[quote=CONCHO]Don’t worry Breeze. If you were to make any money on any rebound in the stock market, it will be nicely taxed once you exceed $250k a year. And if it doesn’t push you over $250k, well it’s not really significant to be worth talking about, especially not enough to offset your 201k.
Remember that we have progressive taxation. So, let’s say you go from a $250K to a $300K TAXABLE INCOME (after mortgage interest deduction, business expenses, 401K contributions, etc…). Under Obama’s plan you will pay an additional 3% (from 36% to 39%) on that 50K ONLY. That works out to an additional $1500. Somehow I don’t think people are going to stop trying to earn more money just to avoid paying that small amount of extra tax.
And as I’ve said before on this board, if you have $250K annual TAXABLE INCOME (not gross), you are doing allright and I’m not gonna worry about you.[/quote]
You’re forgetting short term cap gains are taxed at ordinary income. Also, don’t forget, if it’s long term cap gains, those lowered cap gains treatment won’t apply to you know if over $250k.
Also don’t forget the no-cap rule on Social Security.
Great, so you can pay for us then,
Please send me a check to:
