Tax freedom day
Tax freedom day, we all hear the media talk about that day. For Canadians it happens near the end of June (varying from province to province)-- for Americans--somewhere between the middle and end of April (again depending on the State you live in). It is the day when it is declared that all our tax is paid for the year and the rest of our earnings can actually go to us. The concept is very interesting and subject to much debate -- with some saying the tax burden is more than worth it because of the wonderful government benefits. Others--of a more libertarian view--feeling the government reaching in your pocket and spending your money is much less effective than if you got to keep it and spend it for yourself. That debate has raged for many years and as Rudyard Kipling said “East is East, West is West and never the Twain shall meet” The more important question is: “When is your own personal tax freedom day?” On what day can you say to yourself. “I have paid all my tax for the year and the rest goes to maintaining my life style” Very few of us know what day that is and a lot don’t care because they believe nothing can be done about being taxed! But there is much you can do and much you should do. It takes planning, effort, and discipline but it can be done! How would you like to know that: - your investment is 100% tax sheltered, yet have access to it tax free if you need it!
- your investment is 100% creditor proof - yes even from the government!
- your accumulated wealth will not count against your government benefits causing claw backs!
- you can live tax free all through retirement!
The point is of you set it up right--your freedom day can be closer to January 1 then you ever thought possible.
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