VENTURA, Calif., Feb. 15, 2016 /PRNewswire/ -- If you are one of the top 1 percent of income earners in the United States, you bear over one third of the income tax burden, accounting for $1 of every $3 in taxes. If you are one of the top 5 percent, you shouldered over one half of the tax burden, over $5 of every $10 collected, according to IRS data.
"Millionaires and top income earners already bear the brunt of the progressive tax system and will continue to do so if they do not employ the latest tax savings strategies," says educator, author and Ventura County Estate Planning Attorney Ted Muegenburg, JD.
According to 2015 estimates by the Tax Foundation, Americans will pay $3.3 trillion in federal taxes and $1.5 trillion in state and local taxes, for a total tax bill of more than $4.8 trillion. Proposals have included everything from increasing the top capital gains tax rate to eliminating the "step-up" in the tax basis of appreciated assets at death to making death a taxable event.
"The numbers are staggering and mindboggling," Muegenburg says. "To put taxes in perspective, if $1 were one second, then $1 trillion dollars would be 32,000 years. That's 153,600 years in taxes. In 2015, Americans paid more in taxes than they did on food, clothing and housing combined. Successful business owners, executives and professionals are not taking full advantage of income and estate tax planning opportunities, mostly because they haven't been educated. That's why we are on a mission to educate people on their options."
He will conduct a free income tax reduction and estate tax elimination briefing on how to take advantage of the tax savings opportunities. The goal, he says, is to show the people who create wealth how to protect, preserve and pass their wealth on to the next generation, while showing that generation how to live productive lives.
Muegenburg, a Certified Specialist in Estate Planning, Trust and Probate Law, a certification earned by only the top 0.5 of 1 percent of California's attorneys, says that the briefing is designed for the needs of successful business owners, executives and professionals. The event will be held at The Ventura Beach Marriott 2055 E Harbor Blvd, Ventura, CA 93001, located just off Hwy 101 at the Seaward Exit.
"The first 30 people to register and attend will receive a free, signed copy of the international bestselling book, 'The Serving Leader.' Every attendee will receive a free Action Guide and will discover options that they never knew they had before," Muegenburg continues. "Options like little-known ways you can create substantial income tax deductions, how to avoid double taxation on your 'IRS-targeted' retirement accounts, how you can legally bypass capital gains taxes on stocks, bonds and real estate, and reduce and even eliminate income taxes on your IRA and 401(k). And lots more. I hope people get registered and come by calling our office at 805-856-3400 or going to www.yourgoodplan.com."
Arthur Godfrey is reported to have said "I'm proud to pay taxes in the United States; the only thing is, I could be just as proud for half the money."
While the government will continue to launch proposals designed to increase tax revenue, it's in each of our best interests to discover your options, Muegenburg said.
About Ted Muegenburg, JD:
Ted Muegenburg, JD is a nationally-recognized educator, author, speaker and estate planning attorney.
His professional wisdom and insights have been featured in various publications, including Pacific Coast, Business Times, Ventura County Star, VC Reporter and others.
He is the author of "Retire Abundantly!" and "The Serving Leader" book project.
Ted has earned the trust of some of the region's most successful business owners, executives and professionals. Some clients are household names and some clients are the millionaire next door.
His clients have entrusted over one half a billion dollars to him to administer and his expert planning and counsel have saved clients hundreds of millions of dollars in taxes.
Ted is a very active member of the Board of Trustees for the Community Memorial Hospital in Ventura and his church.
He lives in Ventura with his wife Dale where, after raising four children, they are now experiencing the joy of being grandparents.
SOURCE Ted Muegenburg