Confiscation is here.
They are going to break the door down. And this is just the beginning.
If the Biden tax plan goes through it will be the greatest confiscation of wealth in the history of America. 401k plans, real estate, dividends and interest and even estate’s at death are all being targeted. Anyone thinking of leaving assets to their children are going to be in for a big surprise.
The Government has sneaky way of extracting more tax revenue even when they say, they didn’t raise taxes. Examples are the removal of itemized deductions, excise taxes, and dead taxpayers with financial assets are easy targets. Why? Because lawmakers know dead people can’t fight back.
Government sponsored retirement plans like the 401k, the IRA and private pensions are the most manipulated section of the income tax code. But today, the pressure is on for Government to raise revenue.