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Silver Wheaton Corp. Message Board

  • yourdeadmeat69 yourdeadmeat69 Dec 16, 2012 12:45 PM Flag

    When does Fiscal Cliff kick in?

    2012 AMT due Apr 15 2013. (oh chit)
    Clobbered in 90 days
    2013 Soc Security reverts to 2010 (add back 2% )
    Clobbered all year 2013 on

    2013 Clinton era tax rates prevail (ballpark add 20% to all middle class tax rates including many states based on Fed formula.
    Clobbered 2013 on.

    What I miss?

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    • The debilitating effects of a failure to continue the tax cuts may take as long as 2 years to be fully realized. Sometime during that timeline, based on H&S patterns forming in all major market indices, there will be a meltdown the likes of which will make 1929 look like a walk in the park. Hopefully voters, if their vote still counts, will wake up before then and throw every current politician out of office in favor of ones who know what it takes to keep the ship from capsizing, which means restoring political power to where it belongs, with the People. Based on recent past history, unfortunately, that probably is unlikely to happen. Too many seem to have a “death wish”.

    • The special tax rates on long-term gains and qualified dividends will expire on December 31, 2012. Starting 2013, the tax rate on long-term gains will be 20% (or 10% if a taxpayer is in the fifteen percent tax bracket). Also starting in 2013, the distinction between ordinary and qualified dividends will disappear, and all dividends will be subject to the ordinary tax rates.
      Also beginning in 2013, capital gain income will be subject to an additional 3.8% Medicare tax for married joint filers making more than $250,000.

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