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biden tax grab
In this week’s Hidden Wealth Review, I teach about the so called “tax gap.” The tax gap has quickly turned into Biden’s tax grab. It’s time to get serious about taxes because what I’m about to teach you is going to shock many Baby Boomers and retirees.
What the IRS commissioners are calling the tax gap is the desire for the Biden spending spree to include $80 billion in funding that will come from you and I, the taxpayers. They are looking for funding to build up the IRS to push for a more “fair tax.” The goal is to drive more tax revenue by finding and taking more tax dollars.
The problem with this approach is that, when you take more tax dollars from people, it prevents them from creating economic stimulation, since they no longer have that money to spend on goods and services. This ultimately means that companies will look at eliminating employees or restricting wage growth. This prevents our economy from getting back on track, which it desperately needs to do.
Clients this week shared concerned comments that ranged from “scared to death over taxes” to overly concerned how taxes will impact their ability to sustain their retirement lifestyle. Rick and Martha, from Florida, ages 70 and 68 shared, “We are in a position where we have money in a portfolio and cash. We are concerned about the market and tax load we’re carrying.”
Wall Street is panicking, worried that Biden’s tax hikes will be retroactive. The White House won’t rule out a retroactive implementation of its sweeping new tax plan. The Biden administration could stick taxpayers with jacked-up rates on transactions dating back to January 1 (instead of imposing them beginning next year) and push a bold series of tax hikes on companies and the rich.
As taxes increase, corporations raise their prices to cover the increased costs. Warren Buffet is quoted as saying, “We’re raising our prices. Others are raising their prices to us and everyone seems to be fine with it.” It’s no longer about focusing on unemployment numbers, it’s about focusing on the inflation numbers.
Rising corporate tax rates along with runaway inflation will only make matters worse. This past week’s two day, 1,000 point nose dive proves that the fear of inflation is real. Inflation means that corporations will have no choice but to raise prices, reduce spending and hiring and ultimately, become less profitable. Less profitable companies impact Baby Boomers and retirees’ accounts due to lower returns, higher inflation and increased taxes.
How Do I Protect My Retirement From The Biden Tax Grab?
Recently, a tax attorney shared “What the best and brightest minds do is to sit around and figure out how not to pay unnecessary taxes.” Learn how to remove unnecessary taxes from your retirement.
To learn how, simply register and attend my Retirement Reinvented Webinar, being held this coming Tuesday. To register for this 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.
Let me teach you proven techniques using strategies that allow you to employ a tax deduction that completely offsets the taxes on a Roth conversion. This same technique can be used to reduce or eliminate the capital gains taxes from selling an appreciated asset, such as a business or real estate.
You’ve worked hard for your money. If you’re in the Biden tax target bull’s eye, the time to prevent yourself from being annihilated by taxes is in 2021. While taxes are at the top of your mind, learn how to leave them behind.
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!