We help Baby Boomers and retirees thrive in retirement. The Democrat’s top tax target are those who are 50-80 years old and have saved at least $200,000 in tax-deferred accounts (401(k)s, IRAs, 403(b)s, etc.). These tax-deferred accounts are the biggest tax targets because they are the easiest money to get to in order to pay for all the unaffordable programs such as Bernie Sanders’ government controlled healthcare called Medicare for all. As the Democratic primary race heats up, more and more programs are being promised that require more and more in taxes. Now we have “Tax ‘Em Big” Bloomberg and “Give It All Away for Others to Pay” Socialistic Sanders who are calling for numerous new taxes.
The Trump Tax Cuts and Jobs Act will not last forever. The ability you have right now to untax and de-risk your retirement portfolio is vital. This is because we’re now facing what could be the most contentious presidential election in history. Right now may very well be the lowest tax rates we’ll see for years to come.
Bernie Sanders wants to spend $60 trillion over 10 years and he proved in this week’s debate that he can’t even explain how his plan can even pay for half of its actual cost. His own party’s presidential candidates have projected the amount would be more than what we already spend to run the federal government for that same amount of time. When it comes to the federal budget and the national deficit, we’re used to seeing really big numbers. However, most people are startled to learn what it takes to spend $1 trillion dollars.
Here’s what it takes to spend $1 trillion. If you spend a dollar every second, that would amount to $86,400 a day. Spending $86,400 a day equals $31.5 million a year. If you spend $31.5 million a year, it will take you over 32,000 years to spend $1 trillion! Think about from where the money to pay for this is going to come.
There’s a projection that we will see a value added tax (VAT), similar to what we now see in Europe. This tax would be somewhere between 20% and 40%. There’s also a proposed 8% increase in payroll taxes. The federal tax rate could go as high as 70%!
I think about a client we helped who fits the tax-targeted profile I mentioned earlier. We were able to show him that, by un-taxing his IRAs, he will save more than $1 million over the next 10 years! He’s able to do this by getting the IRS out of his IRAs and removing Uncle Sam from his children’s inheritance.
We recently met with a couple who had $410,000 in an IRA. Following the plan we mapped out for them, they will save at least $1.3 million in unnecessary taxes over the next 10 years. That’s assuming that tax rates don’t increase during that time.
You’ve worked hard for your money and we share in the frustration of seeing how overly taxed retirees are. Their tax burden will be even more in the future. Having a well-constructed wealth protection policy in place provides you and your family with real peace of mind. To get your wealth protection policy started, simply go to TaxesSaved.com and request your Saving Tax Optimization Plan (S.T.O.P.) Analysis. Don’t worry, there’s no sales pitch or that old worn out traditional Wall Street message.
When you request your Saving Tax Optimization Plan (S.T.O.P.) Analysis, you’ll receive our Retirement and Your Taxes Guide, How to Remove the IRS from Your IRAs and Protect Your Family’s Inheritance from Uncle Sam. The Retirement and Your Taxes Guide explains the Tax Cuts and Jobs Act and how the retirement rules have been changed by the SECURE Act. Take action to protect your money! This year may be the best year to save on taxes. Imagine, more time, more money, more memories.
We are excited to announce our latest press release. Great things are happening at The Hidden Wealth Solution! Click here to read the full release.