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In this week’s Hidden Wealth Review, I teach about the Biden administration’s moving tax targets and the nonsense that only those making over $400,000 a year will face higher taxes. An onslaught of tax torpedoes continue be shot by the spend and tax Democrats. This is a direct result of the massive movement towards being government controlled along with the outrageous spending that’s already taken place or that is being proposed.
In a recent Fox article, former House Speaker, Newt Gingrich, wrote that inflation is a hidden tax that hits everyone, regardless of their income level. Inflation is a powerful way for the government to pay for its goods and services without visibly raising taxes, which makes voters angry. A lot of people discount the impact of inflation.
I know that there are many people who are concerned about the consequences of inflation on top of higher taxation. Clients and radio listeners from around the country have shared that they are concerned about the $28 trillion national deficit and the devaluation of the dollar. This deficit will only increase as the trillions in proposed new spending passes through the Democratically controlled Congress.
This coming Tuesday, at my Retirement Reinvented Webinar, there’s an opportunity to learn proven wealth creation, preservation and tax-saving techniques that have track records of measurable results. It is critical to learn to take advantage of these techniques while we still have time. There’s currently a plan afoot to undo many of the provisions of Trumps’s Tax Cuts and Jobs Act (TJCA).
One proposed change is to reduce the current standard tax deduction by half, returning the amount of the deduction to pre-TCJA levels. This one change will significantly increase taxes on people who don’t make anywhere near $400,000 a year!
Our strategies and techniques work best for those who are Biden’s main tax targets.
Here’s a list of those who are being heavily targeted for increased taxes:
- Those filing income tax as single and who have an income of $200,000 or more or those filing jointly, with $400,000 or more in income
- Those who have saved large amounts for retirement ($1 million or more), particularly those who have saved in tax-deferred accounts such as IRAs and 401(k)s
- Those who have saved in stock brokerage accounts and especially those with large capital gains
- Those who are selling a business or highly appreciated asset, with projected gains of $1 million or more
Senators Bernie Sanders of Vermont and Chris Van Hollen of Maryland are proposing, as part of Sanders’ 99.5% Act, eliminating the step up in basis tax treatment for inherited assets. If you are planing to leave your children an asset as part of your estate, then your children will be taxed to the max. Senator Van Hollen even wants to retroactively eliminate the step up in basis for any gifts from estates that were made prior to the 99.5% Act becoming law (meaning retroactive back to Jan.2021).
Avoiding unnecessary taxes reminds me of a couple from Illinois. We recently helped them to drastically reduce their Required Minimum Distributions (RMDs), which where pushing them into a higher marginal tax bracket. We were able to reduce the amount of their RMDs using a little-known tax strategy that allows up to a 100% tax deduction for qualified individuals who make a specific investment. They were able to use this deduction to offset the taxes due on their Roth conversion. Using this technique, they were able to reduce the overall amount of their RMDs, lowering their taxes by thousands and eliminating a large inheritance tax to their children.
How do I avoid being impacted by Biden’s new taxes?
It’s never too early and it’s never too late to get a head start on being tax smart. If you are in Biden’s tax target bull’s eye, the time to take action is now! If you wait until the Biden tax torpedoes have been fired, it will cost you and your family thousands.
As taxes increase and inflation erodes the purchasing power of the dollar, Baby Boomers and retirees will have to pull more and more money from their savings, just to maintain the same standard of living. Let me teach you how to out-fox inflation and how to eliminate the biggest threat to your retirement, unnecessary taxes. Learn how to create your own inflation fighting foe with lifetime, tax-free income and tax-free family wealth transfer.
Let me teach you how to remove unnecessary taxes from your retirement so that you can be a low tax or even a tax-free retiree.
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.
You’ve worked hard for your money. Don’t let skyrocketing taxes and soaring inflation rob you of your retirement lifestyle. Get the IRS out of your IRAs and remove Uncle Sam from your children’s inheritance. Learn how to get your tax protection done in 2021!
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!