Federal debt now exceeds the size of the entire U.S. economy. And it’s growing at a rate that will make your head spin, as a quick glance at the U.S. Debt Clock reveals:
The Congressional Budget Office (CBO) says this deserves attention because…
Americans will be paying for this for decades.”
Passing the $1.9 trillion COVID relief bill was just for openers.
Now President Biden is planning the first major federal tax hike in nearly 3 decades to pay for an even bigger initiative. There’s more in the works, too, to fund everything from infrastructure, climate initiatives, and programs for poorer Americans… to canceling student loan debt (which alone would add hundreds of billions of dollars to our already-skyrocketing national debt).
Which Means that Higher Taxes are Inevitable and You Must Take Action TODAY to Protect Yourself from Taxmageddon!
There are little-known, but legal ways to protect yourself from this tax tsunami, under current tax law. This article explains what you need to do today to shield yourself from some very unpleasant tax surprises down the road.
Biden wants to deliver on his promises to increase numerous taxes, including…
- Eliminate the Trump tax cuts
- As much as double the capital gains tax rates on your investments
- Raise the corporate tax rate by 33%
- Reduce tax advantages for so-called “pass-through” businesses, which would impact most small businesses, professionals and sole proprietors
They want money for Internal Revenue Service enforcement – which means more IRS audits are likely coming your way, too.
The Secretary of the Treasury, Janet Yellen (no relation to me), says the administration will be looking at “ways to fund other projects and priorities.”
And the reality is that they can’t possibly raise enough revenue taxing just the “wealthy.”
Did you know that if you made $69,007 or more in 2017, you’re in the top 25% of wage earners? And if you made $118,400 or more, you’re in the top 10%.
As nice as it may sound to be in the top 10% or even the top 25%, it also means you’ve got a giant target on your back when the government is looking for more revenue to cover its obligations.
Here Are 6 Ways Adding the Bank On Yourself Strategy to Your Financial Plan Can Shield You from Higher Taxes and Expenses:
1. You can access both your principal and gains tax free under current law – in fact, the income you take isn’t even reported to the IRS
If you’re saving in a tax-deferred, government-controlled retirement account like a 401(k), 403(b), IRA, etc., when the tax man comes calling, he won’t ask you what your tax liability would have been if you’d been paying taxes all along. He’ll tell you what your tax liability is at the time your taxes are due… on every penny you put in plus all the growth you’ve received.
People tend to forget about that, according to the Center for Retirement, which says, “it’s a very big deal when people realize they have [so much less money] than they thought they had [in their tax-deferred accounts].
With a Bank On Yourself plan, you pay your taxes up front and then can legally pay ZERO taxes on the retirement income you take, which lets you avoid nasty tax surprises.
2. The income you take isn‘t subject to capital gains taxes
You pay capital gains taxes on the growth in value of investments incurred when you sell them.
However, the Bank On Yourself strategy isn’t considered to be an investment, because it’s guaranteed not to lose money.
3. Reduces the taxes you may have to pay on your Social Security income
It’s fairly common, even if you’re a middle-income earner, to owe taxes on up to 85% of your Social Security benefit. However, the income you take from Bank On Yourself is not included when the IRS determines whether (or how much) of your Social Security check is taxed.
Get instant access to the FREE 18-page Special Report that reveals how to bypass banks and Wall Street, protect yourself from taxmageddon, and take back control of your financial future.
4. Can reduce your Medicare premiums
Did you know the income you take from conventional retirement plans – like 401(k)s and IRAs – can increase your Medicare premiums by as much as 350%? However, the income you take from Bank On Yourself won’t cause you to pay higher premiums.
5. Income tax-free money for your loved ones when you pass away
Since the Bank On Yourself safe wealth-building strategy relies on a high cash value, low-commission, dividend-paying whole life insurance policy, it comes with an increasing death benefit that passes to your loved ones income-tax free. (The death benefit of many of our family’s policies has already doubled or tripled or more.)
6. Tax-free cash to pay for long term care, nursing home care and home health care
Many Bank On Yourself-type policies allow you to access a significant portion of your policy’s death benefit during your lifetime to pay for chronic or terminal illnesses. Imagine the peace of mind you’d have knowing you could have hundreds of thousands of dollars available to you to cover these costs and provide for care in your own home if you wanted that!
BONUS! Your Money in a Bank On Yourself Policy is Guaranteed to Grow by a Predictable Amount Every Year, and You Don’t Go Backwards When the Market Tanks
You’re bypassing Wall Street and banking institutions. You get access to your money whenever and for whatever you want – no questions asked! (Try doing that with your 401(k) or IRA.)
But It’s Critically Important You Take Action TODAY
Find out how you can grow your nest egg safely and predictably every single year, shield yourself from taxes that can only go higher, and enjoy liquidity, flexibility and control of your money.
Request a free, no-obligation Analysis here now. You’ll get a referral to one of only 200 financial representatives in the U.S. and Canada who have met the rigorous requirements to qualify to be designated as a Bank On Yourself Professional. They can answer any questions you may have and show you the bottom-line guaranteed results you could get by adding the Bank On Yourself strategy to your financial plan.
They can also show you ways to find the money to fund your strategy, strategies for rolling over a 401(k) or IRA without owing penalties, and more.
Don’t wait even one more day – click this button to get started: