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Increase the Yield On Your Bank Deposits by 45% Those in a 31% tax bracket can increase the growth on their bank deposits by 45% with tax-deferred annuities. Here is how it works: If your bank account earns $1000 in annual interest income, shortly after year's end, you'll receive a 1099 for $1000 to report on your tax return. This means you'll owe Uncle Sam $310. That $310 equals 31% of what you earned, but it equals 45% of the amount you get to keep. By transferring your savings to an annuity, you eliminate the 1099 and get to keep that $310 in interest to compound tax-deferred. It's like borrowing from Uncle Sam at 0%. Other key differences between Bank CD's and Annuities are compared in the table below:
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