Good News. The Senate has passed a flat income tax at 8.5%. There will be no deductions and the 52% of people who do not currently pay tax will now pay the same tax as everyone else.  The GAO actually predicts an increase in government revenue.  The new law will go into effect retroactively on January 1, 2015.

Tax returns will still be due on April 15^th.  I am sure that it will be a relief to drop from the 30% you are now in down to the new 8.5%.  Until now the IRS has been your major asset protection threat.  After all, they are taking 50% of your total annual asset accumulation.  Yes, by the time you pay the Federal income tax, state tax, phone tax, rental car tax, sales tax, property tax and all the other “fees,” you are paying half of your total income to the tax man. 

OK, so it is April Fools’ Day. But I am sure you knew that, because it is unlikely Congress will pass legislation to reduce our taxes.

Lee Phillips

P.S. We have a lot of fun at the Money Making and Asset Protection Boot Camp.  Our next event will be held Monday and Tuesday, June 22-23 in Salt Lake City, Utah. The Early Bird Registration $500 Discount still applies.   Bring your sense of humor.  

Congress may not help lower your taxes this year, but our tax expert, Ben Rucker, may be able to show you ways to lower your taxes.  His goal is to lower your taxes by 20%.