They are the most private financial accounts that exist today. It’s called “Stealth Wealth.”
That’s why the wealthiest Americans put huge amounts of money in them.
There is no ongoing reporting of the values, nor of any “exempt” withdrawals from the Financial Bunker.
Do You Have The Means?
As we look forward into the future, the pressures for higher income taxes, and Government needs for more money are going to become intense.
There will be “means based testing” and deductions will become sparse.
Because you have the means, the Government will increase your taxes through loss of deductions, or surtaxes on Social Security, or other income.
We have already seen this through the taxation of Social Security.
You pay taxes on the money when it goes into the system. Today when it comes out, if you have “the means”, you pay taxes on it again. Today up to 85% of your social security can be taxed.
Considering the Government’s debt crisis, expect Social Security taxation to go to 100% or more.
There is going to be immense pressure to raise taxes using American’s savings in Government Sponsored 401k and IRA type accounts. The fact that tax revenue is a line item in the President’s budget should be a concern for everyone with something to lose.
The Financial Bunker is one of the most private places for money on the planet.