You’re probably familiar with the phrase “nothing is certain except for death and taxes” but when you consider the state of today’s economy it becomes clear this saying might need to be changed to, “nothing is certain except for death and increasing taxes.”
In the past 10 years alone, the United States has confronted both a debt ceiling and a fiscal cliff, and the federal debt has continued to grow at an unsettling rate. It’s no wonder that legislation about debt reduction and tax reform has become such a hot button issue. No matter what lawmakers have thrown, or will throw, at the American public, the truth of the matter remains the same: the country’s current tax revenues cannot cover its obligations.
If the government wants to keep the lights on, it’s going to need more income, which not only means that you can count on being taxed, but also on being taxed at an increasing rate. Will your retirement plan be able to withstand the burden?
Find out today by creating your complimentary account to watch the educational video “The Future of US Taxation” and to download your retirement income toolkit.
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