Monday , November 25 2024
Home / Mike Norman Economics / Pam and Russ Martens – Congress Just Passed Nightmare Legislation that Strips Trillions in Wealth from the Middle Class

Pam and Russ Martens – Congress Just Passed Nightmare Legislation that Strips Trillions in Wealth from the Middle Class

Summary:
Trump, the down-to-earth guy who's on the side of the average American. A populist. Under the insidiously named Secure Act (Setting Every Community Up for Retirement Enhancement) the children who could previously inherit their parent’s IRA and take the Required Minimum Distribution based on their own age – effectively giving them the ability to compound that inherited IRA over their own lifetime on a tax-sheltered basis – will now be required to reduce the account to zero (yes, ZERO!) over a period of ten years. This former provision was previously known as the “Stretch IRA.” Now it’s become the “Shrink IRA.” In addition to wiping out one of the best chances that debt-strapped Millennials ever had to obtain a decent standard of living, the Secure Act will also involuntarily push that

Topics:
Mike Norman considers the following as important:

This could be interesting, too:

Matias Vernengo writes Milei’s Psycho Shock Therapy

Bill Haskell writes Population Growth Outcomes

Robert Vienneau writes Books After Marx

Joel Eissenberg writes Undocumented labor: solutions, not scapegoating

Pam and Russ Martens - Congress Just Passed Nightmare Legislation that Strips Trillions in Wealth from the Middle Class

Trump, the down-to-earth guy who's on the side of the average American. A populist.

Under the insidiously named Secure Act (Setting Every Community Up for Retirement Enhancement) the children who could previously inherit their parent’s IRA and take the Required Minimum Distribution based on their own age – effectively giving them the ability to compound that inherited IRA over their own lifetime on a tax-sheltered basis – will now be required to reduce the account to zero (yes, ZERO!) over a period of ten years. This former provision was previously known as the “Stretch IRA.” Now it’s become the “Shrink IRA.”
In addition to wiping out one of the best chances that debt-strapped Millennials ever had to obtain a decent standard of living, the Secure Act will also involuntarily push that Millennial into a higher tax bracket in the years he is forced to take outsized distributions from a large, inherited IRA.

Wall Street On Parade 

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

Leave a Reply

Your email address will not be published. Required fields are marked *