Posted on | October 24, 2010
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Patch the Alternative Minimum Tax
Fox News recently reported that taxpayers are anxiously awaiting the annual patch to the Alternative Minimum Tax.
If Congress can’t or won’t adjust it, as many as 25 million taxpayers may see their tax liability rise by $3,000 to $5,000, according to H & R Block.
Originally, anyone who made over $200,000 — a high income 30 years ago — had to calculate his taxes differently. After deductions, they paid the Alternative Minimum Tax, and it basically meant larger tax payments for the wealthy.
Unlike most other income tax rates, the Alternative Minimum Tax was never indexed to inflation. Since 1982, it has become a parallel tax system and a critical element for funding the government.
$200,000 is no longer a small fortune. It covered more than 4 million high-income taxpayers in 2009, according to the Congressional Budget Office.
If Congress doesn’t fix it, the primary victims will be middle-class taxpayers.
Uncle Sam should reward, not penalize, people for saving and investing. Yes, it’s our civic responsibility to pay taxes to fund things that benefit all of us. But we shouldn’t be taxed to the point that it deters growth.
In my e-book “Create Your Own Economic Stimulus Plan: Save Yourself Because Big Government Can’t,” I can teach you how to stimulate your personal economy. If we all followed these ideas, it’d make a bigger difference than all of that money we just added to the National Debt.
Don’t Defer Taxes
On what would you rather pay taxes: the seeds or the sale of the full harvest?
You’re paying tax on the sale of the full harvest when you use IRAs and 401ks. If you save $1 million in an IRA or 401k, Uncle Sam will take a third when you withdraw it.
You pay tax on the seeds — and none on the gain — when you use a Roth IRA. It’s a step in the right direction, but there are still better ways.
I recommend converting those IRAs and 401ks into safer, more secure vehicles that have better liquidity, safety of principle and rate of return.
These methods have been tax-free for 96 years. If inflation hits, it will help you, not hinder you.
A dollar, doubling every period for 20 periods, will top $1 million in a tax-free environment, but it’ll only be worth $27,000 if it’s taxed as earned.
I can help you create your own economic stimulus. I can help you reach what I call “The Land of Peace and Abundance.”