The top tax rate has been as high as 94%.
The bottom tax rate has been as high as 22%.
FDR proposed a 100% top tax rate.
During these top tax rates the U.S. was spending far less and was in much less debt than today.
Sure, we are now off the gold standard, but that simply allows for endless money printing.
Who is going to pay for all this spending? And when?
The who is easy – taxpayer.
When is not so easy to answer.
Historically, it has been increases in taxes that get forced on Americans.
Right now, we still have generational low tax rates even for high income earners.
The clock is ticking. Do you know your options under the current tax code?
Regardless of the upcoming election outcome, the Tax Cut & Jobs Act (TCJA) is scheduled to sunset in 2025. The TCJA implemented significant changes to the tax code, including the reduction of personal income taxes and a simplified tax filing process.
Don’t get blindsided by the looming tax changes.
Are you proactively considering your tax reducing options now? Reach out and request a complimentary review of your current plan.
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“There is no such thing as a good tax.”
– Winston Churchill
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