Many of us have forgotten that tax rates when Ronald Reagan came into office were at 70% for unearned income (primarily interest and dividends) and 50% for earned income (primarily wages).
When you realize that the budget deficit has TRIPLED in the last 12 months, from one half trillion to 1.5 trillion dollars, it becomes apparent that tax increases are inevitable. How else will the government pay for these bailouts?
Earlier this year, HR 436 was introduce in the House of Representative to eliminate family entity gifting discounts for entities holding liquid assets. This is one example of a "window of opportunity" for wealthy families to protect family wealth from estate taxes that will soon be gone.
Consequently, I have been increasing efforts to communicate the importance of asset protection planning. If you are interested in more information, please visit my website at www.richardseward.com.