Mauricio's retirement account allows him to delay paying taxes on contributions until he withdraws the money at retirement. Which statement describes Mauricio's contributions?
A.
The contributions are tax exempt because they will be taxed at a minimal rate.
B.
The contributions are tax deferred because they will be taxed at a minimal rate.
C.
The contributions are tax exempt because they will be taxed in the future.
D.
The contributions are tax deferred because they will be taxed in the future.
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