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Three Possible Tax Impacts for Retirees Under Trump

The article from MSN discusses potential tax changes for retirees if Donald Trump were to win the 2024 presidential election. It outlines three key areas where tax policies might shift: 1) Tax Rates: Trump has previously advocated for lower tax rates, which could mean a reduction in income tax brackets, potentially benefiting retirees by reducing their tax liability on retirement income. 2) Retirement Account Contributions: There might be changes to how much individuals can contribute to retirement accounts like IRAs or 401(k)s, possibly increasing limits or altering the tax treatment of these contributions. 3) Estate and Gift Taxes: Trump's past policies suggest a potential increase in the estate tax exemption or even its elimination, which would significantly impact estate planning for retirees. However, these changes are speculative and would depend on legislative approval, economic conditions, and other political factors.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/politics/government/three-possible-tax-impacts-for-retirees-under-trump/ar-AA1vJEpp ]