New tax laws for 2009

[Veritas]

So the party is over?

[SD Realtor]

Veritas my comment is speculative only and based on the belief that we as in everyone will be taxed a great deal more then we are now.

Unfortunately most people feel that taxes come only in the form of the income tax that they pay annually. Unfortunately this is far from correct. I do indeed believe that sales on primary residences will see the 250k/500k cap gains exemption be removed. It is not inconceivable that other previously untouchable tax shelters such as your 401k become targets as well. Again, this is not a tax on the “super rich”. It is a tax to raise revenues to pay for increased spending.

Additionally many people think that when corporate taxes are raised, that only corporations will suffer. In reality however, the corporations frequently pass along the tax increases to you the consumer.

Once again, this is only AN OPINION.

I cannot find a single economist out there who advocates increasing taxes in a recession but I guess the government knows better. Sorry to be so pessimistic. I hope I am wrong.

[SD Realtor]

Veritas my comment is speculative only and based on the belief that we as in everyone will be taxed a great deal more then we are now.

Unfortunately most people feel that taxes come only in the form of the income tax that they pay annually. Unfortunately this is far from correct. I do indeed believe that sales on primary residences will see the 250k/500k cap gains exemption be removed. It is not inconceivable that other previously untouchable tax shelters such as your 401k become targets as well. Again, this is not a tax on the “super rich”. It is a tax to raise revenues to pay for increased spending.

Additionally many people think that when corporate taxes are raised, that only corporations will suffer. In reality however, the corporations frequently pass along the tax increases to you the consumer.

Once again, this is only AN OPINION.

I cannot find a single economist out there who advocates increasing taxes in a recession but I guess the government knows better. Sorry to be so pessimistic. I hope I am wrong.

[SD Realtor]

Veritas my comment is speculative only and based on the belief that we as in everyone will be taxed a great deal more then we are now.

Unfortunately most people feel that taxes come only in the form of the income tax that they pay annually. Unfortunately this is far from correct. I do indeed believe that sales on primary residences will see the 250k/500k cap gains exemption be removed. It is not inconceivable that other previously untouchable tax shelters such as your 401k become targets as well. Again, this is not a tax on the “super rich”. It is a tax to raise revenues to pay for increased spending.

Additionally many people think that when corporate taxes are raised, that only corporations will suffer. In reality however, the corporations frequently pass along the tax increases to you the consumer.

Once again, this is only AN OPINION.

I cannot find a single economist out there who advocates increasing taxes in a recession but I guess the government knows better. Sorry to be so pessimistic. I hope I am wrong.

[SD Realtor]

Veritas my comment is speculative only and based on the belief that we as in everyone will be taxed a great deal more then we are now.

Unfortunately most people feel that taxes come only in the form of the income tax that they pay annually. Unfortunately this is far from correct. I do indeed believe that sales on primary residences will see the 250k/500k cap gains exemption be removed. It is not inconceivable that other previously untouchable tax shelters such as your 401k become targets as well. Again, this is not a tax on the “super rich”. It is a tax to raise revenues to pay for increased spending.

Additionally many people think that when corporate taxes are raised, that only corporations will suffer. In reality however, the corporations frequently pass along the tax increases to you the consumer.

Once again, this is only AN OPINION.

I cannot find a single economist out there who advocates increasing taxes in a recession but I guess the government knows better. Sorry to be so pessimistic. I hope I am wrong.

[SD Realtor]

Veritas my comment is speculative only and based on the belief that we as in everyone will be taxed a great deal more then we are now.

Unfortunately most people feel that taxes come only in the form of the income tax that they pay annually. Unfortunately this is far from correct. I do indeed believe that sales on primary residences will see the 250k/500k cap gains exemption be removed. It is not inconceivable that other previously untouchable tax shelters such as your 401k become targets as well. Again, this is not a tax on the “super rich”. It is a tax to raise revenues to pay for increased spending.

Additionally many people think that when corporate taxes are raised, that only corporations will suffer. In reality however, the corporations frequently pass along the tax increases to you the consumer.

Once again, this is only AN OPINION.

I cannot find a single economist out there who advocates increasing taxes in a recession but I guess the government knows better. Sorry to be so pessimistic. I hope I am wrong.

[peterb]

There are a thousand ways to sunday to tax people. And the govt knows this. Transactions, ownership and almost anything we do can have a tax of somekind associated with it. But watch carefully as it will be called a “fee” or increase in some kind of thing that normally had no fee or much less of a “fee” etc…bottom line, at the end of the day, the govt will be looking to extract more money from us. And of course, it can be a good old fashioned increase in taxes. But that’s tough for the congress thieves to do when we’re all under unemployment pressure and wage freezes.

[peterb]

There are a thousand ways to sunday to tax people. And the govt knows this. Transactions, ownership and almost anything we do can have a tax of somekind associated with it. But watch carefully as it will be called a “fee” or increase in some kind of thing that normally had no fee or much less of a “fee” etc…bottom line, at the end of the day, the govt will be looking to extract more money from us. And of course, it can be a good old fashioned increase in taxes. But that’s tough for the congress thieves to do when we’re all under unemployment pressure and wage freezes.

[peterb]

There are a thousand ways to sunday to tax people. And the govt knows this. Transactions, ownership and almost anything we do can have a tax of somekind associated with it. But watch carefully as it will be called a “fee” or increase in some kind of thing that normally had no fee or much less of a “fee” etc…bottom line, at the end of the day, the govt will be looking to extract more money from us. And of course, it can be a good old fashioned increase in taxes. But that’s tough for the congress thieves to do when we’re all under unemployment pressure and wage freezes.

[peterb]

There are a thousand ways to sunday to tax people. And the govt knows this. Transactions, ownership and almost anything we do can have a tax of somekind associated with it. But watch carefully as it will be called a “fee” or increase in some kind of thing that normally had no fee or much less of a “fee” etc…bottom line, at the end of the day, the govt will be looking to extract more money from us. And of course, it can be a good old fashioned increase in taxes. But that’s tough for the congress thieves to do when we’re all under unemployment pressure and wage freezes.

[peterb]

There are a thousand ways to sunday to tax people. And the govt knows this. Transactions, ownership and almost anything we do can have a tax of somekind associated with it. But watch carefully as it will be called a “fee” or increase in some kind of thing that normally had no fee or much less of a “fee” etc…bottom line, at the end of the day, the govt will be looking to extract more money from us. And of course, it can be a good old fashioned increase in taxes. But that’s tough for the congress thieves to do when we’re all under unemployment pressure and wage freezes.

[EconProf]

Look for one local tax to go up, perhaps by a lot. A real estate “transaction tax” is an easy fee to hike. In some east coast high tax states it is far higher than CA, where I believe it is $.055 per $100 of sales price.
Politicians will look to raise it here since Proposition 13 limits (for now) their raising property taxes. By raising transaction costs for buying and selling, it hurts real estate brokers, investors, etc.

[EconProf]

Look for one local tax to go up, perhaps by a lot. A real estate “transaction tax” is an easy fee to hike. In some east coast high tax states it is far higher than CA, where I believe it is $.055 per $100 of sales price.
Politicians will look to raise it here since Proposition 13 limits (for now) their raising property taxes. By raising transaction costs for buying and selling, it hurts real estate brokers, investors, etc.

[EconProf]

Look for one local tax to go up, perhaps by a lot. A real estate “transaction tax” is an easy fee to hike. In some east coast high tax states it is far higher than CA, where I believe it is $.055 per $100 of sales price.
Politicians will look to raise it here since Proposition 13 limits (for now) their raising property taxes. By raising transaction costs for buying and selling, it hurts real estate brokers, investors, etc.

[EconProf]

Look for one local tax to go up, perhaps by a lot. A real estate “transaction tax” is an easy fee to hike. In some east coast high tax states it is far higher than CA, where I believe it is $.055 per $100 of sales price.
Politicians will look to raise it here since Proposition 13 limits (for now) their raising property taxes. By raising transaction costs for buying and selling, it hurts real estate brokers, investors, etc.

[Author]

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