Can Biden actually get the wealthy to pay 20% tax?
Biden has proposed that we tax 20% of unrealized gains. Since most wealthy people hide their assets and income to avoid INCOME tax, will the millionaires in Congress agree to this tactic? Unrealized gains are the POTENTIAL value of the stocks and other assets that the wealthy hold. They use the assets as collateral for loans to buy things like buildings, their mansions (Trump), their yachts, and their everyday lifestyles. Loans are not earned income so they pay no taxes. For wealthies like Jeff and Elon, they hide their assets in tax havens and legal entities so they don’t pay taxes at all. Is it likely that Michael, George or Carl will give in to this proposal to pay up? Will Warren Buffett agree to pay 20% when he pays HALF of what his staff pays? He avoids paying what his staff pays by controlling his taxable income. If the rich pay an average of 8.2% of taxable income, will they voluntarily pay 20% of their billions in assets? Will they willingly give up their tax avoidance schemes? Is it possible for the IRS to even be able to decide what their 20% of unrealized gains on $billions of assets are when they can’t collect what is already owed by this group? I don’t think Congress will act on this change. All we can do is use the IRS-approved account that allows us to avoid taxes on our gains in retirement just like the wealthy do now. Biden should know, avoiding tax is the American way.
https://www.amazon.com/Tax-FREE-Retirement-code-lifetime-income/dp/1475206976
Easy tax filling
Online IRS approved software is easy as answering questions.
I have been using the Free-File vendors for years at https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free.
I have used TaxAct, FreeTaxUSA, and 1040NOW.NET.
I pay a small fee to have the same return filled in my state of
Use all the tax
credits you can: https://www.amazon.com/Tax-Credit-Class-your-credits-ZERO/dp/1539462382
Retiree’s advice to
their young adults
“I wish I had
started earlier and put my investing on automatic,” Mitchell said. August: “I
wish I had kept adding a steady amount to my account.” “I paid my advisor more
than I needed to,” complained Jose. “I should not have stopped putting money in
to the 401k” Mr Graham confessed. “If my kids would just invest in the market
index, they would be rich,” Sam argued. “If I had just added more every time I
got a raise, we would be OK,” said Emily. Fred: “The family should have talked
about our money goals from the start.” “Playing the market did not help us in
the long run,” admitted Roger. “Have a fee-only planner review the accounts
every 10 years or so to keep you on track,” Maureen advised. Read
the Fidelity study to compare your progress: beware Fidelity is not
unbiased.
https://www.amazon.com/Ensure-Your-Financial-Health-Wealth/dp/1466388293
Creating your own tax-FREE pension from your tax refund
The average tax refund is over
$3,000. By investing that $3,000 or more you can create a tax-FREE pension
for your retirement. $3,000 a year, $250 a month, invested in a low-cost
index fund can be worth $500,000 in 27 years and $1,200,000 in 35 years. Because
you can use a special IRS-approved account in a low-cost mutual fund trust, you
can spend all your savings—no income taxes. Any funds left over can go to your
beneficiary free of tax too. Most working people receive a tax refund because
Uncle Sam insists you pay your income tax as you earn it each pay period. Let
Uncle Sam help you provide enough tax-FREE income in retirement. Currently, Social
Security benefits are taxable for many working people in retirement.
However, if this special pension income is not taxable, you will not have to
pay tax on your Social Security benefits.
Make retirement tax-FREE: https://www.amazon.com/Tax-Refund-Millionaires-Let-Uncle-Help/dp/149595644X
Buying an annuity at today’s low rates is mistake
Annuity benefits are set for the rest of your life at current LOW interest rates. Yes, rates are going up but insurers price immediate annuities on what they earn today. Today a male 65 years with $300,000 can buy $1,627 a month for life. Waiting a year for the 10 year Treasury rate to rise may affect your long-term income significantly. If you a buying a deferred annuity, again, your current crediting rate is low. While you wait, you could speculate a little by investing in an energy fund or ETF. Energy prices will probably keep rising for a year at least. A safer bet would be a High Dividend Yield ETF or mutual fund. An alternative to buying any annuity should be considered for the future. Most retail annuities are overpriced and inflexible. Taking 2-3% of your nest egg every year and charging 3-7% if you need your money back are expensive setbacks.
Consider: https://www.amazon.com/Best-Annuity-Strategy-Income-Growth/dp/1497532019
Have you taught your child how to make tax-FREE money?
Make sure you teach your kids how to create wealth the easy way. My parents were not investors. At my first job, I had no clue which investment option to use for my 401k contribution and company match. The HR person told me to put it into the 'safe' stable value fund. That was the worst choice at my age I learned later when I got my securities licenses. If I had followed their advice I would have ended up with $150,000 instead of a Wealth Reserve of $877,233 about 33 years later. I have used this 'Wealth Reserve' as I call it to have funds to buy low-cost insurance, to buy two homes and 5 cars with higher down payments or cash, and now to receive $2,500 a month in retirement supplement. Now your child can build an account that provides tax-FREE retirement income too.
Time is on their side: https://www.amazon.com/Give-your-child-leg-up-manage/dp/1096505355
?**********ACCOUNTABILITY**************?
Like 1776, this
period is a test
of democracy—We
rejected an "American
fascist" once
The
Path to Dictatorship: 2010-2030
Nov 2020 Wealthy
discredit election process
Trump
judge exonerates Jan 6 terrorist
Pro
Putin GOP group of 6: FoxNews
How Govt wastes our money:
Wealthy Congress
create loopholes: wealthy hide
assets in fake companies: avoid
tax
OK
bans abortions: TN
allows children to marry—no minimum age: crazy GOP men
GOP
blames Jackson for porn sentence but legalizes
men consummating with kids
GOP Christian
Nationalists ban
sex talk not guns: reinstate Prohibition on words,
books
‘1984’
prediction comes true: 26 states now ban books:
SCAMS/SPINS:
Congress
millionaires use insider trading to make fortunes: it
is illegal for us citizens
FTC sues TurboTax to stop
‘misleading’ ads for free tax prep software: IRS
free file
Rental
screening discriminates: unregulated industry controls our lives for the
worse
Few
payday loan borrowers are benefiting from no-cost extended payment plans:
fines
Anthem
FL
to punish Disney for supporting protests against teacher restrictions
Big Data use allows DraftKings and FanDuel to optimize
customer contact for addiction.
TX
starts shipping immigrants from border to DC as protest to lifting Trump
blockade
TX
rejects mail-in ballots in new voter suppression program to fill GOP slots
TX,
FL like a foreign countries: LA bans official travel to TX, FL over sex, race
policy
Study: adults who live with gun owner face twice
risk of death by homicide. Wyatt Earp
Marianne O’Shee Smith caught
stealing $40,000 older clients promised convert: defrock
John Law, NY caught
Ponzi $70 million loss: fake promissory notes, higher returns
WellsFargo caught
overcharging their own employees for 401k investments: fine, no jail
Autumn Jordan, Manuel F. Pinazo, Bank of
digital
coin theft: despite blockchain claims of protection, you can lose your
virtual money.
'We Build the Wall' Head Brian Kolfage Pleads Guilty
to Defrauding
Donors: Trump Wall broke
Look
OUT: Autopilot drivers zone out when automated driving features are switched
on
992,000
dead: 61% of unvaxxed are Republican: GOP
trimming voters for 2024
GOP
makes historic mistake: Black woman, highly qualified, denied SCOTUS
GOP
makes historic mistake: White woman, unqualified, joins
the clown car for Trump
If GOP candidate wins election, will
America still say “stolen”? Trump:
“rigged” election
GOP
plan to repeal ACA for 31
million Americans with subsidized health insurance
GOP voter fraud in own party: Trump’s
lawyer claimed to live in a NC trailer
Congress support of NATO? 63 House Republicans voted “no”: Putin
victory?
Black
Lives Matter leaders buy themselves a $6 mil house in CA: donations for
elites?
Employee
lawsuits demanding reimbursement for expenses while working from home
Can US convert Russian yachts
and art
to help us rebuild
the Ukraine Russia destroyed?
Will
sanctions on Pukin’s kids really stop this dictator: removing the head
usually works
We
have to arrest Putin first before he can be tried as war
criminal: who will volunteer?
Putin losing war but no one will tell
him: soldiers,
tanks and civilians strewn on street
Politicians talk research
on Russia war crimes as bodies pile up: who
will stop Putin?
Russia
borrowing Alex Jones fantasy of staged killings: Russia:
Ukraine staged kill own
On tape: Russian soldiers described questioning
soldiers/civilians then shooting them
Putin
bombs rail station of fleeing civilians: 50never had a chance
Video: Ukrainian
troops shooting captured Russia soldiers: shooting POWs
Lend-lease
war materiel could help Ukraine hold land like Allies in WWII.
UN
could send ‘peacekeepers’ to get civilians out of way of Russian army
killing
Jobs
Minimum
wage in 2021 is equivalent to same in 1940: buying power went down.
Almost anyone with a sport’s head knew that Tom would
be back: Tiger
too.
Barclays
bank raises min wage to $20.50 in US: Santander
bank wages raised to $20
Most
Dynamic Metros: jobs, diverse industries, mix of companies, and fun things
to do
Teachers
need 2 jobs just to survive: teaching kids requires grit and patience with
parents
Truck
drivers start at $95,000: driver shortage for hard job requires pay
Who owns your account now?
“All publicity is good publicity” for Chris, Will and the Oscars’ future shows
$7.75 million for studio apt in NYC clouds: 1400 feet up: swaying in wind costs nothing
Miracles:
Pope
apologizes for ‘deplorable conduct’ of some Catholics abusing the “least
of these”
Extension to file or
pay taxes: https://www.youtube.com/watch?v=PhGCnuCdFI4
Social Security Facts:
offices reopen April 7 Social
Security Administration announced
HISTORY: first
Black woman to serve on the highest court Only 3 of 50 GOP agree
New lung
cells just discovered that can replace many damaged cells: smokers can
recover
Stanford engineers
invent a solar
panel that generates electricity at night: no utility bills?
We can apply for
Medicare online: https://blog.ssa.gov/apply-for-medicare-online
We can apply for Social
Security online: https://www.ssa.gov/benefits/retirement/
We can apply for
health care online: https://www.healthcare.gov/
IAN
973.746.2014
www.InsuranceAdvisorsNetwork.com
Alerts available
at http://dankeppel.blogspot.com/
No comments:
Post a Comment