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Will Taxes Increase?

January 11, 2010 By 1 Comment

taxes

I was just listening to a recording of a conference call this morning where a financial planner began his presentation with this premise:

Taxes will be increasing in the future

I haven’t listened to the rest of it because I had to pause it and write this post. I’m sure when I go back this guy will paint a whole picture based on the assumption of taxes increasing in the future.

Really?

Maximum Taxes

Well, first, let’s admit to ourselves that there is a very real, hard maximum taxation point. That’s 100%. A taxpayer cannot pay more in taxes than he has. Beyond that is impossible.

Second, let’s admit that there is effectively a maximum taxation point that is well below 100% of what a taxpayer has. Taxes going beyond this point is improbable. Let me explain…

Whether you may realize this or not, you probably pay 60%, 70% or more of every dollar that has ever been “yours” in taxes. Income taxes, property taxes, sin taxes (on booze), gas taxes, sales taxes, excise taxes, franchise taxes, death taxes, etc. Some of these taxes show up on paper that you can see, and some of these taxes are never declared to you at the point at which you pay them.

Where the Line is Drawn

So with the majority of the money that was ever yours already going to these direct taxes, how much more taxation can you take? Imagine a scenario where we go from systematically losing 70% of our money to losing 90% of our money.

Do you think hundreds of thousands [Read more...]

Filed Under: Hyperinflation, Money, Uncategorized Tagged With: 401k, adviser, advisor, america, bankruptcy, china, distribution, distribution planning, financial planning, funding, future, government, increase, inflation, ira, obama, schools, tax, taxes, u.s., war

Tool for Battling Coming Inflation

February 19, 2009 By Leave a Comment

If you’ve been following my blog, you know that I take great interest in understanding money. Why every single human who uses money on a regular basis doesn’t also share this interest is beyond me.

With trillions of dollars created by actions of Congress, the Federal Reserve, and the Treasury Department, the concern for coming inflation can only spread. This video explains why tax deferred investment vehicles are the best tool for battling inflation and can possibly even [Read more...]

Filed Under: Money, Personal Enjoyment, Personal Productivity, real estate, Self Directed IRA Solo 401k Tagged With: alternative asset, alternative investment, bail, bailout, bernanke, building, congress, currency, debasement, economy, fed, federal reserve, fiat, fiscal, government, inflaiton, ira, ira llc, monetary, obama, out, paulson, policy, responsibility, rubino, schiff, self directed, solo, Solo 401k, stimulus, strategies, strategy, tax, tool, treasury, wealth

I.O.U.S.A viewing this weekend on CNN

January 9, 2009 By Leave a Comment

iousa_slim

CNN to Broadcast I.O.U.S.A. | Obama Foresees Trillion-Dollar
Deficits |
A Bipartisan Plea for Fiscal Responsibility | The Government We
Deserve

CNN to Broadcast I.O.U.S.A.

The public has spoken, and we’ve listened. In response to demand
for information about our country’s financial challenges, CNN/U.S.
will air the broadcast premiere of the acclaimed documentary
I.O.U.S.A. on on Saturday, January 10 at 2:00 p.m. EST and on
Sunday, January 11 at 3:00 p.m. EST. Accompanying the documentary
will be an unscripted panel discussion with policy leaders about
various economic solutions currently under consideration.

This exclusive televised event will air only on CNN, and will be
hosted by Ali Velshi and Christine Romans, co-anchors of CNN’s
Your $$$$$, the network’s weekend business roundtable program.
Throughout I.O.U.S.A.’s broadcast premiere, Velshi and Romans will
engage a distinguished group of panelists, including Pete
Peterson, Chairman of the Peter G. Peterson Foundation and former
U.S. Commerce Secretary; Dave Walker, President and CEO of the
Peter G. Peterson Foundation and former U.S. Comptroller General;
Alice Rivlin, noted economist and former Director of the Office of
Management and Budget; and Bill Bradley, a Managing Director of
Allen & Company and former U.S. Senator and Democratic
presidential candidate, in discussions about issues raised in the
film and their ties to current economic events.

Learn more about the film at www.IOUSAtheMovie.com. And be sure to
spread the word about the U.S. broadcast premiere!

Obama Foresees Trillion-Dollar Deficits

CNNMoney.com reported on Tuesday that when President-elect Barack
Obama takes office on January 20, he’ll inherit an economy deeper
in debt than ever.

Obama commented on the unprecedented deficit, saying, [Read more...]

Filed Under: Health, Money, Personal Enjoyment, Personal Productivity, real estate, Self Directed IRA Solo 401k Tagged With: austrian, bailout, bank, banking, banks, bernanke, buffett, chairman, cnn, corporate, currency, david walker, debt, dollar, economics, economist, economy, fed, federal reserve, fiat, fiscal, franctional reserve, government, greenspan, i.o.u.s.a., mises, Money, nation, national, obama, responsibility, school, social security, sovereign, sovereignty, stimulus, tax, wall street

Who will bail out the government?

October 1, 2008 By Leave a Comment

Although the House rejected the recent $700 billion bailout, there is plenty of bailing out that has already happened, and there is more to come. Already:

  • $80 billion injected into failed AIG
  • IndyMac bank taken over by FDIC
  • Bank of America bought Merrill Lynch for $50 billion – 70% over its September 12 closing price
  • Bear Sterns was bought by JP Morgan Chase for $1.2 billion and the Fed then loaned JP Morgan Chase $29 billion (without recourse) to ensure that JP Morgan Chase didn’t actually have to suffer the consequences of buying a failed bank
  • Washington Mutual failed – it is the largest bank failure in American history. In 2007, its share price was $45. By the time it was sold to JP Morgan Chase, it’s share price was 16 cents. The CEO stepped down on September 8, 2008 and a new CEO received a $7.5 million sign-on bonus. 17 days later, he received an $11.6 million severance package as WAMU filed for bankruptcy.
  • Bank of America has become the nation’s largest mortgage lender by purchasing Countrywide & Interfirst

Hundreds of billions of dollars have already been injected into the system as seen on this timeline. It’s been happening every couple of months – 5, 10, or 20 billion dollars at a time. That kind of help hasn’t helped enough, and the $700 billion bailout is a sign that zeros will soon be added to the bailouts, and they will total in the trillions of dollars.

What happens to a company that gets bailed out?

  • It becomes either under the control of whoever provided the money; and/or
  • It becomes indebted to whoever provided the money.

How will our government pay for this?

Firstly, it’s important to understand that [Read more...]

Filed Under: Money, Personal Enjoyment, Self Directed IRA Solo 401k Tagged With: 401k, bail out, bailout, citizens, corruption, crisis, debale, economy, fed, federal reserve, finance, global government, government, inflation, invest, investing, ira, lobbying, mortgage, new world order, one world government, solo, Solo 401k, tax, taxpayers, wall street
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