[quote=deadzone]I’ll be ecstatic if they actually roll back the Bush tax cuts. Mostly affects wealthy individuals, so it is about time.
So long term capital gains tax from 15% to 20%, big effin deal. Like investors are going to cash out their investments and hide all their money under their mattress due to the exra tax, give me a break. Estate taxes from 5 million to 1 million.. cry me a river, you just inherited over a million dollars in which you didn’t do a god damn thing to earn. Quite whining you spoiled trust fund babies![/quote]
Oh my….Are you serious?
Do you have a family?
Hypothetical situation… Let’s say you have a wife and kid(s)… Let’s say tomorrow you get hit by a bus and die….Hopefully you were smart enough to plan ahead and had some sort of life insurance policy so that you wouldn’t leave your widowed wife and kid hanging… Because if you did’t that would be completely irresponsible on your part.
Let’s say you’re 30…..Do you really think $1million is enough to replace your income, juggling between maybe a mortgage, maybe some student loans, maybe oh I don’t know, college tuition of your kids?
Or do you expect your widowed wife to fend for herself and your kid to just “have to deal with it”… Now, let’s put this in perspective…Let’s just say estate taxes takes half of your life policy… Did you think about that?
I don’t think folks are getting this… People who already planned/accumulated before any of these new rules/restrictions are ok…All these new rules is going to make it a hell of lot harder for anyone else that need to do something there after. These things are not “mostly issues for rich people”…
These issues in the majority affect the working middle class. It’s limiting YOUR ability to accumulate wealth, whether you have chosen to or not…It won’t be an option for YOU moving forward…YOU are at a disadvantage versus people who already have accumulated wealth or have started much earlier than you. Someone who already has wealth accumulated can move to different instruments because as many correctly points out it’s easy(ier) to generate money when one has money…
Of course older people on pensions have no issues with these changes…Because they have a guarantee (or they think they do)…YOU don’t have that luxury…
Do the math yourself. Take whatever you think would have been a reasonable return (say 8-10%) and than of that tax that at 15% for a few years..Do the same thing, except tax that at your income rate (probably 25%ish)…Tell me what sort of dent that will put into your bottom line 8,14,20 years down the road.
And then if you’re trying to buy a home for the first time, and you don’t have enough down, you know where it went…
