No one knows which taxes are going up and by how much. But there are ways to cushion yourself
Financial advisers for wealthy Americans assume that their clients' tax bills are going up. But that's about all they know for sure.
President Barack Obama campaigned on proposals to raise taxes—on income, capital gains, and dividends—on Americans who earn more than $250,000 per year. And in the year since he formulated that platform, the federal government's fiscal situation has gotten more dire, as a result of the recession, stimulus spending, and preexisting debt. On Aug. 25, the Congressional Budget Office raised its estimate of the total deficit from 2010-19 by $2.7 trillion, bringing it to $7.137 trillion. The White House's estimate for the deficit over the next 10 years is $9 trillion.
Eventually, tax experts say, the government will need to fill those deficits with extra revenue. "Don't expect any good news on the tax front," says Marilyn Cohen, president of Envision Capital Management. "We've got a multitrillion-dollar bill to pay, and it's not going to pay itself."
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5 comments:
Janies got a gun, the whole things just begun...
Hey Joe, can you create an open thread or post on the County's current budget problems as a result of the cuts in local aid from the State? Moreover, how Mr. Pollitt plans on balancing the budget and current plans and potential costs for the new Bennett Middle School. I think that this would be a good outlet for citizens to have their voice heard by the County Executive regarding this matter. This is a very big issue that I feel that SBYNews should have more coverage and exposure on it. Thank you in advance for your efforts in the matter.
Get yourself a big ole bottle of Jim Beam.
Funny how the wealthy have enjoyed so many tax loopholes, but are so up in arms when the Middle Class has a shot at a little tax relief.
OMG, but how to prepare for the inflation that is coming?
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