bobblehead
08-14-2008, 08:42 PM
Romney on the trail said we should have an exemption for the first $250K of capital gains. I'm extremely fond of this idea and I'll explain why (email your congressmen)
My goal in life is to aquire 5 Million working capital by the age of 50, then retire on gov't bonds that earn 5.25% tax free. Good for me right, no capital gains.
My best friend has managed to scrape up 50K non 401k savings. He keeps it in bank CD's searching for competitive rates usually around 5.25%. Each year he earns roughly 2600 which is tacked onto his income taxes at around 12%...he pays 315 taxes, I will pay zero....seems like the gov't at its finest.
I also am disuaded from seeking say 10% on my money cuz if I do at present rates I have to hand over 15% of that (28% if obama gets in). Take a massive risk incrrease (zero risk in gov't bonds) to try for 3.25% more return after taxes....makes no sense. This means less investment capital for the economy.
Capital Gains taxes hurt middle america....primarily keeping them from becoming upper america and stifles investment along the way.
Get on board, email congressmen, and push for a 250k exemption for capital gains.
My goal in life is to aquire 5 Million working capital by the age of 50, then retire on gov't bonds that earn 5.25% tax free. Good for me right, no capital gains.
My best friend has managed to scrape up 50K non 401k savings. He keeps it in bank CD's searching for competitive rates usually around 5.25%. Each year he earns roughly 2600 which is tacked onto his income taxes at around 12%...he pays 315 taxes, I will pay zero....seems like the gov't at its finest.
I also am disuaded from seeking say 10% on my money cuz if I do at present rates I have to hand over 15% of that (28% if obama gets in). Take a massive risk incrrease (zero risk in gov't bonds) to try for 3.25% more return after taxes....makes no sense. This means less investment capital for the economy.
Capital Gains taxes hurt middle america....primarily keeping them from becoming upper america and stifles investment along the way.
Get on board, email congressmen, and push for a 250k exemption for capital gains.