Tax Guru – Ker$tetter Letter

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Archive for February 20th, 2003

Posted by taxguru on February 20, 2003

Social Security is structurally damaged and in need of immediate repair

I can still remember, 30 years ago in my first college accounting class, one of our first financial analysis projects was of the Social Security system and the financial assumptions and formulas on which it has been based. Our conclusion was that it was a house of cards that could not last in perpetuity as its supporters had claimed. Any private company promoting a similarly structured investment plan would be shut down and its officers tossed into the slammer for fraud. A similar fate would be certain for any trustee of a private pension fund who commingled plan monies and dipped into them as readily as our rulers in DC have been doing for the past forty years.

That is why it has been my biggest priority to help people legally avoid pouring the hundreds of thousands of dollars down the toilet that most workers end up losing through this Ponzi scheme. At least one tip-off to the fraudulent intent in the design of the system is the fact that the only way you can ever receive any money back is to live well beyond the average expected life span and if you pass away before getting any or all of your money back, tough luck. It’s all lost. Who would invest in such a policy in the real free market world? This also explains why participation is mandatory, enforced at the point of a gun by the IRS; unless you take steps to keep yourself (and your money) out of the scheme.


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Posted by taxguru on February 20, 2003

The most useful tax advisors are just like this. They ask you how much you want to pay in taxes and help you structure things to legally accomplish that. They understand that you aren’t at the mercy of just having to accept taxes without any control.

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