Did you know that the U.S. income tax was first instituted in 1913?
I recently came across a copy of the very first IRS Income Tax Form 1040 our forefathers were required to file and wanted to share it with you.
But BEFORE I show you the rest of it, take a guess at the answers to these four questions:
- What percentage of taxable income do you think the average family paid back then?
- What was the top percentage paid by the very wealthiest Americans?
- How many pages long do you think that first tax return was?
- How many pages were the instructions needed to complete the form?
The answers to these questions may shock you!
Did you take your best guess at the answers?
Good! Now take a look at how close you came to the correct answers here.
What direction do you think taxes will go long-term?
Most people I’ve talked to say that’s a no-brainer- they’re going to go up.
Many people love the ability to tax-defer income that comes with IRA’s and 401(k)s. But they forget that if you’re successful building your savings in one of those plans, you’re probably just going to end up paying higher taxes on a bigger number!
One of the many advantages of Bank on Yourself is that the income you take from the policy is taxed like a Roth IRA. You fund the plan with after-tax dollars and can then take retirement income from the plan with potentially no taxes due, if you follow certain rules.
That’s according to current tax law, which, of course, could change (just like they could change the tax laws on IRA’s and 401K’s, etc).
But the beauty of Bank on Yourself is that even if the tax laws changed, you would still get 17 other major advantages and guarantees!
And that’s why I have a standing offer to pay $100,000 to the first person who can show they use any other financial product or strategy that can be match or beat Bank on Yourself.
If you’re skeptical, I encourage you to take the $100,000 Challenge. You could pick up an easy $100K if you can beat Bank of Yourself.