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In this week’s Hidden Wealth Reviews, I teach that we have gone from the debt ceiling to the tax roof! In order to reach the debt ceiling compromise with Republicans, the Biden administration has abandoned its tax push until 2025. Although the Democrats made some hefty concessions in order to seal the deal, the big win for the left is going to be the higher taxes that are coming.
One of the reasons for this is the Democrats’ aggressive spending. This is contributing to the tax gap, the difference between the amount of taxes owed and the taxes that are actually collected. The tax gap has jumped considerably, from $441 billion per year between 2011 and 2013 to $584 billion in 2019.
Over the next decade, the tax gap is estimated to hit $7 trillion! The only way to control the tax gap is to either cut spending or raise taxes. The obvious choice for this no-end-in-sight spending administration is to aggressively raise taxes. The originally proposed tax increases will be an even higher priority now because of the delayed tax increases that were negotiated out of the debt ceiling compromise.
Tax experts predict that lawmakers will be forced to agree on a major tax revamp. “Things are getting set up for a big fiscal cliff in 2025. That’s the next opportunity for major tax changes,” said William McBride, Vice President of Federal Tax Policy for the Tax Foundation, a conservative think tank in Washington.
On top of the tax gap, the Congressional Budget Office announced that the U.S. is on track to add nearly $19 trillion to its national debt over the next decade. That’s $3 trillion more than previously forecast. This increase is the result of rising costs for interest payments, veterans’ health care, retiree benefits and the military.
The writing is on the wall when it comes to higher taxes. The ever increasing tax gap is going to be filled by ever increasing taxes, right up to the roof! Right now, there’s an opportunity to learn how to protect yourself and your retirement savings from increasing taxes. You do this by removing yourself from the tax system right now, during the best window of opportunity. Such a window may never come again. I’ll be teaching how you can do this at Tuesday’s Wealth Protection Webinar.
The time to act to save a lifetime of higher taxes is now, before tax rates go up and tax deductions go down. The Biden administration is giving these concessions now to get the debt ceiling deal, knowing that they will be coming for more tax from us later. That’s why I say, it’s never too early and it’s never too late to get a head start on being tax smart.
Major changes to the tax code are now seen as largely off the table until the end of 2025, when the Tax Cuts and Jobs Act’s (TCJA) individual tax cuts expire. Learn how to control the things you can control by registering for this Tuesday’s Wealth Protection Webinar. The time to control taxes is before they start to control you.
Click Here to learn the tax impact of the debt ceiling increase, how one couple learned to remove unnecessary taxes and why now is the time to discover how to create your own private reserve wealth protection strategy.
The debt ceiling deal is just a temporary reprieve, a time out before the tax roof gets raised. Learn how you can be a low-tax or a no-tax retiree.
Last week, we met with a couple in their early eighties. The reached out to us, concerned that their Required Minimum Distributions (RMDs) were causing them to pay significantly more taxes. A major concern of theirs was not leaving a tax burden for their children and grandchildren. We showed them unique solutions to remove unnecessary taxes from their retirement. They now have their own wealth tax protection strategy. Let me teach you what they learned.
The debt ceiling is one thing, raising the tax roof is another. Act now while tax rates are down, deductions are up, before IRA account values have rebounded and before the tax roof gets raised.
LEARN MORE ABOUT THE DEBT CEILING & TAX ROOF!
You work hard for your money. Learn how to control taxes now, before they control you! This Tuesday, I will teach you how to create your own private reserve wealth protection strategy. Register now for Tuesday’s Wealth Protection Webinar and learn proven solutions with track records of measurable success.
To register for Tuesday’s no-cost, no-obligation event, simply 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!
Strong savers in 401(k)s and IRAs and high income earner are the people who will benefit the most from our proven solutions. Proven solutions with a track record of measurable results. Imagine less stress, less worry. Peace of mind retirement protection.
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
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!