The New Proposed Tax on Your Savings
Always hunting for more money, Congress may soon ransack 401(k) benefits. Here’s what they’ve been scheming, and what it means for your retirement…
Over half of Americans have a retirement plan through their employer, such as a 401(k). The incentive to use these plans has always been the annual tax deduction on your deposits.
At least, that’s the incentive based on the current tax law.
But now, in the name of funding more earmarks and more pork barrel legislation, Congress may slash those tax breaks. You’d get no more tax deduction on contributions; instead, the tax benefit would come years later, when you withdraw for retirement.
Welcome to the NEW TAX on Your Savings
Essentially, the loss of this tax benefit would be a new tax on saving, making it less advantageous for Americans to save for retirement.
Congress first got this “hairbrained idea” in 2014 when calculations revealed that if they axed the tax break on 401(k) contributions, the government could generate up to $144 billion in new revenue over 10 years.
But while Washington would rake in even more money, the loser would be the American worker and the hope for a secure retirement. Saving for retirement in a 401(k) would be significantly less attractive.
However, there IS hope, and a way that you could circumvent this latest money grab from Congress.
How to Protect Your 401(k) from Congress’ Reach
On the chance Congress ransacks the 401(k), Americans must be ready to protect their hard-earned nest egg.
That’s why thousands of Americans have been converting their 401(k) into physical gold – an asset that Washington can’t easily manipulate.
And one of the best ways to make this move is with a “Self Directed” Gold IRA.
Before it’s too late, and the government comes after your 401(k): Get a FREE Info Kit on Gold, and the IRS Tax Law to legally move your 401(k) to precious metals.
There is ZERO cost and ZERO obligation to you to make this request – we’ll even pay for shipping.
This comprehensive, 16-page “insider’s” Kit on gold reveals precisely how this IRS Tax Law works, and how you can start moving your IRA or 401(k) as soon as today… without paying any taxes on the transfer. It’s all explained in this free info kit on gold.
Remember, no matter what happens to the 401(k) plan, gold is a time-tested and proven way to protect your savings through good times and bad. To get started, click here to get this free info to protect your savings.