No. of Recommendations: 4
Everyone has been jumping on the Repubs for getting their pockets picked by Obama and his tax machine. Look, without a deal, everyone's tax rates would have gone up, cap gains up, dividends way up, estate taxes way up. With the deal, about 99% of taxpayers see their rates stay at the Bush levels, both for income and cap gains/divdends, and also for estate taxes. AMT also got sort of fixed. Everything considered, it was a great deal for my family. My cap gains and dividend distributions from Vanguard get taxed at 15%. My other income gets all or mostly taxed at 15%. We get a $10M estate tax exemption, indexed for inflation. Yes, Obama gets a little more from the top .5%, but a lot less from everyone else, and the changes are indexed and supposedly permanent, which means they should stay the same as long as the Repubs hold some power in Congress or have the White House. As for SS withholdings, they were always supposed to go back up anyway, plus I'm retired and simply don't care about those taxes anymore, other than the extra money helping to pay me off in my older years. Not a bad deal, if you ask me. Now, the Repubs need to hold the line on spending, and the sequester isn't a bad starting point if you ask me. The Dems will have far greater pain than the Repubs, other than defense spending, but it's past time to cut defense spending in this country. Let France, or the UK, or the UN, or just about anyone else spend their money trying to save the Third World from destroying itself. A good Navy, Air Force, Marines, and Special Ops should be more than sufficient to destroy most threats overseas.
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