Economic Collapse 2011?

[XBoxBoy]

[quote=briansd1][quote=EconProf]
BTW, Laffer and his firm used to be La Jolla-based, but moved to income tax-free Tennessee to escape CA’s taxes.[/quote]

Wealthy people do move away from La Jolla after all.[/quote]

While I don’t have any facts to justify my belief, I’d wager that some of Laffer’s key people including himself still own places in LJ.

[Aecetia]

The rich are probably set to ride out an economic crash, the problem will be a social collapse. Raising tax rates lowers tax revenue. The government is going to end up imploding if they continue down this path. You will not be worried about shopping for a house you will be worried about staying alive. Time to get your head out of the sand.

[Aecetia]

The rich are probably set to ride out an economic crash, the problem will be a social collapse. Raising tax rates lowers tax revenue. The government is going to end up imploding if they continue down this path. You will not be worried about shopping for a house you will be worried about staying alive. Time to get your head out of the sand.

[Aecetia]

The rich are probably set to ride out an economic crash, the problem will be a social collapse. Raising tax rates lowers tax revenue. The government is going to end up imploding if they continue down this path. You will not be worried about shopping for a house you will be worried about staying alive. Time to get your head out of the sand.

[Aecetia]

The rich are probably set to ride out an economic crash, the problem will be a social collapse. Raising tax rates lowers tax revenue. The government is going to end up imploding if they continue down this path. You will not be worried about shopping for a house you will be worried about staying alive. Time to get your head out of the sand.

[Aecetia]

The rich are probably set to ride out an economic crash, the problem will be a social collapse. Raising tax rates lowers tax revenue. The government is going to end up imploding if they continue down this path. You will not be worried about shopping for a house you will be worried about staying alive. Time to get your head out of the sand.

[UCGal]

If you’ve got assets that are tax deferred – it makes sense to consider tax implications. Especially if you’re making large financial moves.

Here’s a real world example. I have an inherited IRA – I’ve looked at pulling the money out to pay down my mortgage. But I’d have to pay income taxes on it. For now – it’s better to take the minimum RMD each year and let the money stay invested in a tax benefited way. If fed income tax rates were to go up for middle income folks to a huge rate (say 40% or such), I’d pull money out now, pay the current (mid 20%) tax rate, and use the money to pay down the house. But it doesn’t make sense given the current tax rate.

I think most Piggs, even the poorer ones, are analytical enough to “do the math” when making large financial moves.

Some things can’t be timed for tax purposes… Wealthy people die when they die, not on a tax schedule – it’s currently a GREAT year for wealthy relatives to die. (Too bad I don’t have any.) 2010 has no estate tax. 100% of the estate is excluded. It was a $3.5M exclusion last year It goes back to a $1M exclusion next year. (Taxes are paid at a pretty stiff rate on the value of the estate above the exclusion.)

I assume most piggs will reallocate, reevaluate if there are significant tax changes.

[UCGal]

If you’ve got assets that are tax deferred – it makes sense to consider tax implications. Especially if you’re making large financial moves.

Here’s a real world example. I have an inherited IRA – I’ve looked at pulling the money out to pay down my mortgage. But I’d have to pay income taxes on it. For now – it’s better to take the minimum RMD each year and let the money stay invested in a tax benefited way. If fed income tax rates were to go up for middle income folks to a huge rate (say 40% or such), I’d pull money out now, pay the current (mid 20%) tax rate, and use the money to pay down the house. But it doesn’t make sense given the current tax rate.

I think most Piggs, even the poorer ones, are analytical enough to “do the math” when making large financial moves.

Some things can’t be timed for tax purposes… Wealthy people die when they die, not on a tax schedule – it’s currently a GREAT year for wealthy relatives to die. (Too bad I don’t have any.) 2010 has no estate tax. 100% of the estate is excluded. It was a $3.5M exclusion last year It goes back to a $1M exclusion next year. (Taxes are paid at a pretty stiff rate on the value of the estate above the exclusion.)

I assume most piggs will reallocate, reevaluate if there are significant tax changes.

[UCGal]

If you’ve got assets that are tax deferred – it makes sense to consider tax implications. Especially if you’re making large financial moves.

Here’s a real world example. I have an inherited IRA – I’ve looked at pulling the money out to pay down my mortgage. But I’d have to pay income taxes on it. For now – it’s better to take the minimum RMD each year and let the money stay invested in a tax benefited way. If fed income tax rates were to go up for middle income folks to a huge rate (say 40% or such), I’d pull money out now, pay the current (mid 20%) tax rate, and use the money to pay down the house. But it doesn’t make sense given the current tax rate.

I think most Piggs, even the poorer ones, are analytical enough to “do the math” when making large financial moves.

Some things can’t be timed for tax purposes… Wealthy people die when they die, not on a tax schedule – it’s currently a GREAT year for wealthy relatives to die. (Too bad I don’t have any.) 2010 has no estate tax. 100% of the estate is excluded. It was a $3.5M exclusion last year It goes back to a $1M exclusion next year. (Taxes are paid at a pretty stiff rate on the value of the estate above the exclusion.)

I assume most piggs will reallocate, reevaluate if there are significant tax changes.

[UCGal]

If you’ve got assets that are tax deferred – it makes sense to consider tax implications. Especially if you’re making large financial moves.

Here’s a real world example. I have an inherited IRA – I’ve looked at pulling the money out to pay down my mortgage. But I’d have to pay income taxes on it. For now – it’s better to take the minimum RMD each year and let the money stay invested in a tax benefited way. If fed income tax rates were to go up for middle income folks to a huge rate (say 40% or such), I’d pull money out now, pay the current (mid 20%) tax rate, and use the money to pay down the house. But it doesn’t make sense given the current tax rate.

I think most Piggs, even the poorer ones, are analytical enough to “do the math” when making large financial moves.

Some things can’t be timed for tax purposes… Wealthy people die when they die, not on a tax schedule – it’s currently a GREAT year for wealthy relatives to die. (Too bad I don’t have any.) 2010 has no estate tax. 100% of the estate is excluded. It was a $3.5M exclusion last year It goes back to a $1M exclusion next year. (Taxes are paid at a pretty stiff rate on the value of the estate above the exclusion.)

I assume most piggs will reallocate, reevaluate if there are significant tax changes.

[UCGal]

If you’ve got assets that are tax deferred – it makes sense to consider tax implications. Especially if you’re making large financial moves.

Here’s a real world example. I have an inherited IRA – I’ve looked at pulling the money out to pay down my mortgage. But I’d have to pay income taxes on it. For now – it’s better to take the minimum RMD each year and let the money stay invested in a tax benefited way. If fed income tax rates were to go up for middle income folks to a huge rate (say 40% or such), I’d pull money out now, pay the current (mid 20%) tax rate, and use the money to pay down the house. But it doesn’t make sense given the current tax rate.

I think most Piggs, even the poorer ones, are analytical enough to “do the math” when making large financial moves.

Some things can’t be timed for tax purposes… Wealthy people die when they die, not on a tax schedule – it’s currently a GREAT year for wealthy relatives to die. (Too bad I don’t have any.) 2010 has no estate tax. 100% of the estate is excluded. It was a $3.5M exclusion last year It goes back to a $1M exclusion next year. (Taxes are paid at a pretty stiff rate on the value of the estate above the exclusion.)

I assume most piggs will reallocate, reevaluate if there are significant tax changes.

[jpinpb]

I heard talk of possibly changing the estate tax retroactive for 2010. Might be a great year, unless they are successful in changing the law.

[jpinpb]

I heard talk of possibly changing the estate tax retroactive for 2010. Might be a great year, unless they are successful in changing the law.

[jpinpb]

I heard talk of possibly changing the estate tax retroactive for 2010. Might be a great year, unless they are successful in changing the law.

[jpinpb]

I heard talk of possibly changing the estate tax retroactive for 2010. Might be a great year, unless they are successful in changing the law.

[Author]

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