In this interview with Mark Byelich, we discuss if congress will get rid of the Roth IRA, who's responsible for the national debt, and why the US will experience financial calamity by 2030. 💰FREE Tax-Free Toolkit: ✅ Find a Power of Zero Advisor: ➡️ Learn How To Become a Power of Zero Advisor: ✔️ Listen to the Podcast - 🔹 Connect With Us 🔹 Twitter -@mcknightandco #taxfreeretirement...(read more)
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In recent months, there has been growing concern among some Americans that Congress may be considering getting rid of the Roth IRA. The Roth IRA, which was first introduced in 1998, has become a popular investment vehicle for Americans who want to save for their retirement. It allows individuals to contribute after-tax dollars and their earnings grow tax-free, meaning that withdrawals in retirement are income tax-free. So, why might Congress be considering getting rid of the Roth IRA? The primary reason is that the Biden administration has proposed changes to the tax code that would increase taxes on the wealthy. The administration is also considering measures to increase tax revenue to help pay for a number of expensive programs, such as the proposed infrastructure plan. One proposal that has been discussed is to limit the tax benefits of IRAs and 401(k) plans for high earners. This could include limiting the amount that can be contributed to a Roth IRA or reducing the amount of tax-free growth that can be earned. This would result in higher tax revenue for the government, but would also make it more difficult for high earners to save for retirement. However, it is important to note that at this time, there is no concrete proposal to eliminate the Roth IRA entirely. While there have been discussions about potential changes to the tax code, any changes would need to be passed by Congress and signed into law by the President. In addition, many lawmakers on both sides of the aisle recognize the value of the Roth IRA for middle-class Americans. The Roth IRA has been lauded as a way to encourage Americans to save for their retirement and to help reduce the burden on Social Security in the future. As such, it is unlikely that Congress would eliminate the Roth IRA entirely. Overall, while there are concerns about potential changes to the tax code and how they could impact the Roth IRA, it is important to remember that at this time, nothing has been decided. The Roth IRA remains a popular and valuable investment vehicle for many Americans, and any changes to the tax code would likely be crafted with the goal of balancing the needs of the government with the financial needs of individuals. As such, it is important to monitor any discussions or proposals related to the Roth IRA and to speak with a financial advisor about the best retirement saving strategies for your personal situation. https://inflationprotection.org/will-the-roth-ira-be-eliminated-by-congress/?feed_id=107122&_unique_id=6487ef8159339 #Inflation #Retirement #GoldIRA #Wealth #Investing #arerothirastaxed #bestretirementplans #financialplanningforretirement #InvestingforRetirement #investingtips #markbyelichinterview #RothIRA #rothIRAstaxable #taxfreeretirement #willrothiragoaway #zeropercenttaxbracket #RothIRA #arerothirastaxed #bestretirementplans #financialplanningforretirement #InvestingforRetirement #investingtips #markbyelichinterview #RothIRA #rothIRAstaxable #taxfreeretirement #willrothiragoaway #zeropercenttaxbracket
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