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| Russell K. Jalbert, CFP® |
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| THE JALBERT REPORT April 2010 Hello, Welcome to "The Jalbert Report", a monthly newsletter designed to provide you tips and updates so that you can "Live Well" during your retirement years.
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| Good News | ||||
 Everywhere you look, you see nothing but doom and gloom in the headlines. So let’s see if we can find any good news out there...
Here are a few bits that I found reported on Yahoo! Finance over the past week:
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| Planning Ideas | ||||
1040 Can Income Tax Increases Close Our Deficit?The answer may shock you... A couple weeks ago, the Tax Foundation (www.taxfoundation.org) came out with a great article on where income tax rates would need to be in order to eliminate the Federal Deficit. This article makes for great reading as it clearly illustrates the degree to which our Government is spending money compared to what it's bringing in. If you would like to read the article in full, then click here. On the other hand, if you would like a recap, read on... Based on their analysis along with that of the IRS, here's what your new tax rate would be if we chose to increase taxes in order to pay off the Federal Deficit: Current Rate New Rate Required
10% 24.3%
15% 36.4%
25% 60.6%
28% 67.9%
33% 80.0%
35% 84.9%
Imagine if you had to pay tax based on the rates required to pay off the
deficit! Many retirees will carefully track their income in order to stay in
the 15% tax rate today. Just imagine if that 15% tax rate suddenly shifted
to 36.4%!This is also why all this talk of just taxing the rich to fix our budget problems won't work. Our Government spending is so out of control that they've created a deficit that's just too big for just one portion of our population to handle. This is a problem that will affect us all. Now you and I both know that our elected officials are not going to increase tax rates to the levels above. They would lose the next election so fast their heads would spin. But do you believe that they would be willing to increase tax rates to some degree? Or maybe a better question would be if you believe they would be willing to let a past program, like the Bush tax cuts, expire? Letting current programs expire allows Congress to effectively raise taxes without actually having to vote to do so. |
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Russell K. Jalbert, CFP®, one of the nation's leading financial professionals, has advised successful individuals in the management and distribution of their wealth for more than 35 years. Russ has discovered many alternatives to conventional investment practices. His priority is to educate people to understand they don’t have to accept risk in order to grow their money. |
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