LOS ANGELES, Oct. 16, 2019 /PRNewswire/ -- In an effort to better serve their loyal client base, today, Patriot Gold Group (PCC), a nationwide investment group, announces the launch of the "2020 Election Protection IRA," an investment awareness initiative to insure PGG clients are prepared for future economic headwinds and the potential for higher taxes.
"Patriot Gold Group has recognized a genuine concern amongst our clients leading up to 2020 and the potential candidates' attack on our wealth and their focus on 'wealth redistribution,'" notes Jack Hanney, CEO. "Patriot Gold Group has taken time to analyze the potential impact to our client's portfolios based on stated tax plans by the leading Democrat presidential hopefuls. From that research, we were able to develop this protective IRA to ensure a stronger sense of security for our clients."
Patriot Gold Group is Consumer Affairs Top Rated Gold & Silver IRA Dealer Nationwide for an unprecedented four years in a row, from 2016 -2019. This credential comes as a result of the company working directly with the owner concept and NO FEE FOR LIFE IRA program.
"My father often times would quote Will Rogers, saying 'I am more concerned with the return OF my money than the return ON my money,'" notes Hanney. "Being a successful conservative Republican vice mayor and owner of an insurance brokerage firm, my father instilled responsibility and accountability in me. This idea and notion of wealth redistribution contradicts everything America stands for. Hardworking, earners and savers in America need to practice that insurance is best bought before you think you need it. As the campaigning and election nears safe haven assets will only become significantly more attractive which should push gold and silver prices much higher in the near term."
Where the leading Democratic candidates stand
Former Vice President Joe Biden has proposed repealing stepped-up basis. Taxing unrealized gains at death could let Congress raise the capital gains rate to 50 percent before revenue from it would start to drop, according to the Tax Policy Center. Investors would no longer delay sales in hopes of a zero tax bill when they die.
Mr. Biden has proposed doubling the income-tax rate to 40 percent on capital gains for taxpayers with incomes of $1 million or more.
For Democrats, repealing stepped-up basis has drawbacks. Much of the money wouldn't come in for years, until people died. The Treasury Department estimated a plan former President Obama put out in 2016 would generate $235 billion over a decade, less than 10 percent of what advisers to Sen. Warren's campaign says her tax plan would raise.
That lag raises another risk. Wealthy taxpayers would have incentives to get Congress to reverse the tax before their heirs face it.
The most ambitious plan comes from Senator Warren of Massachusetts, whose annual wealth tax would fund spending proposals such as universal child care and student-loan forgiveness.
The ultra-rich would pay whether they make money or not, whether they sell assets or not and whether their assets are growing or shrinking.
Senator Warren would impose a two percent tax each year on individuals' assets above $50 million and a further one percent on assets above $1 billion. Fellow candidate Beto O'Rourke has also backed a wealth tax, and it is one of Vermont Senator Bernie Sanders' options for financing Medicare-for-All.
To gain more insight into the Democratic plans, review Democrats' Emerging Tax Idea: Look Beyond Income, Target Wealth.
Interested U.S. investors are invited to call Patriot Gold Group at 800-974-4653 (GOLD) to begin a free, comprehensive evaluation of the firm's gold and silver-backed IRA portfolios.
About Patriot Gold Group
Patriot Gold Group (www.patriotgoldgroup.com) is a nationwide investment group with more than 30 years of precious metals investing experience. The company was established in 1986 and is rated the top IRA Gold Dealer in 2016, 2017, 2018 by Consumer Affairs and rated 5 stars by TrustPilot.
SOURCE Patriot Gold Group
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