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biden’s tax hike
In this week’s Hidden Wealth Review, reality is now setting in with America being bamboozled by Joe Biden, who is transforming our country, having already spent $6 trillion that’s being paid for from our tax dollars. Biden’s spend and tax initiative is just getting started with $6 trillion in proposed spending in just his first 90 days in office. If you’re a Baby Boomer or retiree who’s trying to get to or better through retirement, it’s not too late to get a head start on getting tax smart.
Here are the first three bills that amount to $6 trillion:
- The American Rescue Plan (Coronavirus Relief) – $1.9 trillion
- The American Jobs Plan (Infrastructure) – $2.3 trillion
- The American Families Plan (Education and Child Care) – $1.8 trillion
The names of these bills are very amusing. When taken at face value, it seems that they are doing these things for us. Senator Tim Scott, of South Carolina, has called them, “Washington schemes” and “socialist dreams.”
Joe Biden wants Congress to raise taxes on wealthy Americans for the first time in almost ten years to help pay for his ambitious $1.8 trillion plan to provide relief to families and reshape the U.S. economy. He would nearly double the capital gains tax to 39.6% for people earning more than $1 million a year. The current rate is 20%
Biden also wants to raise the top marginal income tax rate from the current 37% to 39.5%. The current rate has been in effect since the 2017 Tax Cuts and Jobs Act (TCJA). Biden’s proposal will restore the tax rate to the level it was at before the TCJA. These proposals mark the first comprehensive tax increase on Americans since 2013, when then-President Barack Obama allowed previous tax cuts for the wealthy to expire.
A virtual smorgasbord of tax hikes is central to Biden’s plans. Democrats don’t simply want to soak the rich, they also are targeting the middle class and job creators who are driving the current recovery. Their proposals include raising the top individual tax rate to target some Americans earning $200,000 per year, even though Joe Biden repeatedly promised that the tax increase would not affect anyone making less than $400,000.
The Biden administration also proposes giving the Internal Revenue Service additional resources and authority over the next 10 years so that it can crack down on tax evasion by wealthy taxpayers, large corporations, businesses and estates. The administration estimates stepping up tax code enforcement would bring in $700 billion over the next decade.
A word of warning, Joe Biden has said that the American Jobs Plan is the biggest jobs bill since World War II. Interestingly, the highest federal tax rate in U.S. history was the result of all of the spending for the Second World War. The highest tax rate in 1944 was 94%! There can be no doubt that taxes are headed straight up, in a hurry. I want to teach you how you can insulate your retirement savings from risk, earn more return and even eliminate market risk so that you’re in the best position possible when the shoe drops once all of the dust from all these tax hikes settles.
How do I avoid being a target of Biden’s tax hike?
You’ve worked hard for your money. Avoid losing it to the Washington schemes to fund socialist dreams. This is particularly important if you’re someone who is facing a major capital gain this year, being forced to take large, required IRA distributions or if you are a high income earner. If you’ve worked hard and saved hard, learn how you can remove the Biden tax target bull’s eye off your back.
Imagine, less tax, 50% or higher spendable income, eliminating the higher taxes coming for your income and learning what you can do to get Uncle Sam out of your family’s inheritance. Protect yourself from schemes to fund socialist dreams by protecting yourself from higher unnecessary taxes. Learn how to get your tax protection done in 2021!
This coming Tuesday, at my Retirement Reinvented Webinar, I will be teaching proven solutions with track records of measurable results. This no-cost, no-obligation, log and and learn event will teach you how to avoid these Washington schemes.
Let me teach you how you can save an enormous amount of tax. To register for Tuesday’s no-cost, no-obligation, log on and learn event, follow these four simple steps:
- Go to www.RetirementProtected.com (or scroll down to the form below).
- Select the webinar date/time you prefer.
- Enter your information thoroughly – make sure to double check your email address.
- Click “Reserve My Spot!” to submit, that’s it!
Once you’ve registered, you’ll receive an email containing a personal access link to join Tuesday’s event. Don’t forget to add it to your calendar!
Joe Biden’s tax plans are targeting high income earners, those with large capital gains as well as those with estates valued over $3.5 million. We find those higher income earners of $200,000 or more or those who have saved $1 million or more benefit the most from our proven solutions with a track record of measurable results.
Register for your preferred webinar time now because these events have proven to fill up fast.
Those who attend this event will receive a complimentary copy of my latest eBook:
The Baby Boomer Retirement Breakthrough-The Unfair Advantage to a Safe and Secure Retirement.
Spouses and Significant Others are Encouraged to Attend This Event Together
Note: We serve Boomers and Retirees all over the Unites States. We have an efficient, supported process to meet online, as have been doing for over 20 years. Our online meetings are private, the access is restricted and we never share our meeting link with anyone who’s not a part of the meeting.
Wealth Strategist | Best-Selling Author
We help Baby Boomers and Retirees thrive in retirement through a clear retirement road map that provides market correction and tax protection to optimize income and assets!