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This week Doug Andrew discussed the following:
Upcoming Complimentary Webinar
Attend our free 90-minute webinar live over the Internet this coming Tuesday, December 8th at 11:00 a.m. pacific (12:00 p.m. mountain, 1:00 p.m. central, 2:00 p.m. eastern), and again at 6:30 p.m. pacific (7:30 mountain, 8:30 central, 9:30 eastern).
The topic of the webinar is how to choose the right investments that offer liquidity, safety of principal, and a healthy rate of return. By using these investments, your money can be earning more than you are within 10 years.
Doug will teach you how to safely accumulate an additional $1 million tax-free that can generate $70,000 per year in tax-free income. This is much better than receiving $100,000 per year from a 401(k), IRA, or other vehicle that requires you to pay taxes on the back end.
Register now by calling 888-76-Radio (888-767-2346).
Just for registering you’ll receive a bonus e-book and audio book on the IRA/401(k) dilemma.
Furthermore, all attendees will receive a bonus hardcover copy of Last Chance Millionaire, Doug Andrew’s New York Times best-selling book.
California Pulls a Fast One on Taxpayers
The Los Angeles Times recently reported on how the state of California plans to make up their nearly $7 billion budget deficit. According to the article:
“Starting [November 1st], cash-strapped California will dig deeper into the pocketbooks of wage earners — holding back 10% more than it already does in state income taxes just as the biggest shopping season of the year kicks into gear.
“Technically, it’s not a tax increase, even though it may feel like one when your next paycheck arrives. As part of a bundle of budget patches adopted in the summer, the state is taking more money now in withholding, even though workers’ annual tax bills won’t change.
“Think of it as a forced, interest-free loan: You’ll be repaid any extra withholding in April. Those who would receive a refund anyway will receive a larger one, and those who owe taxes will owe less.”
The state is still deeply in the red, even after bumping income tax rates up by 0.25 of a percentage point for every tax bracket, slashing the dependent credit by two-thirds, increasing the sales tax by 1 percentage point, and nearly doubling the vehicle license fee to 1.15% of a car’s value.
There are a few problems with this approach, namely the following:
- Tax attorneys say it is unconstitutional.
- The state is technically bankrupt. In the past they have postponed refunds and handed out IOUs. What proof do we have that they won’t do the same next year?
- Savvy taxpayers will increase their withholding allowance on their W-2 to simply avoid this.
- Ultimately, the average taxpayer will bear the burden, not knowing how it could have been avoided. They’ll just get used to the lower paycheck.
That last one is precisely what lawmakers are banking on. People won’t connect the dots, then they’ll praise the government when they receive an increased tax refund next year.
Implications at the Federal Level
The scariest thing about this is that the Obama administration also thinks it’s a good idea. The federal deficit is currently $1.8 trillion — four times more than a year prior.
So where will the money come from?
You guessed it. So what are you going to do about it? What is your plan for managing the inevitable increased taxation?
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Bonus Missed Fortune E-Book: Baby Boomer Blunders
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