Missed Fortune – New Cap & Trade Bill Means Higher Taxes

Posted on | May 23, 2010

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Congress Intent on Destroying the Middle Class

The Wall Street Journal recently published an article entitled “Just Don’t Call It a Climate Bill,” which reports:

“Despite the most creative rhetoric this side of ObamaCare, voters have figured out that ‘cap and trade’ involves artificial carbon rationing and vast new energy taxes. So the main goal of John Kerry and Joe Lieberman has been attempting to disguise these truths in the climate bill they released to much fanfare last week…

“The bill sets a 2020 target for reducing CO2 emissions by 17% from 2005 levels, and 83% by 2050…”

If this bill passes, fewer and fewer people will be able to purchase homes. You won’t be able to sell your home unless you retrofit it to meet the regulations.

The non-partisan Congressional Budget Office estimates the average cost of the bill for a family of four to be an extra $6,800 per year.

That will be the single largest tax increase this country has ever seen.

Take Charge of Your Taxes

It’s never been more critical for you to get the most deductions on your taxes. Unfortunately, few people know tax planning well enough.

For example, most people don’t claim enough withholdings, resulting in year-end refund. A tax refund is nothing but forced savings — the government kept your money without paying you interest.

Also, most people aren’t maximizing legitimate tax deductions. My CPA was once helping a financial advisor with his taxes. He asked the advisor, “If I save you money, will you pay me 25 percent of whatever I save you?” “Of course,” the advisor responded.

Within less than an hour, my CPA uncovered additional deductions that gave the advisor an additional $2,200 in his refund.

Tax increases will begin January 1, 2011. You need to convert your retirement plans into safer, more profitable savings vehicles while account values and taxes are lower.