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National Debt-September 2012

Kenneth Brackett (Ken) with Lighthouse Financial is a licensed Registered Investment  Advisor with clients throughout the country, focusing in Delaware and  Pennsylvania and offices in North Wilmington. Here Ken announces  his prediction for higher tax rates and lower Estate Tax exemptions. 

It  does not take a rocket scientist to know the trajectory of our countries  finances. It just takes a little research which Ken Brackett has simplified for  us. Page 210 of the president's budget (released this year) shows another $7  trillion in debt for the next 10 years. This is due to the fact that the  government is spending more than they bring in. This can be seen here:
 
http://www.whitehouse.gov/sites/default/files/omb/budget/fy2013/assets/budget.pdf
  
 Many  are now concerned that we have reached the tipping point of national debt where  we will not be able to return from. This year we will exceed 100% of our Gross  Domestic Product, we will have $17 Trillion in debt and by 2017, we will have  over $21 Trillion in debt. This can be seen on page 144 here:
 
http://www.whitehouse.gov/sites/default/files/omb/budget/fy2013/assets/hist.pdf
 
We currently have 32 times the debt of Greece and our current debt represents 25% of the world's Gross Domestic Product. It is spiraling out of  control. There are only two solutions: Spend less or raise taxes. It is obvious  that our government is not going to spend less, so we are left with only one  option: higher taxes.
  
Because  of this, Ken Brackett is now urging his clients to do Roth  Conversions while we still have the opportunity. This can be done by buying  the taxes on sale at today's lower rates. He also is a big advocate of working  with trusts and Estate Planning to hold assets outside of a taxable estate. It  is clear that the current administration wants to target tax the wealthy, so Ken  Brackett and other wealth managers are taking personal responsibility to protect  that wealth from taxes. Ken Brackett has promised us that he will release more
information later this week on some of these strategies.

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