next »

[dlewis87]

"Well, we finally have a Democratic nominee. Yes, a lot of water still has to flow under the bridge. The only thing we know for certain right now is that a new president and a new Congress will be sworn in next January," Brett Arends reports for The Wall Street Journal. "But as Barack Obama is the man of the hour, it's a reasonable time to ask what his election might mean for you and your family's money."

"This is not a political column, and in this space I take no stance about who should or shouldn't win. I am only concerned with what you should do to prepare for contingencies," Arends notes.

"The Bush tax cuts, which came into effect in 2003, are already set to expire in 2011. And politics, as well as the huge budget deficit, make it likely they will do so. That will probably mean big changes to the tax rates on capital gains and stock dividend income, among others. Senator Barack Obama has already acknowledged that he may be willing to raise the top rate on long-term capital gains still further, to 28%. That was the rate in 1997. Today it's just 15%," Arends reports.

"So if you are sitting on a huge profit in, say, your Apple stock, if the Democrats win in November you might want to cash it in before the end of the year," Arends reports. "'Go ahead and sell it' says Benjamin Tobias, a financial planner in Plantation, Fla. 'Pay the 15% tax, and put a happy face on the check to the IRS because you're only paying 15%. Next year, who knows what you'll be paying?'"

Arends also notes, "It's way too early to make any moves based on the election, and you should probably seek professional advice before taking any bold steps with your money. It is also worth adding that a number of these changes might end up being brought in if John McCain becomes president as well. The one thing I am willing to say with some certainty is that the 15% tax rate on dividends and capital gains isn't going to be cut."

Full article, in which Arends also covers making changes to your IRAs and other tax-deferred accounts, along with moving some of your other investments into tax shelters such as low-cost variable annuities, here.

Source: http://macdailynews.com/index.php/weblog/comments/17478/

[mudmanc4]

 You know,  why is it that most every time you hear a left thinking person say something like  " we need to help the American people ", it always involves raising the already double , and triple tax rates that we endure now ?  The only thing that will end the redundant taxation that is placed by democrats , is when ignorant voters stop and realize higher taxes are not the answer, now is that ever going to happen ? Not likely.

 How does the sound to you " were going to help you, by raising your taxes " . Think about it. Put anything you want in front of it , such as,  " healthcare for everyone ", or " those rich people should give there money to the poor people " , but what this comes down to is this, if you want to see the middle class disappear entirely, ( you know, those people who feed the ones who can't feed and house themselves, or choose not to )  , then I suppose you'll enjoy life more when all there is to depend on are the controlling politicians and wallmart that just so happen to want to choose for you what you get , and when you get it, well go ahead and vote for the guy who would like to see Iran be a nuclear state, and the people in the middle east have there way w/ there murderous plans.