IRAs/401(k)s are Left High & Dry AGAIN.
The Inflation Reduction Act is now the law of the land.
It might be a “Big Win” for President Biden.
But retirement savers could be the losers.
The act will increase spending—again. This time by nearly $800 billion. And projections say it will have zero impact on inflation.
It leaves inflation free to erode retirement savings by…
- Keeping the value of the U.S. dollar down
- Keeping prices up
- Reducing the buying power of money saved for decades
- Shortening the weeks, months & years retirement funds will last
Liberal lawmakers & the administration say this will make our lives better.
But most Americans have already heard the numbers don’t add up.
Not only is the law expected to expand spending and keep inflation high, it allows the government to shake down taxpayers to pay for all that spending.
The Inflation Reduction Act includes:
- $80 billion to expand the IRS 
- 60% of the $80 billion earmarked for tax enforcement
- 87,000 additional IRS employees by 2031
The IRS will more than double in size.
And that means more tax audits – likely a lot. $200 billion worth!
The White House insists enforcement under the new law will target only “wealthy corporate tax cheats.” But Janet Yellen (who told us inflation “won’t be a problem”) said:
Contrary to the misinformation from opponents of this legislation, small business or households earning $400,000 per year or less will not see an increase in the chances that they are audited.
But the facts contradict her:
- The act says nothing about income-limited audits.
- Republicans submitted an amendment to protect Americans who earn less, and the Democrats voted it down.
- Congress’s own Joint Committee on Taxation says 78% and 90% of the additional $200 billion the IRS is expected to collect through the act will come from small businesses earning less than $200,000 per year!
So, the government is spending more, coming after Americans to pay the bill, and ignoring what the act’s own name suggests – reducing inflation!
The big question is, “How can you prepare?”
The answer for $100,000+ IRAs/401(k)s: Diversify!
If you’ve saved $100,000 or more in an IRA, 401(k), TSP or other retirement account, get the free guides written by me. I’m Augusta Precious Metals’ on-staff, Harvard-trained economist and director of education.
This is the same information that made Joe Montana an Augusta customer.*
The free guides give you access to information not easy to find elsewhere. They are designed to help retirement savers hedge against whatever economic stresses Congress and our president throw at us next.
- Why today is the time to take action
- How the Biden administration’s economic policies are affecting retirement savers (You need to know!)
- How to open a gold IRA account (and all about fees)
- How physical gold and silver in an IRA can help you sleep well at night
Let us help you offset economic stress the Dems just created & find peace of mind for your retirement!
*Joe Montana is a customer and paid ambassador for Augusta.  https://www.cnn.com/2022/08/08/politics/senate-bill-win-for-biden-analysis/index.html  University of Pennsylvania Penn Wharton Budget Model, "Senate-Passed Inflation Reduction Act: Estimates of Budgetary and Macroeconomic Effects" (August 12, 2022, accessed 8/13/22).  Candy Woodall, Katherine Swartz and Kenneth Tran, USAToday.com, "House passes Inflation Reduction Act, sends it to Biden" (August 12, 2022, accessed 8/13/22).  Kate Dore, CNBC.com, "Reconciliation bill includes nearly $80 billion for IRS including enforcement, audits: What that means for taxpayers" (August 8, 2022, accessed 8/13/22).  Congressional Research Service, "IRS-Related Funding in the Inflation Reduction Act" (August 9, 2022, accessed 8/13/22).  Department of the Treasury, "The American Families Plan Tax Compliance Agenda" (May 2021, accessed 8/13/22).  IRS.gov, "IRS Budget & Workforce" (accessed 8/13/22).  Congressional Budget Office, "The Effects of Increased Funding for the IRS" (accessed 8/30/22).  WhiteHouse.gov, "Press Briefing by Press Secretary Karine Jean-Pierre" (August 9, 2022, accessed 8/13/22).  Andrew Keshner, MarketWatch.com, "Yes, the IRS is hiring criminal investigators empowered to use deadly force — but here's some important context" (August 13, 2022, accessed 8/13/22).  Senate.gov, "Roll Call Vote 117th Congress - 2nd Session" (August 7, 2022, accessed 8/13/22).  Government Accountability Office, "Trends of IRS Audit Rates and Results for Individual Taxpayers by Income" (May 2022, accessed 8/13/22).