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.

KMK

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.

IRS Updates the �Dirty Dozen� for 2003: Agency Warns of 12 Common Scams

Seven Ways To Avoid An Audit

Some basic common sense tips. I would add not using the e-filing so that you can include enough details and documentation to avoid any further IRS inquiries.

For some tax pros, tax season is only a few months long. For the rest of us, it’s year-round.

Or you could start your own business and not be dependent on anyone else to take care of your future.

New Treasury Secretary Hits the Road to Promote Tax Cut Plan

A definite improvement over his predecessor, who felt it was more important to spend his time traveling around the world with an Irish rock star giving away US taxpayer money.

And why is it that Little Tommy Daschole and his fellow travelers in the DemonRat party are fighting Bush on all three fronts?

Retirement Funds

One of the many arguments against relying too much on the Social Security Ponzi scheme is the fact that, despite what many people may believe, there is no such thing as a trust fund holding the money you have been paying in all of your working lives. Again, anyone who claims that there is such an account is either a liar, an idiot or both, and not to be trusted.

When a person passes away, there is no money or account to pass on to one’s heirs, other than a measly monthly payment for some surviving spouses, until they die. This very real rip-off definitely earns the SS system the right to be called the Death Tax For The Other 98% of Americans (other than the evil rich top 2% who have to pay estate tax).

While my game plan has always been to help clients legally avoid paying anything into the SSA Ponzi scheme and use that $10,000 to $20,000 per year in savings to better invest for their own futures, Bush’s idea to allow some privately controlled investing of money that would normally go to those corrupt rascals in DC is a step in the right direction. In fact, sticking that money under your mattress would yield a better rate of return than sending it in to DC for most people.

KMK

Tax Protestor Scam Artist Irwin Schiff Raided By IRS