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But if we haven't kept records further back than 7 years, how can we defend our claim? They could claim anything!
They don't care.. the Biden government is out to rob us anyway they can to bring in more illegals and fund them with free college, free food, free housing . It is in that huge bill the dems want to pass.
For what it's worth my CPA said he has rarely encountered an average person paying something beyond 7 years old unless they are affluent. The average if I recall correctly was 3-5.
If you don't make more than 75k don't worry about it. If you make 250k-350k then I would save going back 14 years.
They are hiring many tens of thousands more IRS workers to look into bank accounts and anyone with over $600 will be on their screen. They will also look at our transactions.
Only if you're in middle age or younger. For those with another 20 years or less to go, it's very bad news. Retirees will lose massive purchasing power via inflation at the same time their retirement portfolios are dropping. (For those on Medicaid or other government assistance, it won't matter - but for self-supporting individuals, it is scary times.)
Meh, as long as there is a growing supply of cheap labor in the world, inflation will remain tame, particularly considering the US, the world's biggest consumer, is in decline as a consumer nation.
If the interest rates go up it is a safe place for money and the interest is guaranteed in a bank CD.
Do you really think those rates will rise enough to offset high inflation? 30 treasury would have to spike above 5% just to keep pace and we know that ain't happening.
You're wrong. If interest rates creep up, and the stock market is heading down due to Biden's inflationary pressures, people will put their money will they are guaranteed a return, however modest.
And this is common knowledge. One of the ways the fed keeps the stock market propped up is by keeping the interest rates low. About a year ago they announced a small increase, and the next day the market dropped significantly. They backed off, seeing the results of a interest rate jump.
I thought everyone knew this.
No. HELL no.
Real estate, stocks, precious metals, commodities, crypto - any of those will give a better chance that inflation doesn't erode the spending power of cash.
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