Hmm, I haven't been following the health care bill that closely and this tax increase caught me by surprise. Applies to income over 200k, starts in 2013. Combined with the reversion back to the pre-Bush cut tax rates, we're looking at a 8.4% increase in marginal tax rates for the highest income bracket. That's a big hit for successful traders. http://finance.yahoo.com/taxes/arti...-taxes-will-hit-you?mod=taxes-advice_strategy
disaster. not only is lower liquidity taking away money from traders pockets, now tax tax and more tax
Tax changes are coming and they are going to change the whole game come January 1st, 2011. This is going to be big news in the months to come. 1. Reinstate top rates of 36 and 39.6 percent Todayââ¬â¢s top income-tax rates of 33 percent and 35 percent will most likely return to 2000 levels: 36 percent and 39.6 percent. 2. 20 percent rate for capital gains and dividends For the past several years investors have been enjoying a 15 percent maximum rate on long-term capital gains and qualified dividends. If Congress does nothing, capital gains would be taxed at 20 percent, and dividends would be treated as ordinary income, with rates as high as 39.6 percent. 3. Reinstatement of the federal estate tax Thanks to the 2001 tax bill ââ¬â and the failure of lawmakers to act in 2009 ââ¬â the federal estate tax is now zero. But come 2011 it roars back to 2000 levels, with a top tax rate of 55 percent on estates worth $1 million to $10 million and 60 percent on estates worth more than that.
spoken like someone who is neither rich nor knows rich people. some of the greediest penny-pinchers i know are rich. i can imagine them screaming at uncle sam when they find out about the medi-care tax on capital gains.
You might want to be careful http://www.trustmakers.com/newsletter/tm/tim-berry/ira-crisis-print.html