By Dr. David Eifrig, MD in DailyWealth
If all of the president's initiatives pass, our deficits over the next 10 years will tally $9 trillion. It's unimaginable that the U.S. can pay off its debts in our lifetimes... But here's the catch - it's going to try... Or rather pretend to try. And the only way to do that is to tax the bejeezus out of anyone with a few assets to his name.
As I write, the U.S. government and several states are contemplating a wealth tax. Yep, people with more than a certain amount of assets could face a tax on their hard-earned stash (and that's above and beyond anything you paid in income tax accumulating that "wealth"). In California, a petition is circulating that would hike taxes to 74% and claim 55% of your assets if you move out of the state. Once the feds get a notion to do this... watch out!
Look, this is not a problem just for the wealthy. This is a problem for anyone with a lifetime of savings. So here's what you need to understand:
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