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Platinum Tax Defenders Reveals Increase in National Debt and Urges Taxpayers to Prepare for Potential Increase in Taxes Due to National Debt first appeared on PRWeb.com
Los Angeles, December 29, 2019 - With recent news articles
reporting that U.S. federal debt is on its way to increase to a shocking 144
percent of GDP, according to a recent report by the Congressional Budget
Office, Platinum Tax Defenders is urging U.S. taxpayers to settle their back
taxes as soon as possible to avoid higher tax debts in the future.
Some experts are weighing in and likening the national debt
to a “tax” on future generations. If current laws generally remain unchanged,
the Congressional Budget Office expects the deficit to reach 92 percent of GDP
by the end of the next decade and 144 percent by 2049.
According to a Yahoo! Finance report (“’A Tax on Future
Generations’: U.S. debt on a path to exceed World War II levels,” July 12,
2019), the main reason why U.S. federal debt is reaching such high levels is
because the current law that decides taxes and benefits – including Social
Security and major health care programs – is close to depleting its resources.
The downsides to the United States having such high federal
debt is it can dampen economic output over time. As interest charges increase
on the outstanding U.S. national debt, interest payments to foreign debt
holders will also increase. As a result, the income of Americans’ households
significantly reduces. Additionally, as the national debt rises, the U.S. is at
an even higher risk of falling into a fiscal crisis.
The national tax debt increase can affect taxpayers in a
variety of ways, including raising interest rates, creating a weak job market,
and ultimately, higher taxes. When the government is unable to make revenue
through usual means to pay off its debt, it will usually turn to raising taxes
for consumers and property owners. With the imminent risk of increased taxes
looming, Platinum Tax Defenders is urging taxpayers to pay off back taxes as
soon as they can.
For individuals who owe the IRS $10,000 or more, there are
multiple programs the IRS offers to pay back taxes. The experts at Platinum Tax
Defenders have been helping taxpayers settle back taxes since 2001. Among the
tax relief programs that Platinum Tax Defenders specializes in include Offer in
Compromise, Installment Agreements, Penalty Abatement, and Innocent Spouse
Relief, to name a few. Settling back taxes is one way to prevent the burden
that may come from increased taxes due to the country’s national debt. For
individuals whose back-tax situation has already resulted in calls and letters
from the IRS threatening wage garnishment or seizure of assets, Platinum Tax
Defenders can help. As one of the top tax relief firms in the country, Platinum
Tax Defenders has experience negotiating tax relief deals with the IRS on
behalf of its clients.
While individuals may not be able to do much personally to
lessen the national debt, taxpayers can make small steps to reduce their debt.
For individuals interested in receiving help with settling back taxes, call
Platinum Tax Defenders today for a free consultation.
About Platinum Tax Defenders
Platinum Tax Defenders, a subsidiary of Cardiff Lexington
Corporation, (Cardiff Lexington Corp (CDIX) ) has been helping individuals
navigate their tax situations with the IRS since 2011. The top-rated tax firm's
tax resolution services have saved thousands of clients hundreds of thousands
of dollars in tax debt. The expert team at Platinum Tax Defenders has
experience working with entrepreneurs, individuals, and small businesses alike.
Platinum Tax Defenders (http://www.platinumtaxdefenders.com) is a
forward-thinking leader in the tax resolution industry. The tax relief experts
team works with taxpayers who are struggling with small to large tax debts.
Platinum Tax Defenders offers a wide variety of tax resolution, bookkeeping,
and tax preparation services for individuals and businesses.
Media Contact:
SHERRI GASTELUM
Platinum Tax Defenders
Phone: +1 (805) 416-1638
Email:
2280 Ward Ave
Simi Valley, CA 93065, USA
Phone: +1-866-866-8053
