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Proposed Tax Reform Affects Retirement

On November 1, President Bush's Panel on Tax Reform released its findings in a report titled "Simple, Fair, and Pro-Growth : Proposals to Fix America's Tax System".

Participants in the financial industry believe that the proposes potentially: [1] eliminate retirement planning as we know it, [2] changes forever the way estate planning and taxation will be viewed in this country.

 

Various industry lobbying groups have been most vocal in attempt to protect their sacred cow. The panel recommends changes to tax code affecting mortgage interest deductions, charitable giving, and savings and retirement accounts.

The filed, full report can be found at http://www.taxreformpanel.gov/final-report/

Retireport Commentary...
If even portions of the panel's proposals were enacted, the effect on personal retirement planning would be dramatic. Over the coming weeks and months RP will be analyzing key sections and comment on potential impacts.

 

Retireport is a web-resource dedicated to help clients who aspire to early sustainable financial independence. Working for the consumer, we challenge conventional wisdom put forth by institutions whose primary objective is to sell financial products without first establishing relevance to your specific need & objective. This site is designed to help make those difficult and confusing choices a lot easier. Visit their website