This major change will bring in $15.7 billion in tax revenue by 2029, according to the joint committee on taxation in their report on the bill, H.R. 1994. And, guess whose money they want? Yes, yours.
The SECURE Act has changed the game, especially for parents who were planning on leaving substantial nest-eggs to their kids, with the elimination of Stretch IRAs. Uncle Sam may be the biggest beneficiary.
Giving to charity doesn’t have to mean your kids get less. You might be able to make everyone happy… except Uncle Sam.
As you may or may not know, the Tax Cuts and Jobs Act is due to expire at the end of next year – just 16 months from now. The Biden Administration has proposed new tax increases worth knowing about.
If you are one of those asking the ‘will my money last’ question, there’s a way you can find out just what your probabilities are!
