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biden tax hikes
In this week’s Hidden Wealth Review, I teach about Washington’s War on our wealth and the most recent changes to taxation. Washington’s tax-hungry politicians are gunning for higher taxes in a lot of different ways!
Just last week, Senate Finance Committee Chairman, Ron Wyden (D-Oregon), announced that they are looking for ways to tax Roth IRAs! In 1997, it was promised that Roth IRAs would be tax-free from that day forward. That promise is now under attack. This is simply the latest in a string of tax attacks:
- Capital Gains
- Step Up In Basis
- Inheritance Tax
- Federal Income Tax
- State Income Tax (where applicable)
Don’t buy the Biden higher tax lie that only those earning over $400,000 a year will see a tax increase.
I read a recent article in Motley Fool on why the wealthy don’t pay taxes. It’s because the wealthy and the ultra wealthy have a better plan and better advice as to the strategies that are legally allowed by our tax code.
When you can’t access the wealth of the top tier, you just move down to the next income level. Hence, the attack on Roth IRAs, which have long been a tax haven for the middle class. The genesis of this attack is the recent revelation that PayPal co-founder, Peter Thiel, has amassed $5 billion in a tax-free Roth IRA account.
Curt and Sandy are our clients from Arizona. Curt is 72 and Sandy is 71. They have two children and three grandchildren. They are concerned about the direction of the economy. They were so concerned that they had even considered moving to another country! Like most Baby Boomers and retirees, they had saved the bulk of their retirement in tax-deferred IRAs and 401(k)s.
Between them, they had saved about $1 million in IRAs. But, they didn’t really need the income from their IRA savings. Despite not needing the money, their Required Minimum Distributions (RMDs) have already started pushing them into paying higher taxes. Their first time RMD triggered tax on 85% of their Social Security income and threatened to create higher Medicare Parts B and D premiums.
Their main goals were to cut back on taxes, secure their portfolio and to avoid creating a tax burden for their children and grandchildren. We taught them a little-known tax strategy that allowed them to convert all $1 million from their traditional IRAs to Roth IRAs, with zero out-of-pocket tax! They also learned how to totally eliminate their RMDs and get Uncle Sam out of their children’s and grandchildren’s inheritance.
They increased their net returns by 4% and lowered their portfolio risk. They also removed capital gains tax risk from their financial equation. They did this by using proprietary funds that are exclusive to our firm. These funds have a locked in, 8% return and shared appreciation for a total return of 20%!
How Do I Protect My Retirement From The Biden Tax Hikes?
This Tuesday, I’ll be teaching these strategies at my Wealth Protection and Preservation Webinar. I’ll teach you how to use the government’s tax code initiatives to cover the tax on a Roth conversion. Discover how to keep your Social Security from being taxed and your Medicare premiums from being unnecessarily increased. I will also teach you how to avoid being pushed into a higher marginal tax bracket.
Imagine, zero tax, zero RMDs and zero inheritance tax! You’ve worked hard for your money. Let’s get to work protecting it from Washington’s War on Wealth.
Take the first step to protecting yourself and your savings from the War on Wealth by simply registering for my no-cost, no-obligation, log on and learn financial educational event. To register, 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!
Imagine, more financial success, less stress, less worry and less tax! These are the things that you can control. The time to get them done done is in 2021.
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!