Congressional Budget Office, Medicare, Medicaid discussed on Protect Your Assets with David Hollander
That's right taxes can take a huge by out of your lifestyle in retirement, and that's because you pay taxes and file tax forms that you never filed before. Instead of putting money into your retirement accounts. You're actually taking money out. And it's taxed. Have to pay taxes on your social security income taxes on your pension and all that tax. It's owed on those deferred accounts. Like your 4._0._1._K? So listen, if I gave you a choice between a taxable retirement and want you to write this down tax free doesn't tax free sound. So good. Which would you pick? Well, it's obvious. I'd pick tax free. Under the new tax laws are passed last December. I thought taxes went down. Well, that's true for most middle income retirees. But let's take a look at what's going on in our country right now since January first of two thousand eight. The first of seventy five million. That's a big number. Seventy five million boomers began to start retiring from work. And what are they doing while they're moving onto the nation's retirement programs like social security like Medicare are called entitlement programs. Since two thousand seventeen payroll taxes are not creating enough tax to cover the cost of these sort of payments. It's just simple math add to that the amount of deficit that's growing now. As a result of the tax cuts. So the government's going to have to make this revenue up from other areas, where do you think it's going to come from? Well taxes. Of course, they're going to be higher in the future. Again. This is my opinion need to say that. So entitled to an opinion. Look it up. It's called first amendment. Anyway. The Congressional Budget Office. The CBO says that if social security Medicare and Medicaid go unchanged on this is going. You got to write this down. This is incredible..