others are Encouraged to Attend This Event Together
Note: We serve Boomers and Retirees all over the Unites States. We have an efficient, supported process to meet online, as have been doing for over 20 years. Our online meetings are private, the access is restricted and we never share our meeting link with anyone who’s not a part of the meeting.
Chuck Oliver
Wealth Strategist | Best-Selling Author
We help Baby Boomers and Retirees thrive in retirement through a clear retirement road map that provides market correction and tax protection to optimize income and assets!
www.TheHiddenWealthSolution.com
