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“Sleepy” Joe Biden is coming for your taxes. Last Friday, the former Vice President said that, if he’s elected, he’s going to raise taxes on corporations and income earners. Furthermore, he said that his first act as president will be to abolish the Tax Cuts and Jobs Act. Biden has nine new tax increase proposals and wants to generate $4 trillion from higher taxes over the next decade.
The unknown outcome of the coming election is just one reason to protect your money in 2020. Avoid your retirement being burdened by a Biden Tax Bonanza! He’s not just proposing higher tax rates to cover the cost of the Covid-19 stimulus, he’s looking for money to fund Green New Deal initiatives in an attempt to buy Bernie Sanders voters. He wants more tax on income, IRAs, inheritances and a capital gains tax rate as high as 39.6%!
The other recipe for higher tax risk on retirement comes from the recently added $3 trillion coronavirus stimulus and the $3 trillion more that’s being proposed as you’re reading this. Taxes will have to go up even faster now with over 40 million less people working and not paying taxes. These risk recipes are on top of the deficit that has now grown to over $25 trillion!
These reasons are why the time to save tax on your money is 2020. I’ve spoken to several people recently who didn’t know all of the tax savings benefits available under the Tax Cuts and Jobs Act. One example is if your reported taxable income is under a certain threshold, the capital gains rate can be as little as 0%!
We had a client who recently sold real estate with capital gains. They were going to be hit with a capital gains tax of over $53,000. We taught them how to pay zero capital gains! We also showed them how to use another provision of the Tax Cuts and Jobs Act to reduce their taxable income. This resulted in them saving $31,000 of income tax!
For those who qualify under the Tax Cuts and Jobs Act, there are up to 100% tax deduction incentives. All of these deductions will go away when President Trump is no longer in office. Even if Trump is re-elected in the fall, there’s still a short window of opportunity to take advantage of these incentives.
I can’t help but think about the Baby Boomers that we’ve helped over the years. There’s a proven pattern that I’ve noticed over these last 20 years; IRA and 401(k) distributions are forcing people into a higher marginal tax bracket. Imagine how much higher those tax brackets will be and how much quicker you’ll go through those distributions once Donald Trump is out of office.
Another problem caused by IRA and 401(k) distributions is the taxing of Social Security income benefits. If your distributions are high enough, up to 85% of your Social Security can be taxed. Those who qualify for Medicare can also see another $200 to $300 a month deducted from their Social Security. The average retiree is giving up between $1,000 to $2,000 a month in unnecessary taxes!
But, you can protect yourself from higher taxes and I want to teach you how. Simply go to TaxesSaved.com and request a Saving Tax Optimization Plan (S.T.O.P.) Analysis. When you request your S.T.O.P. Analysis, you will receive my guide, Retirement and Your Taxes, How to Get the IRS Out of Your IRAs and Remove Uncle Sam from Your Children’s Inheritance. This guide covers the Tax Cuts and Jobs Act’s impact on you and your retirement as well as the effect of the SECURE Act on your children and grandchildren’s inheritance.
When requesting your S.T.O.P. Analysis, please be specific as to the exact day and time that you wish to be contacted. Please be sure to give your best telephone number where you can be reached on the specific day between 10:00 AM and 6:00 PM Eastern time. Please be specific and please don’t list “anytime” as your desired time to be reached.
Protect your money in 2020! Take advantage of what you can control. Baby Boomers and retirees are saving thousands and thriving in retirement. Let me ask you a question, if you could save thousands in unnecessary taxes, when would you want to know?
You’ve worked hard for your money, let us teach you how to protect your money from being taxed harder than most of us will ever see in our lifetimes. Learn the retirement risk road you’re traveling. Even if you’re already retired, it’s not too late to reroute around unnecessary taxes.
Let me leave you with one final thought. Learn how to get the IRS out of Your IRAs and how to protect your children and grandchildren’s inheritance. Learn proven, common sense solutions with track records of measurable results. Solutions where you’re in control!
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.
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!