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.
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.
