It’s important to educate yourself on the truth about taxes and avoid falling for the most common myths, which we debunk thoroughly.
In this episode, Zacc Call and Laura Hadley discuss the most common tax myths people fall for which includes the discussion of mortgages, estate tax, and gifting funds. The aim is to help you better understand the truth behind these rumors so you can avoid problems with the IRS.
Zacc and Laura discuss:
[00:00:00] Welcome to The Financial Call. We are financial advisors on a mission to guide you through the financial planning everyone should have, whether you're doing it yourself or working with a financial advisor. These episodes will help you break down complicated financial topics into practical, actionable steps. Our mission is to guide motivated people to become financially successful. Welcome to The Financial Call. We're excited you're here. This is the last episode within. The tax season of the Guided Path, so it's episode six of season four. As a reminder, if you're new to the Guided Path, we built an eight season, what do you call it? Program called the Guided Path. If you start with season one and work your way through, you'll get a very well-rounded education around most all things financial that you would need to know to be successful personally with your own finances. And then you also have the opportunity to pick a particular season because each season starts with basic and works its way to
[00:01:00] complex. And then we just throw in a few extra things. And so today we're wrapping up the tax season with common tax myths. So the first part of the season talked about the basics around how your taxes are calculated. Things like Roth and traditional decisions, non-retirement investments are taxed retiree tax strategies, and then taxes on things like stock options, restricted stock awards, employee stock plans. And then finally, we're now talking today about common tax myths. I really love this guided Path series, but I think more people need to hear about it. I don't know how to, because we have real jobs and this really isn't our thing to market this true. So if you are listening to this, please, please share it with people you know. I think so many people could benefit from it. The reason we built this is because we do not believe that there are good resources out there to talk in real terms that real people can understand about finances. And too
[00:02:00] many people are left without a comprehensive knowledge of the many different categories of financial information that they need to wrap their heads around. We don't think you need to be a financial advisor to be successful. You just need to have some familiarity. And a little bit of the terms understood in order to be successful. So we can get you there and we can get your friends there. It would be nice. We would love it if you would leave us a review. Here I am shamelessly asking, but I'm asking for you people. I'm, because we do not make money on this. In fact, we lose money on the podcast. True. We don't. We don't have any sponsors. We don't have any reason that we don't make money on this thing. Laura and I do it just for the love of it, but please help your friends and other people know about it. It still blows my mind that everybody is required to pay taxes and file taxes, but they do not teach it in high school in most college courses unless you're a finance major. So it's just basic information that everyone should know, your 401k, whether you should be
[00:03:00] contributing Roth contributions to your 401K or traditional, it's just everyday knowledge that's so important and it's really not out there. Right? Like my ideal retirement gig would be to go to high school. Teach a morning class, finances, taxes, whatever it may be, and then go mountain biking in the middle of the day when the trails are empty and then hang out and go to dinner with my wife. Like just rinse and repeat over and over and over again. Yeah. Anyway, that would be fun. So today, common tax myths, and we're gonna go through, we've listed out, this is not all of them, but these are the ones that we hear the most often. And we're gonna go through those and just talk very openly about it. If you have heard of other myths or if you have other questions, send us an email or do we have info? Capita mail.com is probably the best way to go, email@example.com. We'd love to hear. Other questions you guys have are other myths you've heard. Okay. Number one, it is good to keep a home loan for a tax deduction.
[00:04:00] I get that often where they're like, well, should I pay off my home or should I not? I mean, there's the tax deduction. I wanna keep the tax deduction. Mm-hmm. So maybe I'll just keep the mortgage. Now, there are other considerations on the whole concept of should you pay off your loan or should you keep a loan? And that has more to do with cash flow and how much money you can make. On the money that you would've used to pay off the home, right? Mm-hmm. That's a little bit of a risk tolerance question. And maybe the tax deduction factors into that ever so slightly. But if that's the only thing you're thinking about, let's just talk about this for a minute here. If you pay, let's say you pay a thousand dollars a month in a mortgage, we wish, well for first time buyers, right now, they're wishing that they're wishing it was that dollar. I know that's right, Laura, that's probably not very, what's the word? Empathetic to my mortgage is not a thousand dollars a month. I'm just talking to a lot of retirees. Who have had their mortgages for 25 years and they are paying like a thousand dollars a month. Laura is a new home buyer and
[00:05:00] a new home builder. Yep, that's right you guys. And literally Laura is building her own home even while she was pregnant, like getting it done, which is awesome. But okay, is keeping a mortgage good for a tax benefit? If you have a $12,000 a year payment, and let's say half of that is interest, and half of that is principle paying down, you do not get to deduct the principle portion that you pay down. You only get to deduct the mortgage interest, right? So you get $6,000 that you get to throw into a deduction if you listen to previous episodes in this season. You know that itemized deductions get added up, and if the sum of your itemized deductions exceed the standard deduction, then you use your itemized deductions to reduce your income. Otherwise, the government just says, Hey, forget all those itemized deductions. Just take a standard number here, and it's gonna be around 24 to $28,000, depending on filing status for a couple, for example.
[00:06:00] Okay, so for that much interest, there's a really good chance they're not even itemizing. So there really is no tax benefit to their mortgage interest if you have a much larger mortgage, which we're starting to see those in the four and $5,000 range for homes. It's just mind blowing that a lot of the homes I looked at last night, cause my son plays, this is a side story, sorry, it won't go too far, but my son plays on a soccer team that practices up in Morgan, which is forever away. Oh wow. Yeah. Anyway, it's a long story for another day, but we're letting it go. Play on two teams to get him a little bit more competition and, and the second team is up in Morgan. So last night I drove up to Morgan for practice and so I just sat there and waited cause it's not worth coming back and forth. So I was looking at real estate in the area and even up in Morgan homes that are two to 4,000 square feet were almost a million dollars. I could not believe it. So that is a mortgage for most people that ends up being around 4,000 plus a month. So even if you have that high of a mortgage,
[00:07:00] You probably are paying a decent amount of mortgage interest. Maybe it's $12,000 to 15 to $25,000 of mortgage interest. And in that case, maybe you are itemizing with your other deductions. But remember, you're paying $50,000 in the mortgage, right, to get to reduce your income by a certain amount, and then that is only saving you your tax rate on that amount. So let's say you're able to reduce your income. $10,000 and your tax rate is 12% or 22%, well, you're only saving 1200 $2,200 for all of that mortgage. So be careful to not assume, you know, you don't wanna assume that that mortgage is more beneficial than it is to you from a tax standpoint. Yeah. Bottom line, it's nice to have that tax deduction, but probably not worth just keeping the mortgage for it. Right. Right. Now, if you're on the edge, thinking about other considerations, You know, I'm a pretty high risk tolerant individual. I tend to actually invest my
[00:08:00] extra cash. I don't just spend my extra cash. I, you know, those types of things. And you invest in high growth assets, and you might be able to earn five to 15% on those. Then, yeah, at that point you should be thinking about that balance of paying off your mortgage or actually investing and then maybe the mortgage interest tips the scale one way or another. But it should be like one of the final things you look at and a minor benefit. It's definitely not the main reason to keep a home loan. And some people wonder, should I take money out of my 401k or my pension lump sum to pay off the home? But what they're not considering, All of those dollars are usually taxable to 'em, and so they'll end up paying a lot more in taxes just to pay off the house. So there are a lot of considerations with paying off the home. I think it's very individualized. Right, right. Okay. So the next one is you can only give away $15,000 tax free. We hear this all the time. And this number, we actually said 15,000, but I think it's 17 now. 17? Yep. 17,000.
[00:09:00] Tax free in 2020. Okay, so this is a number that is created due to estate taxes. The important thing to understand is the difference between the different types of taxes. There's income tax, Capital gain tax, estate tax, estate tax, and death tax. Same thing. And we're gonna have a lot of conversations in the next season about estate taxes and estate planning. But first thing to understand is very few people will ever have to even be concerned at all about estate taxes because it's 12.92 million. If you have 12.92 million per person, then you have to start worrying about estate taxes, right? So double it for a couple, right? I mean 25, 26 million. If you and your spouse have over $26 million and then you pass away without having done very much in terms of estate planning, you may have to pay a tax on the portion over that
[00:10:00] $26 million. So for most people, this is not an important thing, but they see this online and they think, okay, I can give away 15,000. Tax free. I was like, yeah, you can give away $15,000. The rule is you can give away $15,000. Without it being considered part of your lifetime gifting amount. So your lifetime gifting amount, it's called an exclusion or a credit, but the bottom line is this is how much money you can give throughout your lifetime, which is the figure that, alright, was it 12.9? You said? 12.92. 12.92. So you can give away 12.92 million people who have that much money. Usually give away. I keep saying 15, but $17,000. Usually they give away $17,000 to their kids every single year because they don't have to include that as part of their 12.92 million. Basically, the government doesn't want you to give away your entire state before you die to avoid these estate taxes. So they're
[00:11:00] counting up how much you're giving away and counting it towards this exclusion amount of 12.92 million. But they're saying, well, if it's 17,000 or less, we're not really gonna worry. It's not gonna be added towards that total to get you to 12.92 million. And then this just is very gray. This area is so, so gray because, for example, when a parent buys their kid a car that costs $30,000, technically maybe they should be like putting that on their estate tax return, showing that they used $13,000 worth of their exemption, cause. $13,000 over the 17 for that year. No one does that. And at what point does a kid like being no longer considered part of your household, right? Yeah. Because I spend more than You're not just supporting them. Yeah. I spend more than 17 a year on my kids for everything, you know, for life. I wish it was only 17 a year per kid. But anyway, so at some point though, that's considered a gift. I guess. I mean it, it's super gray. You know, you've heard the stories of people who give a down payment for a home of a hundred
[00:12:00] thousand dollars. Yeah. Technically, they're supposed to report that as a portion of their exclusion or a portion of their lifetime giving, and most people just don't do that. But that's the rule. The 17,000 mark is a number that's important. Now, the next myth. Comes from this same rule. People think that because there's a $17,000 line that they can give $17,000 to their kids and somehow not have to show that as income. What they're doing there is they're getting confused between the two types of taxes, estate or death. Taxes versus income taxes. You can give away $17,000. Without reporting it as part of your lifetime giving, but that doesn't help you on income tax at all. It just gets it out of your estate for the possible estate tax later. Yeah. And you might think, well, you know, on my itemized deduction, if I give to a charity, I can. Deducted on my taxes. If your kid is not a 5 0 1 qualified charity, it doesn't count. We have people
[00:13:00] ask that, you know, time, do you get the charitable time? Well, to my kids, does that count? And unfortunately not most of the time, one of my favorite clients always says, I am my favorite charity. But he can't. So whenever I ask him if he's doing any charitable giving, he's like, every day I, my favorite charity. Funny. But anyway, you get it. This $17,000 number is completely related to estate taxes, and the two big confusion points around it are one, that it somehow will help you on income taxes, which it doesn't, and two, that that's an upper limit that you can't give any more than that, which you can. It just needs to be reported as part of your lifetime giving, which most people will never touch. And then the last part about that is that this is so loosey-goosey that nobody really follows this that closely unless they are likely to get audited because they have 50 million or something like that. And that number, that 12.92 million could change in the future? It does. It could go down, yeah. Back in, gosh, I can't remember, I think it was 2012 or
[00:14:00] 13, it was scheduled to go down to 1 million, and at the time it was five. And I had several clients who. Over that amount. It was scheduled to go down to one from five, and they did some very, I would maybe even consider it, hasty estate planning hurried and moved a bunch of money into trusts that only their kids couldn't control that they had no control over, but it was their money and the money was still for the benefit of the parents, but the kids were the trustees. And that's the sneak preview to next season. That's true. Okay. That's a good point. So, Basically they gave up some control. The bottom line is they gave up some control. They did this very fast, and then the government came in and pushed the exemptions way up and indexed them for inflation. So they actually go up every year. So it didn't affect them anymore. It didn't affect them anymore. But then they had made these irrevocable decisions, and I think there was some capability to reverse some of it. But that's a little iffy and a little bit risky because how is it irrevocable if it was reversible, you know? Yeah, yeah. Anyway, Let's go on. Okay. We've
[00:15:00] busted three so far. Have you ever watched the show MythBusters on tv? It's what I feel like we're doing today. It does feel like it. I have to admit I didn't watch that show. Oh, it was one of my favorite things. It was really, it's a good one. Yep. Okay. That might be a slight age difference between us, but, but anyway. Okay. All right, next one. This is a calm one that we hear that your Roth leaves you more spendable money because you're paying tax on a lower balance, which if you think. You can see where their reasoning is coming from. Totally. You know, I'm putting $5,000 in. I'd rather pay the taxes on that amount, and then it's gonna grow and be worth $30,000 later. I don't wanna pay taxes on it. Then if you go back to our Roth versus traditional episode, we talk all about this. We run the math. If your tax rate is the same. Now when you're paying, when you're putting into the Roth, as it would be in retirement, when you pay taxes on traditional funds, it does not matter. The math works out the same. You have the same spendable assets if the tax rate is the same. However, if your tax rate is lower now, then it's gonna be in retirement, then
[00:16:00] Yes, it does make sense to do Roth funds. Hold on, if the tax rate lower now, now, Yes, that we'll be in retirement. We're choosing to pay the taxes now, and it's at a lower break minute. Just to follow you, Laura. I'm glad. I'm glad I'm, I'm glad. We wanna pay the taxes at a lower time, so if they're lower now, let's pay the taxes now and do Roth. If your taxes are actually gonna be lower in retirement, let's wait and pay the taxes then. So that means traditional, traditional, you get the tax break now and then pay taxes as you take it out later. Pre-tax. Yep. You got it. So I understand people's confusion around this because I was at a presentation. A professional in our industry who works for a large financial institution, and I'm being super vague not to like, cause I'm gonna say something slightly, you know, negative about the situation, but a professional in the industry teaching financial advisors about different solutions available. And his main conversation point was he takes a $5 bill, a $10 bill, and a $20 bill, and sets them on the table and tells the client, which one of
[00:17:00] Do you want to pay taxes? And the client will always point to the $5 bill, right. The problem is that paying taxes on the five reduces it enough that the growth doesn't turn into 10. It turns into a smaller number. Right. And the math is just like Laura said, but the point I'm trying to make is, Don't let people and, and this tends to be a product sales pitch where you're getting sold a particular product of tax-free income forever or something like that. And don't let them convince you that paying taxes on the smaller dollar amount is always better because it's not always the case. I mean that we can show you later if you'd like the math on that, but that's a common myth. And I think for the sake of time, we've already covered that in a previous episode. Right. Okay. And then, The next one is your highest tax bracket is applied to all of your income. We hear this all the time, like, oh man, I do not want to go over that line. If I go over that line, then I'll be in the
[00:18:00] 22% tax bracket, and that will be awful to have to pay 22% on all of my income. It just doesn't work like that. You will pay taxes on just the portion that goes over that line. So if you are actually playing with the 22% tax bracket just below, that's 12%. That's the biggest jump that exists in any of the bracket increases. For a couple, I don't keep these numbers perfect, but for a couple, that's like one 70 ish, right? And then for a single person it's about 85 ish. So if your taxable income, that's income minus deductions, works out to be about that much, then you actually have an opportunity. Where you could fill up the 12% tax bracket with Roth conversions, with maybe some Capital gains, which could be taxed at zero. There's a lot of opportunity there and not touching if you just completely avoid the next bracket. You actually left some opportunity on the table. And so think about it that way, like
[00:19:00] you actually do want to hit the next bracket ever so slightly in some cases. Now, others like how much you pay in Medicare, you touch that line and you pay more. So I think it's confusing. Just keep in mind when you're talking about tax brackets and percentages, It's just the little portion that goes over when you're talking about anything related to healthcare. It's not like the Affordable Care Act, the Medicare payments, I mean those. As soon as you cross over, you get hit with the higher rates. And there are others like phase outs around contributing to IRAs and Roths, and child tax credits and education credits. All of those are lines that basically, most of them are lines when you hit 'em, they're a problem. The one that's not, and I think this is why it's confusing, because the one that's not is your regular income rate. Anything else on that one? No, I don't think so. It's nice to see the relief on people's faces when you tell 'em, don't worry, you're still paying the 10% and the 12% on those first dollars you made. You're just paying the
[00:20:00] 22% on the next dollar. And they go, oh, thank goodness. Right? Yeah. Right. So that's a common one. Okay, next myth that we have here, the rich are paying very little tax. This one's dicey. This one is politically infused here, and so hopefully, We can explain the math without taking it aside. The rich oftentimes have businesses and are able to deduct a bunch of expenses, and so their tax rate might actually be lower because of that, or they might get certain tax breaks. And it's super confusing cuz you hear things like Mitt Romney and Donald Trump paying single digit tax rates, which is frustrating because I can't figure out how they do that. Like, I mean, I kind of know, I know, but on what number? Like they're probably not paying that rate on the number that actually flows through to their tax returns. But if you can include all the pre deduction income, then potentially. But yeah, it's a little bit, it's a little bit frustrating. Most people that, you know, if you know somebody making a million to $2 million, which
[00:21:00] is actually really, really rare. That person is paying a good 37 to 43% in taxes, so they're paying almost half a third to half of that away in taxes. It's really the businesses that pass through income, and we have a whole season on business decisions, so we'll cover how that works later in a future season. But we're talking percentages so far. The reason this is a myth is because the highest income earners on a dollar basis pay most of the taxes. They may pay a lower percentage, but they pay most of the taxes, and that's a little bit confusing for people and I don't know how else to put it. I don't know if there's anything else to explain. Something. I just saw a chart on this before we jumped on here. The bottom 50% of a G i earners are paying 2.9% of the income taxes of total taxes. Uh Huh. There you go. So the top half, the people who make the top half of the income are paying 97% of the taxes. Mm-hmm. Top
[00:22:00] 1% are paying 40%. Yeah, and I, and so not trying to defend anyone here or, or take aside in any direction. I think we all have our political leanings, but be aware that, that the top people pay a lot in taxes from a dollar standpoint, and that that can be, we talk to a lot of these people who make a lot of money and it can be really, really frustrating for them to the point where they just kind of throw their hands up in the air at a certain point and say, I'm not going to create any more jobs. I'm not gonna make any. I'm not gonna work any harder. I'm already slaving away and I, if I have to give more than half of it away for every dollar I earn, but take all the risk on the downside. If I lose money, I don't think I wanna do that anymore and, and that's not a super conducive environment to business growth. But at the same time, you do need tax money to help create the right infrastructure for businesses to succeed. So that's one of the reasons the businesses here in the US have succeeded so much more than outside the US is because of the infrastructure that the US has created and the rules-based system and all of that. Interesting. We talked about the rich, um,
[00:23:00] talked about that myth. What about middle America? So the next myth is that middle America gets a raw tax deal. So I think. There are a lot of people in middle America, and I think politicians do a really good job of appealing to the masses this way. With rhetoric, they do a really good job of exciting or animating people, and it's easier to do that. It's easier to do that by getting 'em upset, and so it's almost better to just say, Hey, you're getting a raw deal here. This is terrible. This is terrible. But the reality is we need to define middle America. So if you just define middle America, As someone making between a hundred thousand and $300,000 of income, a lot of those people, like I looked at a tax return of a friend just two days ago, making $130,000 a year. Deductions were around 40 or $50,000 a year. Their income tax total was less than $10,000. So their tax rate was less
[00:24:00] than 10%, quite a bit less than 10%, you know, 7, 8, 9. We see that all the time with what we would consider middle America retirees as well. This was a person earning money, but we see middle America retirees, especially because portions of social security are not taxed. We see them come in at single digit rates of taxes. So I think that for a lot of people, and, as you just showed it, Half of all people pay less than 3% of all taxes. So I think that this is a little bit of a tax myth. I'm dancing around this cause I don't wanna make anybody too upset cause if somebody really, really believes that they're getting a raw deal, that's their right. I think people who start making between. 350, 400 up to about 700 start to really get hit pretty hard. A lot of Biden's policies recently have been targeted at 400,000, so a lot of the phase outs and benefits and, and things go away at about $400,000. Think about the child tax credit. You lose that at about 400 and to four 50.
[00:25:00] So I think that people in that range are starting to get a raw deal. But I think most people, if you said, what's middle America? They're not saying, oh, people who make a half a million dollars a year, most people would say those people are crazy wealthy. Right? But I think most people are thinking a hundred to 200. And the math shows that they have a pretty decent tax rate. Yeah, in talking about tax rates in general, our next myth is that tax rates right now are really high. So Zacc and I were looking at historical averages of taxes, the highest marginal income tax rate. So right now it's 37% highest marginal income tax rate. Looking back in 1945, this was when World War II was ending, the highest marginal tax rate was 94. That is so demoralizing. Yeah. Yeah. That would be discouraging. You're only keeping Oh, for sure, 6%. Back in 1981, when Reagan became president, the highest tax rate was 69%. We've been in 40%, you know, the last couple decades. Right now they're actually
[00:26:00] is really low because of Trump's tax change. We talked about this in one of the previous episodes, but right now the normal 15% tax brackets, right now, the 12%, the 25 is now the 22. The 28 is now the 24, so tax rates are lower. That tax law change is actually scheduled to sunset in 2026. So the 12% will go back to being the 15%, the 22 back to the 25, 24 to 28. So we're actually at historical lows with tax. Right. And if you look at the 37% tax bracket for a couple, it starts at $693,000. That's a lot of income before you hit the highest tax bracket. So you can make, so you're still in the 24% tax bracket all the way up to $364,000. So once again, that's, and these are numbers for couples divided by about. For most numbers for singles, so for someone who's
[00:27:00] an individual, and it's not exactly two, so an individual. In the 24% tax bracket is 182,000, and then the 37% tax bracket is 578,000. So once again, most people would think 578 to $700,000. That's a lot of money before you even touch the highest tax bracket. And on top of that, the highest tax bracket is. Than it has been in the past. I, of all people, hate paying taxes more than, I mean, I hate it. I hate, I love the passion behind that hate, hate it more with a passion. So don't take this the wrong way. I'm not trying to tell you all you should be happy as you're currently writing your checks as we're recording this just before. Everything. Is the tax due? The tax deadline? Yeah. It's April 11th today. But anyway, I hate it, but understand that it's better right now than it has been in the past, and I think it's better right now than it will be in the future. For periods of time in
[00:28:00] 2026, Trump era tax cuts are ending and we should be back at those rates that Laura mentioned unless Congress does something to extend this current system or, or make changes to it. So that gives you an idea. Let's go back to our list. I think we got 'em. All right. I think there's one more. Taxes in retirement are going to destroy your retirement plan. We get this a lot because of our local marketing. So here in Utah there are some companies that just hit this hard on the radio and it must work because they keep doing it right. It must draw people in. And it does because people come to us with those questions and fears, you know? Thank you company for marketing for us. Right? That's true. No, but I do think people come with that question of, hey, and I've even seen the mailers. You're gonna pay over 70% of your IRA away in taxes. That's really, really difficult to accomplish mathematically. Didn't we try to figure out how you could pay that? And it's possible, but pretty great. Okay, so let's, we've already covered it. So you'd have to be in the
[00:29:00] highest tax bracket and pay 37% federal. Here in Utah, it's a 5% flat tax rate in the state, so we're now up to what, 42%. Then of what's left, which is 58% of what's left, you would need to be receiving over 25, 20 6 million so that the estate tax then kicks in of around 40, 50%. So then you'd pay half of that away. Now finally, we're getting a number that's like remotely close to 70% of your IRA. So in other words, if you have over 26 million and your kid and their spouse are making over $700,000 a year, you're probably right. You know, you do have to worry about paying 70% of your IRA away in taxes, but that's only if you do very, very little financial planning. There are so many things that could be done there to try to avoid that or reduce that. Anyway, you get the idea, give a bunch of ways to charity, do a bunch of things like that.
[00:30:00] Bottom line is that most people get scared to death, but their tax rates go down in retirement. Almost always. It's not perfect, but almost always people pay less in taxes in retirement than they did while they're working. It's just more painful cuz they see it. Whereas at work, they didn't see it cause it gets pulled out of their paycheck. And then when they do their taxes, oftentimes they get a tax. And so they're like, wow, this is great. And it's like, well, kind of, it was your money that was set aside and then given back to you, you know? But they see it as they pull out of their ira, they see that tax portion go away right there and, and it can be painful. I think that's it. I think that's all of them. All right, that's the end of the tax season. We're gonna get into estate planning. We have some guests in the estate planning season. I think you're gonna love it. We're not going to go crazy detailed in terms of all the legal sides of it. We're gonna talk about where rubber hits the. How families can be protected in terms of saving relationships. What's the minimum you need to set up? What's the
[00:31:00] estate plan everyone should have? It'll be worth it, and thanks for listening. This podcast is intended for informational purposes only and is not a substitute for personal advice from Capita. This is not a recommendation. Or solicitation to buy or sell, any security past performance is not indicative or for future results, there can be no assurance that investment objectives will be achieved. Different types of investments involve varying degrees of risk, including the loss of money invested, therefore, It should not be assumed that future performance of any specific investment or investment strategy, including the investments or investment strategies recommended or proposed by
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