Dead taxpayers can’t fight the Government.
That’s exactly the tactic Congress just used when they passed the new law to confiscate American’s IRA savings. During the holiday period in December of 2019, Congress quietly made changes in tax laws to Americans 401k and IRA retirement plans.
It was called The Secure Act and for American’s who hold money inside a 401k or IRA it was anything but secure. Buried inside the 1700 page document with spending of 1.4 trillion were new rules regarding how these retirement plans are taxed at death.
Quite simply, the Government took away the freedom on how these accounts are received by beneficiaries. The result is more money will go to the Government, and less to the families who inherit this money.
The significance of this is that a major shift is taking place in the Government’s view of this money.
We see this as a sign. It’s the first step closer in the creation of future tax rules, excise taxes, and total Government control of this money.
The Government’s hand is on American’s 401k and IRAs. The next step will be to grab all of it.