SECURE ACT SECURING YOUR TAXES
June 6, 2022 - Douglas Myser
Secure Act securing your taxes. The Secure Act was the brainchild of those who saw the wrecked retirement landscape in America, due to the Covid pandemic. Millions of households dipped into IRS retirement 401 (k)s to get by, and that not only lowered what they had for retirement, but they had to pay penalties for early withdrawal, compounding financial problems. Congress and the Administration realized a fix was needed, and Secure Act one was born, but needed improvement, so it morphed into Secure Act two. And yet what is supposed to help citizens save for retirement, just might raise their tax bill. The retirement bill will be changing the minimum withdrawal age for retirement accounts. Currently, people over the age of 72 are required to start withdrawing money from their retirement savings. The Secure Act 2.0 would gradually move the minimum age over the next decade. Secure Act securing your taxes.
This gives people more time to work and save money before they have to start making withdrawals. And initially, Brookings Institute fellow Mark Iwey stated that "It feels like a tax cut". Yet the reality is that having more time to save for retirement is a lame excuse for the fact that the citizens of the United States, due to the vast gap of income inequality that exists between the top 10 percent of earners and rest of society, have virtually nothing saved or certainly not enough for a real retirement. And this was not just the result of Covid, but due to the extreme tax discrepancies in our two layered tax system. One for the top earners and one for the rest. Not convinced ? Try reading the information in either the Panama Papers, or Pandora Papers, which detail the fact that hundreds of politicians, celebrities, sports figures, and others in the top echelon of earning, have stashed money into hidden accounts for decades, for only one purpose, to hide from the tax man. The IRS estimates that nearly $700 billion a year is not being collected from the top earners in America.
If you have a back tax debt and need help, we are a 36 year old Tax Resolution Company that will file any back tax returns, then determine your Tax Relief options, including the IRS Fresh Start Program and all options not in that program. Our Tax Resolution is stress free and designed to keep the IRS Collection Division away from you, including a IRS Wage Garnishment. We are a Nationwide firm. Call today for a free Tax Resolution Services consultation. 1-888-689-7861