Some analysts are saying stock holders will start selling to take this years capital gains tax rate if Congress doesn't pass an extension to the Bush Tax cuts by December 15th. http://politics.usnews.com/news/blo...laying-tax-vote-could-crash-stock-market.html
Anyone still in this market is a fool. Regardless of the Rally in the last two days. Unless your a trader who is liquid by close each day, your Fucked. According to IRS data, fully 48% of the net income of sole proprietorships, partnerships, and S corporations reported on tax returns went to households with incomes above $200,000 in 2007. That's the number to look at, not the 3%." (Kevin A. Hassert and Allan D. Viard, Op-Ed, "The Small Business Tax Hike And The 97% Fallacy," The Wall Street Journal, 9/3/10) And lets see what that does to jobs. What they fail to tell you is, As an LLC I can keep all of my earnings in the LLC, taxed as then LLC and pay out hardly anything to myself. Thus, dropping my Personal Income tax to the lowest possible. There are plenty of ways to delay and lower Tax's on your LLC as well. So, the only thing that these assclowns in DC are gona harm, are those who are employed by small business and those looking for jobs.
well, you can't blame the Democrats. What's baffling to me is that majority of the rich vote for DEMOCRATS. For every earner making 250K+/year who votes for a Republican there is one earning same money that's voting for a Democrat. http://www.historycentral.com/elections/12008/exit/Income.html Notice that if one is making over 200K/year, they have most likely voted for Obama. It's sucks, but you reap what you sow.
My theory on why many rich people vote Democrat is that they feel guilty about their wealth. They can't bring themselves to give their money to the poor so they want the government to do it for them and other rich people. Warren Buffet is a good example although he has now decided to distribute a lot of his money himself and with Bill Gates. Also, I remember reading a story written many years ago how Joe Kennedy felt guilty about his wealth and how he acquired it. I think that led his sons to all become Democrats. Another reason along the lines of guilt suggests that the rich, not wanting to give away THEIR wealth, work to get government to take from ALL wealthy people and this effort along with the higher taxes they end up paying relieves their conscience of the guilt of being wealthy.
Hard to tell who these guys vote for! (note the interesting Trading related lyrics) <object width="480" height="385"><param name="movie" value="http://www.youtube.com/v/CfI-joGBV4s?fs=1&hl=en_US"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/CfI-joGBV4s?fs=1&hl=en_US" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="480" height="385"></embed></object>
All the talk about the Bush tax cuts and virtually no one is talking about the badly needed AMT patch. If we don't get it about 15 million taxpayers are going to get caught in that web.
If you have locked in long term capital gains from buying any stock or mutual fund in a taxable account, then why give up 5% simply by holding over to January 1st? To make up that 5% many investors would have to earn MORE than 5% on the same holdings, especially if they change the rule and make the capital gains convert to ordinary income. The article also mentions the last time capital gains taxes were increased, the investors sold to lock in gains, and history often repeats.
I'm hoping they expire. Unpaid for tax cuts when running a trillion dollar deficit makes no sense to me plus I wouldn't mind getting back into the market at much lower prices Alas I'm sure Obama and the rest of the cumdumpsters will go ahead and extend the stupid tax cuts.....yeah washington sure got the message in November lower taxes and bigger deficits