New Tax Laws May Require You To Seek Asset Protection Services

Victoria, Seychelles – December 15, 2010 – The elimination of the federal estate “death tax” under former United States President George Bush will soon come to an end on the eve of December 31, 2010. Americans who have an estate valued at a $1 Million or more should consult their estate planner to ensure their assets are properly structured to avoid the reinstatement of a 55% estate tax. 2011 is marked for a veritable onslaught of taxes with lower tax brackets seeing increases by as much as 50%.

Scheduled Increases in the Personal Income Tax Brackets

2010 Tax Brackets 2011 Tax Brackets

10%
15%
25%
28%
33%
35%
$ 0 - $8,375
$8,375 - $34,000
$34,000 - $82,400
$82,400 - $171,850
$171,850 - $373,650
Over $373,650
------
15%
28%
31%
36%
39.6%
(Estimated)
$0 - $35,020
$35,020 - $84,872
$84,872 - $177,006
$177,006 - $384,860
Over $384,860

The 10% tax bracket has increased to 15% and there are now only 5 brackets whereas before there were 6. Virtually everyone will experience an increase in there personal income taxes, save those whose earnings are between $8,375 and $35,020. According to the Congressional Budget Office, when the Bush tax cuts expire it will cost taxpayers over $115 Billion next year alone and $2.6 Trillion through 2020.

Funding for the new healthcare reform known as Obamacare will add a series of new taxes including a 3.8% Medicare levy for individuals with annual earnings over $200,000 or $250,000 for couples. The child tax credit will be reduced from $1,000 to $500 lowering the standard deduction for couples to the same level as individual filers. Taxpayers will no longer be able to use health savings account, flexible spending account or health reimbursement pretax dollars to purchase nonprescription (over the counter) medications, except insulin. Patients will also be paying higher prices for brand-name drugs as makers will be liable for taxes in excess of $2.5 Billion. These drug manufacturing taxes increase steadily over the next few years and reach $4.2 Billion in 2018.

Recent legislation is unrelenting as taxes are increased while deductions are lowered or eliminated. The end result will reduce consumer spending, increase job loss and further strain an already burdened government assistance programs. Asset Protection Services International, Ltd has free information on ways to protect you using proven tax and estate planning strategies. Go to www.AssetProtectionServices.com for more information or a free consultation. Out the litany of new taxes, here are just three more to encourage you to learn more and contact a specialist:

Tax dividends have increased an astronomical 164% from 15% all the way up to 39.6%.

Tuition and fee deductions will no longer be available and limits have been placed on education tax credits. Thousands of families will no longer be allowed to deduct student loan interest.

The IRS is now empowered to disallow perfectly legal tax deductions and maneuvers merely because it judges that the deduction or action lacks “economic substance.”

For more information on how to reduce your tax liability and properly structure your estate, please contact the author.

Contact Details:
Asset Protection Services International, Ltd
Ansuya Estate (Suite #9)
Revolution Avenue
Victoria, Mahe Island
Republic of Seychelles
Skype: AssetProtectionServices
info@AssetProtectionServices.com
www.AssetProtectionServices.com

Jay Butler is an asset protection specialist for an International Business Company in the Republic of Seychelles. Visit their website for more details and free consultations on their services regarding asset protection and the formation of multinational corporations.
For More Information Visit us at www.assetprotectionservices.com .

Asset Protection Services International, Ltd
Ansuya Estate (Suite #9)
Revolution Avenue
Victoria, Mahe Island
Republic of Seychelles
Skype: AssetProtectionServices
info@AssetProtectionServices.com
www.AssetProtectionServices.com

This release was published on openPR.