Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (14) | Ignore Thread Prev | Next
Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Re: Tax shelters redux Date: 6/21/2003 3:45 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 39
I was just thinking about our tax burden and it's out of hand, IMO... My spouse and I earn close to 160k/yr combined.

I'm trying really hard to be sympathetic here, but when I see people supporting families on less than a fifth of your income, it's not easy. Since your goal appears to be more money and less tax, I won't bother suggesting charitable contributions.

The tax laws have been tightened up pretty well so that you can't eat your cake and have it too, like during the good old days of rampant tax shelters that looked like investments but really were just deduction mills. There are lots of scams you can easily find on the Net, but the fact that IRS hasn't caught up with them yet doesn't guarantee that they won't in the future. Besides, you're just throwing money away to save on taxes.

As long as the Republicans control Congress I think you can count on very favorable tax treatment of investment income. They've already got the maximum tax rate on long-term capital gains and dividends down to 15%, which is the marginal rate for a single working stiff who makes more than about $15,000 a year. Add SS and Medicare, and that person is paying 22.65% of his next dollar while you can keep yours down to 15%. So, concentrate on investment income and kwitcherbellyakin.

Phil
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (14) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement