Will Taxes Be Lower In The Future? Doubtful

Check out the real time US Debt Clock and NYS Debt Clock.  NYS has the highest debt to GDP ratio out of all of the states.

4 replies
  1. Rickie
    Rickie says:

    I hope they don’t take our money from the Deffered Comp to pay for the debt? What do you think Mr. Thomann? If Nyc ever consider filing for bankruptcy, is there a possibility that they may take the money from our accounts? Is there any loophole in the law that would allow the City or State to do that? I hope not! Please, would you please respond? What are your thoughts sir? Thank you as always! You are providing very valuable information to us. I really appreciate it.

    • Peter Thomann, EA, CFP®, CDFA®
      Peter Thomann, EA, CFP®, CDFA® says:

      You’re welcome. NYC cannot use NYC Deferred Comp participants money to pay for debt. The Small Business Jobs Protection Act of 1996 added Code Sec. 457(g) which requires the employer to maintain participant funds in a trust, custodial account, or annuity contract. NYC Deferred Comp accounts are in custodial accounts.

  2. Michael Fisher
    Michael Fisher says:

    Look at the lower right hand corner of the debt clock! Look at the price of gold per ounce they believe it should be ($6,983)! How do they arrive at that number?Gold closed today at $1,496 per ounce.

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