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Message: Re: Capital Gains Tax

Oct 31, 2008 10:14AM
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Oct 31, 2008 11:36AM
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Oct 31, 2008 05:46PM

You have to pay the piper some time. I think I would rather do it on my time and my decision. If you get as old as we are Senator Government will make you start withdrawing on his timetable.

Even if he just raises capital gains to 20% I will still be ahead of the game rather than pay ordinary income which could be 30 to 40% after he "gives us our tax cuts", which he will call a cut with his explanation of "I was going to raise your taxes by 15% but I have decided to only raise them by 10%" . Thereby giving you a TAX CUT of 5%.

If I held everything in an IRA I would be paying ordinary income, not cap gains. That could mean hundreds of thousands, if not millions, of dollars if EDig does what we all hope.

Cap gains on a $5,000,000 profit at 20% is $1,000,000

Ordinary income through an IRA on $5,000,000 at a minimum of 30% tax rate, but would definitely be much higher because that 1040 would show us to be "one of the wealthiest and would probable put us in a 40% ++++ bracket, would be $1,500,000

Just my two cents....by the way you still don't get 19

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