During the campaign, President Obama repeatedly told us how he wants to “go back to the income tax rates we were paying under Bill Clinton — back when our economy created nearly 23 million new jobs, the biggest budget surplus in history, and plenty of millionaires to boot.” Well if the Clinton tax rates were so great, let’s go back to all of the Clinton rates and relive the booming ’90s.
Americans had a choice this November, and they voted for bigger government. Rather shielding voters from the consequences of their decisions, let them pay for it.
Equo ne credite, Teucri. Quidquid id est, timeo Danaos et dona ferentes
As usual, the subject of this loggerhead has nothing to do with the reality of it. Taxes? Spending? Horsepucky.
Our brilliant political strategist in chief as scored yet another victory. He divided the Republicans. He has shaken the support for the GOP leadership, leaving them weaker for the follow up negotiations that will most certainly follow in January. There is no question in my mind that he will win big in the court of public opinion as individual bills to restore some of the "pre-cliff" items that Marc Theissen is pointing out are passed. Not among them will be the death tax and other things that he wanted anyway. You have to hand it to him - he is brilliant.
We'll see if there are enough people who are paying attention when their pay checks suddenly change to hold him more accountable than he is planning on. I'm not counting on it.
The GOP, through mostly their own doing, only had the choice of shooting themselves in the head with a fully loaded revolver. The only real choice they had was the caliber of the gun. When you abandon your principals, the choices get very, very limited.
Obama said he wanted to return to Clinton era taxes, but now he's trying to avoid their automatic reinstatement. The conservatives in the GOP, if there are any left, should be making hay with this.
Wish I had a crystal ball or a CPA with a crystal ball. Actually I just need a CPA (Houston). I have invested heavily in dividend paying stocks (DRIP - dividend reinvestment) over the past year after reading the book Get Rich with Dividends by Mark Lichtenfeld. Good book written in easy to read language.
The potential increase to the tax rates on dividends is shocking (44% ?). Can't wait to hear what's going to happen so I can make any necessary adjustments. I guess I'm going to be looking for a good CPA this year as I have lots of MLPs and REITs with complicated tax implications.
Recommendation for good Houston area CPA is welcomed -- small business or individual, not one of the big ones.
