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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Giordano Bruno who wrote (157927)10/17/2008 12:28:11 AM
From: GraceZRead Replies (2) of 306849
 
Joe the plumber forgot the first cardinal rule of business, if you are going to own a small business you want to stay off the government radar as much as possible. The Feds are the least of his worries, the state, local fees and taxes can easily bury any small business owner. A large amount of Federal taxes, especially employment taxes, can be avoided by simply restructuring how you are paid if you don't need to live on the profit.

That said, anyone who thinks their taxes are going to continue to stay as low as they are now is dreaming. My husband and I have middle class wages and our average Federal tax went from 18% under Clinton to 13% under Bush. I doubt I'll ever see that low an average rate again. They always start out saying they're only going after the top 5% but the top 5% have enough income to make tax avoidance profitable. It is ALWAYS the middle and upper middle who get hit when taxes go up.

Pelosi is now talking about a special surcharge on 401s and Obama is talking about letting people take out 10k and then making the plans taxable. You had to know that all those tax deferred plans out there would be too tempting for Congress to leave them alone. Anyone who saved for retirement will be tapped to pay for the majority who didn't, you can bet on it.
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