Recent polls support the idea that the government should soak the rich for more taxes. More than 70% of the adults in the United States approve of increasing federal taxes on families who earn more than a quarter of a million dollars per year starting in 2013. More than half of the Republicans agree to the tax increase as well as more than three quarters of the Democrats.
Is Two Hundred and Fifty Thousand Dollars A Year The Number that Establishes that Someone Is Rich?
The cost of living in major metropolitan areas of the United States is high. Two hundred fifty thousand dollars a year is a lot of money. But it does not make a family rich! President Obama is consumed with the idea of raising taxes. His definition of who is rich is incorrect. A fairer measure of wealth would be to set the standard for individuals receiving a tax increase at between five hundred thousand and one million dollars per year.
Bush Presidency Tax Cuts
When President Bush was in office, he was able to motivate congress to pass tax cuts for everyone. This included individuals earning millions of dollars per year. These tax cuts stay in effect until the end of 2012.
President Obama believes that the best way to reduce the deficit is to “tax the rich”. This is not the best solution to America’s financial problems. A much more sophisticated detailed plan must be enacted to the deal with America’s huge deficit. A more effective tax cut then those proposed by President Obama would be to raise the tax rate of everyone in the United States making under $500,000.00 a year by one percent and raise the tax rate for individuals who make over $500,000.00 by two percent. This would generate much more income.
New York Elder Law Attorneys
Elliot S. Schlissel is a member of the National Academy of Elder Law Attorneys. He drafts wills. He also deals with guardianship matters and assisted living issues. The Law Offices of Schlissel DeCorpo handles medicaid eligibility, medicaid problems and also drafts living wills. Call for a free consultation.
How Much Money Do You Need to Retire?
If you don’t know the answer to the question how much money you need to retire, you should not retire. Guessing is not a solution to this problem. Recent studies show that more than half of Americans who retire aren’t sure how much money they will need. Those Americans that have retirement strategies often do not take into consideration the rising cost of health care retired Americans face.
A recent study showed that baby boomers felt they needed $60,000.00 a year to retire. However, the same individuals could not calculate how large a financial portfolio was necessary to throw off $60,000.00 a year in income.
Just Keep Working
A large portion of the baby boomers interviewed felt that their retirement solution was to “just keep working.” I personally subscribe to this theory! As long as you just keep working you don’t have to worry about how much money you will need to retire or how much money you don’t have that is necessary to retire.
Do’s and Don’t’s Involving Retirement
Speak to friends, relatives and other individuals who have retired and ask them what it is costing them. Develop a plan and put the plan in writing. Thereafter, carry out the terms of the plan. Educate yourself as to issues involving investing for retirement. Participate in employer related 401K and pension plans. Last but not least, simply don’t retire!
Wills and Trusts Lawyer
The Law Offices of Schlissel DeCorpo has experience in handling all types of wills, trusts and estate law issues. We probate wills and contest wills. We deal with issues concerning administration, estate taxes and estate planning. We represent executors of wills and we probate the wills. We draft revocable living trusts and irrevocable living trusts for our clients. We also draft special needs trust for special needs children. We deal with all types of elder care issues, including, but not limited to the nursing home abuse, medicaid planning techniques and medicaid qualification. Feel free to call us for a consultation.