How will you protect your assets under Obama?

[NOBama]

It’s probably safe to say that the people holding the majority of the marbles already have them protected in whichever tax shelters best protect those assets from the greedy little paws of Uncle Sam. However, with the bar of wealth being lowered to 200K$ under an Obama administration it’s obvious that a lot more people are going to be exposed to Obama’s scalpel.

Naturally, those of us running small businesses who will be impacted by the Robin Hood tax are simply going to raise the price of goods and services to offset the tax increase.

The problem is going to be for those who are slightly over new bar or about cross that threshold and enter into Sherwood Forest.

So, my question is: What kind of tax shelter(s) would you be looking at if you were about to become a victim of Robin Hood and his merry men?

 

[GigiBowman]

I'm going to buy a King Size Mattress before November 4th lol

 

[Ravi]

It’s probably safe to say that the people holding the majority of the marbles already have them protected in whichever tax shelters best protect those assets from the greedy little paws of Uncle Sam. However, with the bar of wealth being lowered to 200K$ under an Obama administration it’s obvious that a lot more people are going to be exposed to Obama’s scalpel.

Naturally, those of us running small businesses who will be impacted by the Robin Hood tax are simply going to raise the price of goods and services to offset the tax increase.

The problem is going to be for those who are slightly over new bar or about cross that threshold and enter into Sherwood Forest.

So, my question is: What kind of tax shelter(s) would you be looking at if you were about to become a victim of Robin Hood and his merry men?

You have a personal income from your business of over $250,000? How nice for you. If you don't you need not worry. If you do, instead of taking business profit as personal income, hire an additional employee, buy some more equipment, or buy some business property.

 

[Silence]

you people are pathetic!

Why don't you look into moving out of the United States if you're so worried about an Obama presidency!!??

 

[Ravi]

you people are pathetic!

Why don't you look into moving out of the United States if you're so worried about an Obama presidency!!??

I hear Canada is conservative now.

 

[NOBama]

I'm going to buy a King Size Mattress before November 4th lol

Patriot Act

 

[GigiBowman]

Patriot Act

Yeah, well I got one of these! lol

[ame=http://www.youtube.com/watch?v=LsV50T5uEyw]YouTube - The New BackUp Commercial[/ame]

 

[glockmail]

.....

So, my question is: What kind of tax shelter(s) would you be looking at if you were about to become a victim of Robin Hood and his merry men?

I'm predicting massive inflation under Carter II, along with fuel shortages, etc.

I'll be converting my SUV over to CNG, converting mutual funds to Euros and gold, and buying lots of bullets and vegetable seeds.

 

[editec]

It astounds me that people here are making over $250K a year running businesses can find the time to post on boards like these.

When I was running a business that didn't even GROSS that amount of money I was too damned busy to waste time on something like this.

Nobama, you claim that your grossing more than $250K in PROFIT every year in your business?

Is that what you're claiming?

 

[Ravi]

It astounds me that people here are making over $250K a year running businesses can find the time to post on boards like these.

When I was running a business that didn't even GROSS that amount of money I was too damned busy to waste time on something like this.

Nobama, you claim that your grossing more than $250K in PROFIT every year in your business?

Is that what you're claiming?

No, he's claiming he takes a personal income of over $250,000 every year from his business.

 

[GigiBowman]

It astounds me that people here are making over $250K a year running businesses can find the time to post on boards like these.

When I was running a business that didn't even GROSS that amount of money I was too damned busy to waste time on something like this.

Nobama, you claim that your grossing more than $250K in PROFIT every year in your business?

Is that what you're claiming?

I think a lot of business these days is done with your ass parked in front of a computer...and it's a matter of how fast you can sell on one webpage and write long diatribes on the other about politics...while you shop on ebay inbetween as you update your webpage

 

[Care4all]

It’s probably safe to say that the people holding the majority of the marbles already have them protected in whichever tax shelters best protect those assets from the greedy little paws of Uncle Sam. However, with the bar of wealth being lowered to 200K$ under an Obama administration it’s obvious that a lot more people are going to be exposed to Obama’s scalpel.

Naturally, those of us running small businesses who will be impacted by the Robin Hood tax are simply going to raise the price of goods and services to offset the tax increase.

The problem is going to be for those who are slightly over new bar or about cross that threshold and enter into Sherwood Forest.

So, my question is: What kind of tax shelter(s) would you be looking at if you were about to become a victim of Robin Hood and his merry men?

Assets? What Assets?

After this administration and the last dismal 4 weeks in the market, who in the heck has any assets left to protect, is probably what many in America are thinking, no?



care

 

[Skull Pilot]

My wife and I started our business less than 2 years ago. We are not in the 250K range yet but it won't be more than a few years i don't think.

I will probably drop my S corp standing in another year or two so as to take advantage of C corp rules on additional tax deferred retirement plans for corporate officers that are not available under S corp rules. That way i can keep our income lower while saving much more. Where as with an S corp I have to pay taxes on all profits on my individual tax return even if I don't take the profit out.

But I don't know what I'll do if this happens

House Democrats To Kill 401(k)s…Plan To Nationalize Retirement The Barton Bulletin

Powerful House Democrats are eyeing proposals to overhaul the nation’s $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.
House Education and Labor Committee Chairman George Miller, D-California, and Rep. Jim McDermott, D-Washington, chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute

I guess at this point I would NOT contribute any tax deferred money into retirement accounts and invest only after tax income so as to pay long term cap gains rates rather than the higher rates on retirement plans.

Is anyone else absolutely disgusted and/or terrified that the Dimocrats are eying retirement funds now?

 

[Ravi]

My wife and I started our business less than 2 years ago. We are not in the 250K range yet but it won't be more than a few years i don't think.

I will probably drop my S corp standing in another year or two so as to take advantage of C corp rules on additional tax deferred retirement plans for corporate officers that are not available under S corp rules. That way i can keep our income lower while saving much more. Where as with an S corp I have to pay taxes on all profits on my individual tax return even if I don't take the profit out.

But I don't know what I'll do if this happens

House Democrats To Kill 401(k)s…Plan To Nationalize Retirement The Barton Bulletin

Powerful House Democrats are eyeing proposals to overhaul the nation’s $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.
House Education and Labor Committee Chairman George Miller, D-California, and Rep. Jim McDermott, D-Washington, chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute

I guess at this point I would NOT contribute any tax deferred money into retirement accounts and invest only after tax income so as to pay long term cap gains rates rather than the higher rates on retirement plans.

Is anyone else absolutely disgusted and/or terrified that the Dimocrats are eying retirement funds now?

A credible source would be helpful, instead of a link to a hysterical blog.

 

[editec]

No, he's claiming he takes a personal income of over $250,000 every year from his business.

Yeah, that's what I think too.

Let's just say I believe him about as much as I believed Joe the Plumber's fabrication.

Oh yeah, one more point.

You are not taxed by the FEDS on your assets.

You are taxed on your income.

Big BIG difference.

Anyone smart enough to have grown a business to the point where it's making $250 K in profits a year is likely to know the difference between an untaxable asset and a taxable income.

 

[Skull Pilot]

A credible source would be helpful, instead of a link to a hysterical blog.

At least I provide links , Ravi

Would Obama, Dems Kill 401(k) Plans? - Capital Commerce (usnews.com)

Obama, Dems Seek to End 401(k) Plans - Political Machine

Just because a story shows up on a blog before it hits the mainstream media does not mean said story is untrue.

 

[Skull Pilot]

you people are pathetic!

Why don't you look into moving out of the United States if you're so worried about an Obama presidency!!??

I'll move out when Alec Baldwin and his sissy actor friends make good on their promise to move out when GW was reelected

 

[Care4all]

it's just fear mongering skull....seriously, it is partisan bunk when you read the whole article it is evident to me and there are no links to support any of it....

besides the fact when the employers with the push of our government's support... took guaranteed pensions away from us as a benefit from our employers and switched it to 401k's where the company only had to contribute 5% towards your retirement from them as a benefit, but it all had to go in to the RISK FILLED STOCK MARKET, it was the BIGGEST GIFT TO WALL STREET that had existed in our lifetimes....even bigger than the bailout....

NOW, all those 401k retirement plans in a few months LOST TRILLIONS UPON TRILLIONS of their value and the 401k savers have been totally RAPED.

I am against getting rid of it or it's tax breaks, but i am not against some kind of true reform, where a portion of the 401k can go in to guaranteed savings....like maybe being able to buy in to CD's or something....my 3 Employers that had 401k's did not have anything but investing with risk.

Now, with you and your situation Skull, even IF this made up fear mongering thing DID happen....I bet ya, you would still get the tax savings on the guaranteed plan that you were forced to do...as you would have with the 401k, no?

Care

 

[Ravi]

At least I provide links , Ravi

Would Obama, Dems Kill 401(k) Plans? - Capital Commerce (usnews.com)

Obama, Dems Seek to End 401(k) Plans - Political Machine

Just because a story shows up on a blog before it hits the mainstream media does not mean said story is untrue.

Yes, but you've only provided links to more blogs...this is not even remotely true.

 

[NOBama]

It astounds me that people here are making over $250K a year running businesses can find the time to post on boards like these.

When I was running a business that didn't even GROSS that amount of money I was too damned busy to waste time on something like this.

Nobama, you claim that your grossing more than $250K in PROFIT every year in your business?

Is that what you're claiming?

Have you noticed that unlike you, I don't sit here and troll the board all day? We own a real estate management company. We also own most of the properties we manage. As far as how much we make, that's none of your business. So, I do have a lot of free time. Just not as much as you.

The reason I posed this question is two fold:

First: First an Obama administration WILL impact me, although not as much as somebody who's just starting out in a new business.

Second: Since an Obama administration is a real probability, I thought I'd give you a dose of reality. Do you really think that people who are making a decent living are about to willing give a portion of it up to others that are are to lazy to get off their asses and find work? I don't think so.

This little game of cat and mouse has been going on since the government has been taxing the people, it's nothing new. The only thing that's going to change are the rules and how to work around them.