Normally, it takes a year to add $1 trillion to the national debt. With Covid-19, we have added $6 trillion to the debt. Something that usually happens in 6 years took place in 3 months.
David believes that instead of cutting the various programs, the government is going to raise more taxes.
Mark discusses main turning points of his career: being part of Ed Slott’s mastermind group since 2011, seeing one of David’s presentations, and getting a copy of The Power of Zero at a conference in San Diego back in 2015.
Some of the studies Mark Byelich has done show that the average middle-class American will be in the 40 to 45% effective tax rate – within the next 10 years.
David talks about the fact that some believe that rich people don’t have the money for all that the government is offering.
David answers a question related to what people should be doing.
David wouldn’t tell people ‘Ok, we only have 4 years, now I’m going to bump up into the 32%.’
David suggests people take advantage of these historically low taxes but don’t succumb to the temptation to bump up into 32%.
David discusses the fact that if Republicans were to get control of everything in 2024, they could extend the Trump tax cuts for another 8 years.
For David, one of the tools they have to fight inflation is to raise interest rates. The problem is that the reason why the country is able to sustain this debt for a long period of time, is because the country has had historically low interest rates for so long.
David shares something in the Constitution that says that the Federal Government is required to pay – simple work pensions, interest on the national debt, etc.
Mark talks about the one item that’s currently concerning him when it comes to the health of financial plans, and investing.