Even though we have seen many areas changing to create a reduced deficit our government officials are still focusing on how to increase revenue. Regardless of who pays it seems they would like to see this number increase.
PRLog - Jun. 28, 2013 - Even though we have seen many areas changing to create a reduced deficit our government officials are still focusing on how to increase revenue. Regardless of who pays it seems they would like to see this number increase.
A Revealing Report
The Congressional Budget Office recently published a report that focuses on the top 20 percent receiving the majority of tax breaks. This was released to emphasize the point that nearly sixty percent of Americans pay nearly no taxes.
Our government is in the process of reviewing the tax system and is looking for way to increase revenue while eliminating many key tax benefits for every American. here is a list of just a few they are looking at getting rid of:
Health Insurance Tax Benefit, this will affect many, many Americans. Primarily working families
Step up in Basis at someone's passing. This could happen in just a few years.
This could generate a great deal of revenue and erode a massive amount of family wealth.
Mortgage Interest, this could heavily hinder a slow recovering housing market.
Social Security full taxation after receiving your original contribution. This will be a massive hit on those with fixed income.
These are just a few areas the Tax Attack will hit and there are more. These could be coming in just the next few years but they can be prepared for.
5 Questions You must Be Asked
As a bonus I mentioned Five Questions Your Advisor Isn't Asking You and that you probably should be asking yourself. So here they are:
Do you think taxes are going to increase? By a lot or by a little? Are there strategies you could implement to avoid them?
Are benefits going to be reduced? Are deductibles and out of pockets going to increase and affect your standard of living? How are you planning for these changes?
Is inflation going to be a result of the governments money printing policy? If inflation increases you will need more income to pay for the same items. How will you pay for this?
With all of these questions in peoples minds do you think this will add to the markets volatility? Could a repeat of the 2008 market seriously affect your ability to continue in retirement?
What if these serious issues could be prepared for, would you want to know about strategies that could help you weather these economic storms?
These are the types of questions we ask our clients so we can better position them to be protected and take advantage of economic storms such as these.
Matt Golab was recruited to write a chapter in Tom Hopkins upcoming book, Victory scheduled to be released later this year. Matt also received the Editors Choice Award for his contribution to Victory, not every contributor is selected for this high honor.
Matt is an authority on creating innovative tax and investment solutions to help his clients succeed in their retirement years. The strategies Matt Golab has established and passed on through successful financial planning with hundreds of clients over the years has launched him into the national spotlight. He is often featured in Senior Market Advisor Magazine, a publication which attracts the top financial planners in the country. Matt has been featured in newspapers around the country passing on the principals for a successful retirement. Golab is often asked by national websites that focus on the education of consumers to present his knowledge on the areas of retirement and retirement income plans. Matt is frequently featured in The Wall Street Journal, CNBC, MSN Money, The San Francisco Chronicle, Newsweek, TheSmartRetiree, Burlington County Times and soon will be appearing nationwide on ABC, CBS, Fox, and NBC as well as USA Today.
Golab is the Author of The Consumer's Guide to Planning Your Retirement: Your Guide to Mental Peace and Financial Well Being. Matt Golab continues to expand the geographic reach of his audience and desires to bring his expertise to a nationwide television audience. Matt emphatically states his mission, “I want to change the way Americans view their retirement. They can succeed (stay retired) regardless of what happens in the market". Contact information for Matt is available at his website,
http://www.aaronmatthewsfinancial.com/
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Tax Attack and 5 Questions Your Advisor Isn't Asking You
June 28, 2013 at 14:47 PM EDT
