Congress is Stealing Our Roth IRA's...?!
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There has been a lot of controversy of Congress taking away the Roth IRA. Personally, I don't think this is going to happen anytime within the short term. Anyway, let's take a look some reasons behind why that won't happen...
Number 1: Accounting Nightmare
If the Roth IRA were to be taxed, it would create an accounting nightmare. The IRS is already so overworked and behind on tax returns + 2020 stimulus injections that it would be hard for them to handle another major tax change.
Number 2: Immediate Tax Revenue
Roth contributions and conversions do give the government current tax revenue. They do want some people to use the Roth, just not everyone.
Number 3: Sunset Date
For whatever reason if there were to be changes, there would most likely be a sunset date... or a date where you can get an account and keep the same benefits.
#personalfinance #financialeducation #rothira
