The TAX Train IS Coming!
Facts:
- Our National Debt is approaching $30 Trillion.
(Check it out yourself…. usdebtclock.org)
- President Biden proposes a fix to this problem by raising taxes on those
making more than $400 thousand per year (the top 1%)
- The Committee for a Responsible Federal Budget (a non-partisan public
Organization) recently released a report that stated tax rates would have to raise to 103% (not possible) on the top 1% just to stop the increase of the national debt.
- Maya MacGuineas, President of the committee went on to say that since a 103% increase is impossible all Americans would have to realize a
Significant increase in their marginal tax rate.
- Note: Historically when tax rates go up, they tend to go up for everyone
i.e…. In 1960 the highest marginal tax rate was 89% with the lowest being 22%.
Conclusion:
The fix will have to be Draconian!!
Action to Take:
- With $30 T sitting in 401(k)s and IRAs, these accounts are in the crosshairs of the US. Government to solve their tax dilemma.
- Let us help you establish a plan to move your qualified accounts to “tax – free” accounts while tax rates are still historically low!
- Call (724-349-5775) or e-mail (rleasure@secureyournestegg.com) to schedule a no-obligation assessment of your present situation.
Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Premier Financial Associates and BCM are independent of each other. Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents.