Posted on 05/23/2008 7:51:50 AM PDT by reaganaut1
Wealthy folks worried that a new administration will raise their taxes sharply by tinkering with Social Security are making plans now to soften the blow. Campaign trail talk by Democratic Sen. Barack Obama, D.-Ill., about shoring up Social Security with a tax on higher incomes has advisors walking clients through ways to reduce the impact. Rich self-employed people would be hardest hit. Among the possible antidotes: Taking a bonus or exercising stock options this year instead of next. Another idea is for entrepreneurs to take smaller salaries to reduce their taxable income. Tax rhetoric by politicians is powerful stuff, as recent activity among planners proves. The election is months away; nonetheless, Social Security talk is one of several campaign tax issues driving a very real effort by advisors to buffer clients now from what they see as looming rate hikes. Many are convinced Democrats will raise rates on capital gains and ordinary income. "We're seeing clients worried about the possible repeal of wage caps on Social Security," said M. Holly Isdale, managing director and head of wealth advisory services at Lehman Brothers Holdings Inc. "My experience is that they are beginning discussions to accelerate income into this year and thus avoid an increased Social Security tax, with the idea to pull the trigger on these plans later in the year."
(Excerpt) Read more at fa-mag.com ...
Government mandated mediocrity for all. No incentive to make money. No incentive to hire people. More outsourcing, less saving etc.
First they will raise the taxes on the “rich”, then they will cut benefits on the basis that the “rich” don’t need SS. Then they will decide that well, it just isn’t FAIR that some people are drawing more SS benefits than others and everyone still drawing it will get the same.
At that point SS will go from being a “retirement investment” to flat out welfare since only SOME people sill get it.
Awesome video:
The same kind of terrorists who support Obama did this:
http://www.frugalsites.net/911/attack/
Never apologize for them.
Never appease them.
Never forget.
Is this satire? ROFLMAO!!!!
People seem to forget the 1950’s when the tax on the highest incomes was at 90%. Economic growth was basically flat until 1962 when JFK reduced these ridiculous marginal rates.
rich = anybody making over the median income
That would be about $34k/year.
Hauser’s Law is like gravity.
Throughout history of the US, no matter what you raise taxes to it still only makes up 19.5% of GDP.
Raise taxes, lower GDP.
Some progressives still don’t understand gravity, though. That’s why we call them Wile E Coyotes. Don’t look down when you run off the edge of the cliff!!
The lefties can’t wait to grab all that money that hard-working intelligent people have earned legally and give it to their constituents: people who lack intelligence, don’t work, and vote democrat.
Obama will not be happy until we are just another 3rd world nation, with the exception of people like him and his commie band of elitist friends. He’s different kind of politician, all right, worse than any we have seen before. And he makes Carter look like an economic Einstein.
No, because the productive people who would be hit by these taxes are already awake.
They're just outnumbered and outvoted by the recipient class whose only direct interaction with the tax system is the rebate check they get every year.
OTH, we will still have to worry about tax and spend by the RINO McCain and his toadies but I don't want that marxist jerk(Obama) in the WH.
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