Stop, Thief! - Alarming Demographic Trend Will Lead to Higher Taxes for Boomers
I work hard for my money. I pay my taxes. Taxes go up and I pay more taxes. And if you're like me, you probably don't mind paying your fair share of taxes, but when the IRS leaves me with a miniscule paycheck, I get mad!
Jay Leno warns us to avoid what's known as "a red flag. That's something the IRS always looks for. For example, say you have some money left in your bank account after paying taxes. That's a red flag."
Think income taxes are becoming confiscatory? Well, let me tell you something-you ain't seen nothin' yet! We are now at the beginning of an alarming demographic trend that is like a giant, swelling tsunami. And regardless of your political affiliation, this tsunami will affect Democrats and Republicans alike-I'm talking about the inevitable, unstoppable, undeniable...increase in taxes!
And why is that?
Well, for starters, that thundering herd sound you're hearing in the background is that of millions of baby boomers stampeding toward retirement in the not too distant future. At the same time that all these boomers are retiring (and living longer than ever before), there are less and less workers left contributing to the social security system. The inevitable solution the politicians will embrace...your taxes must go up!
So, here's your choice: educate yourself and do something proactive, or do nothing to prepare and when the tax tsunami hits, well, I hope you brought your snorkel!
The reality is, you are going to pay taxes, the only question is when and how much? Significant action will be required to preserve the financial soundness of social security, and the boomer generation will need to be prepared to fund a large portion of their retirement themselves, without the government's help.
Snorkel, anyone?
Published by J.F. Ranhofer
Established Los Angeles based estate and financial planner. New Jersey transplant! Married with 2 kids. Enjoy golf, European vacations, fine dining! View profile
- Don't Let the Name Fool You, Social Security is Anything ButTwo thirds of Social Security Disability applications are automatically denied without regard to the severity of the applicant's illness.
- Social Security Beneficiaries and Their BenefitsAn explanation of the individuals who can receive Social Security benefits and when they can receive them.
- Winning Your Social Security Disability Case: Avoiding the PitfallsEligibility for Social Security Disability Benefits does NOT require complete inability to work. Filing a successful claim for benefits requires some education into the claim process and insight into some of the pit-f...
- Working While Applying for Social Security Disability Benefits - a Person Has to LiveYou are sick or injured. If you have to apply for Social Security Disability benefits, how can you survive the long process without an income? There are options that allow you to earn a living and still claim disabili...
- The Red Flag RuleThe Federal Trade Commission and the U.S. Government have established the Red Flag Rule requiring banking institutions and creditors to implement the Identity Theft Prevention Program.
- Guide to Social Security Benefits and Mental Illness
- Social Security - an Overview
- Missing Your Economic Stimulus Payment? Check Name on Social Security Card
- Social Security to Head South
- Using the Social Security Death Index for Genealogy Research
- Replacement Social Security Card's Put a Strain on US Citizens
- Social Security: Is it Time for Reform?
2 Comments
Post a Commentnice article. Welcome to the family of AC!
Great article. I too think the IRS is organized crime. Certainly Federal Income taxes are unconstitutional as they are not apportioned and they come straight from "the fruits of your labor," which should be yours, stated by that old rag, the Constitution. Nice piece! Welcome to AC.