In his first 100 days in office, President Biden unveiled three colossal spending packages earning him the nickname, “The Six Trillion Dollar Man.”
Biden and Congress are just getting started with the most massive expansion of government since FDR’s New Deal during the Great Depression. Apparently, it’s desperately needed, even though the pandemic-caused recession is over.
This is a government that is notorious for wasting hundreds of billions of our hard-earned dollars every year. Think $518,000 to study how cocaine affects the mating habits of Japanese quails, $998,798 to ship two 19-cent washers from one state to another… and the list goes on. You couldn’t make this stuff up if you tried!
And let’s not forget this is a government with a long history of not being able to make much of a dent in controlling fraud and abuse. The government admits that more than $134 billion of improper Medicare and Medicaid payments were made in 2020 alone – and that’s just one government agency.
Not to mention this is a government that is so horribly inefficient that some Americans in dire need of help had to wait months to receive their COVID stimulus checks and/or unemployment benefits.
But I digress from the main point of my rant, which is how they’re going to tax us to smithereens to pay for all of this… and the trillions of dollars more of spending that are sure to follow.
Paying for This Unsustainable Spending Requires Confiscatory Tax Increases…
Of course, there would be a revolt if the government just came out and admitted we’re all going to be taxed to death. So they try to soften the blow with the lie that the money to pay for all of this will come mostly from raising taxes on corporations and the wealthy (along with lots more IRS audits).
But that won’t even come close to paying for all of this. And the crushing tax increases that have already been proposed will affect a wide swath of Americans. These proposed tax increases include:
- Increasing the capital gains tax rates you pay on your investments
- Increasing taxes on owners of so-called pass-through businesses (which account for the majority of small business owners), that could devastate them
- Raising the corporate tax rates
- Eliminating the Trump tax cuts
And if that doesn’t raise enough money, they’ve also considered adding payroll taxes that would affect everyone who receives a paycheck.
I feel sorry for our kids and even sorrier for our grandkids who are just entering college and who will be paying for this for generations to come.
But There Are LEGAL Ways to Protect Yourself from These Inevitably Higher Tax Rates…
The Bank On Yourself safe wealth-building strategy helps protect you from higher taxes and expenses in at least 6 ways:
- Unlike with a 401(k) or IRA, you can access both your principal and gains tax free under current tax law – in fact, the income you take isn’t even reported to the IRS. Imagine knowing what your tax rate will be throughout retirement – ZERO!
- Because of the many guarantees this asset class enjoys (it’s never had a losing year in its more than 160-year-plus history), it is not considered an investment, and the income you take isn’t subject to capital gains taxes.
- You can use it to reduce the taxes you may have to pay on your Social Security income. It’s common for even middle-income folks to owe taxes on up to 85% of their 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.
- It won’t increase 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.
- 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. This gives you priceless peace of mind.
- 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 or even to cover the cost of care in your own home if you prefer.
If You Want to Shield Yourself from Higher Taxes, It’s Critically Important You Take Action TODAY
Find out how you can shield yourself from taxes that can only go higher, grow your nest egg safely and predictably every single year, 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 use the title of 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 volunteer to be a victim of the confiscatory tax rates that are coming. Click this button to get started:
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