How will future taxes affect your money? paid Impact_Partner
On Dec. 22, 2017, President Trump signed the Tax Cuts and Jobs Act. It cuts individual income tax rates, doubles the standard deduction, and eliminates personal exemptions. The top individual tax rate drops to 37%, but these changes are due to expire Dec. 31, 2025.https://taxfoundation.org/final-tax-cuts-and-jobs-act-details-analysis/
Our tax rates are the lowest they’ve been in any of our lifetimes, while our nation’s debt is the highest in history. In a strong economic environment, this is a recipe for disaster.The other night, I saw a 75-minute documentary that shook me. It’s called “The Power of Zero: The Tax Train is Coming.” I was already well-informed of the subject matter – in fact, I write at length about it in Chapters 2, 3, and 4 in my book “Wealth Compounded.
Laurence J. Kotlikoff, Ph.D. in economics, states, “When you cut taxes on current generations you are simultaneously raising them on future generations.”enough. I have been providing DVD copies to my clients, and it’s now available to rent on Amazon.So many people have the bulk of their wealth in IRAs or 401s, and people have been conditioned to think they will pay lower tax rates in the future, but that may not prove to be true.
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