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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (73615)	1/16/2008 6:29:49 PM
From: RealMuLan	Read Replies (1) \| Respond to of 116555

The “Tax Reduction and Reform Act of 2007” (H.R. 3970) is still on the table. If enacted, it could have profound tax consequences for trade ... Individual tax rates go up to approximately 44 percent in H.R. 3970, after you count in the 4-percent “surcharge” and denying extensions to the Bush tax cuts (regular increase in rates). Plus you need to consider Senator Obama’s 15.3-percent SE tax proposal possibly applying to unlimited earned income. That means federal tax rates can approach 59 percent. By the way, add state tax rates, sales taxes, and real estate taxes, and you are well over 70 percent. If you earn money in a C-Corp, your top tax rate is 30.5 percent and you are often free of the SE tax, too. But is it going to be 30.5 percent vs. 59 percent? The Trojan horse is not extending the Bush tax cuts on “qualifying dividends” (currently taxed at 15 percent) and forcing taxpayers into double taxation. That’s 30.5 percent plus 59 percent. greencompany.com