LOS ANGELES (PRWEB) 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.