With a big chance tax rates could go up in the future, doesn't it make since to have some of your retirement funds in a tax-free environment?
The chart below shows the top income tax rates since the 1900's. As you can see, the current tax rate is well below the average. Many in the US congress are talking raising rates to between 70% - 90%.
The chart below shows the top income tax rates since the 1900's. As you can see, the current tax rate is well below the average. Many in the US congress are talking raising rates to between 70% - 90%.
See chart below. Who pays the taxes in America? The people making money. The top 1 through 25% pay 86% of the income tax revenue coming into the IRS. Below 25% pay the other 14%. So when tax brackets rise...it's going to rise on "who has the money?"
Another interesting note:
The current effective tax rate for the Top 25% is 22%
Top 10% is 24%
Top 5% is 32%
Top 1% is 35%
Put it in stone...when taxes go up...every bracket will go up.
Another interesting note:
The current effective tax rate for the Top 25% is 22%
Top 10% is 24%
Top 5% is 32%
Top 1% is 35%
Put it in stone...when taxes go up...every bracket will go up.
Here is another reason experts say taxes will go up and many think it must go up.
Total government revenue: $3,403,648,651,448 That's $3.4 trillion.
Total government spending:$4,393,700,985,044 That's $4.3 trillion.
That is an annual deficit $990,052,333,596 That's $990 billion.
So how does the government pay all its bills? It sells interest paying T-Bills, T-notes and bonds to raise the money...HENCE, hear it is, wait for it...we have the 22 trillion US National Dept.
Total government revenue: $3,403,648,651,448 That's $3.4 trillion.
Total government spending:$4,393,700,985,044 That's $4.3 trillion.
That is an annual deficit $990,052,333,596 That's $990 billion.
So how does the government pay all its bills? It sells interest paying T-Bills, T-notes and bonds to raise the money...HENCE, hear it is, wait for it...we have the 22 trillion US National Dept.
Click this link: http://USdebtclock.org to see the clock in action.
