Banks: Can They Legally Access Your Deposits?
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| Could Trump
Dismantle The IRS? President Donald Trump has proposed a historic tax overhaul, including the elimination of federal income taxes and the IRS, replacing them with tariffs on imports. In a January 2025 address, he stated, "Instead of taxing our citizens to enrich foreign nations, we should be tariffing and taxing foreign nations to enrich our citizens." This proposal aligns with the Fair Tax Act, reintroduced by Republican lawmakers, aiming to replace income taxes with a national consumption tax. If implemented, this sweeping change could have major implications for 401(k), IRA, and TSP accounts. Here’s how:
Potential Benefits ✅ No More Taxes on Withdrawals - Traditional IRAs, 401(k)s, and TSPs may no longer be taxed, allowing retirees to keep 100% of their savings.
✅ Roth IRAs Become More Valuable.
✅ More Disposable Income for Investing - Without income taxes, individuals could have more take-home pay, potentially increasing contributions to retirement accounts.
Potential Negative Impacts ❌ Uncertainty Around Tax-Deferred Growth and current benefits.
❌ Consumption Taxes Could Reduce Purchasing Power - retirees might end up paying more on purchases, diminishing the benefits of tax-free withdrawals.
❌ Market Volatility & Investment Uncertainty.
❌ Employer 401(k) and TSP matching contributions could decrease or be restructured.
While some believe this could be a major win for retirees, others see risks that must be carefully navigated. Within the Internal Revenue Code (IRC) Section 408(m) lies a little-known provision that could provide a powerful advantage in protecting your savings. Get your Free IRS Loophole Guide and Discover how this IRS-approved strategy could help you prepare.
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