low percentage and loan it to the government instead of the general public. Then, the banks continue to pay pitifully low-interest rates on their financial vehicles, which many retirees depend on for their income, and with inflation and taxes, their purchasing power is devastated, and most people don’t even realize what is happening. Oh, how many banks do you have in your community? I feel the American public has been bullied by salespeople, bombarded by the media, and led astray by TV gurus and Wall Street advisors. They are overwhelmed by all the information they are told they need to know in order to survive this jungle we call an economy. They have been misled by traditional thinking, and this has led the American public into financial bondage. Most of the American workforce is enrolled in some type of qualified plan at their workplace, or they have an IRA, and when you really examine the facts about this philosophy, you will understand that conventional wisdom has eliminated logic in its thinking. You will need to understand the example of the wise farmer on page 130. This is a great example of the tax trap many Americans are facing. Why are they caught in this trap? It’s because “Traditional Thinking” has led the American workforce into financial bondage. Is it time for you to start moving your taxable money to Tax-Free money? At one time, I was a member of the National State Board of Accountancy, teaching and giving CPAs and Public Accountants continuing education credits. I always began my class with the question, “Is a qualified plan a tax savings event?” The great majority of the attendees answered “Yes”. But qualified plans never save you one penny. They only postpone the taxes to a future date, and in most cases, you will be in a higher tax bracket, and your account will be, hopefully, much greater. The tax man probably holds a 30 to 40% lien against your entire retirement account until the U.S. treasury is paid the taxes owed to them from your account. As an associate member of AICPA, I work closely with CPAs to help them discover more money for you and less for the IRS.
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