Secular Bull Market, planning for the future, taking care of self and family by working, saving, and long term investing...sounds like you learned a lot from "old white men." Sounds also like you have faith in the system built by "old white men." Apparently you are hoping that the "old white man era," really is not over because after all that system built the wealth you're standing on, and opened the door for the advancement of all who walked through it.
Next time you see an old white guy, say thank you.
If we have Capital Gains we are obliged to pay tax on the full amount. If we have tax loslosses, we can only deduct $3000 of it per year. I don't understand the logic of this disparity in tax treatment. I bet millions have billions in tax losses pent up waiting to deduct in the coming years. Anyone have an idea of why we have this unequal treatment?
It really depends on your income as to the cap gain tax. Most people won't have to worry about cap gains at all, but if you have cap gains and your gross income is under the threshold the cap gains will stay at 15%. Start listening to other stations other than fox.
No Super Majority, Thank God! But if they get that abominable plan through, it will hurt younger people more than us old timers. No future for our kids and grandkids or until a new Congress gets in and repeals the stupidity.
I wonder if Congress will include their own pension plans as well. I'll bet they'll find a way to exclude them. It will be the death of savings.
end of the baby boomer era. old white guy generation is over and their retirements get wiped out in the process. voters have spoken and they are young and hopeful.
if any one is sickened by it then cash in what chips are in the 401k you have been gambl.. ehem... trading away. provide the next generation the opportunity to find value and hold long term positions that will return double digit gains yoy over the next 30 years.
I've always said short term trading is a suckers game and if they tax that then I'm all for it. if you are exiting a 401k take the 10% hit and convert to a roth ira.
as for my position in FRO. I'm contained in both iras and 401ks and any dividends are free of capital gains until I cash out and I've got a couple decades to go.
grasshopper - you, too, with any luck, will be "old" someday. It will be interesting to see how you feel about things then. Do you think that all "old" people are rich? Do you think that having more "old" people with a poorer standard of living will not put a burden on your generation and your children's generation? This country is so youth oriented & so used to a feeling of entitlement it's scary. I wonder how your children will feel about you when you're "old" and they want to have "change"...
All it takes is a change in the law to tax 401k and Roth IRA on the front and back end. Fasten your seatbelt, it's gonna be a wild ride.
It cracks me up how soon people forget the Carter administration and how ignorant of the results of Chavez and Castro economics Americans are.
Sell longs in 2009 for taxes. Obama won't be ab le to mess with us until 2010 and those taxes will be due in 2011.
Bottomline: we are all going to get inflation, then his taxes and have a wonderful 4 years infront of us. 2009 will be easy going though unless the depression effects your job.
Luck to all the investors here.
Actually, Obama has yet to get in office, the new tax law has yet ot be written; BUT, anyone believing a campaign promise (Rep or Dem) is one naive investor.
Cap gains will probably go up, but not effective until 2010. So we can all relax, let the dust settle and enjoy our tax code as we know it for now.
This is a good time of year for oil tankers and I expect a run through Thanksgiving. Then shenanigans for this years tax selling.
Luck to all the divie collectors.
I'll bet you a quarter that cap gains will go up even for people making less than 200,000.
Also Bush tax cuts will sunset and the marriage penalty will come back.
Illegal Alien amnesty will also happen within Obama's first year as pres.
If I'm wrong, I'll be happily surprised. If you're wrong, you'll still be in denial.