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My investment portfolio generates more income than we need to live on. The majority of that income is not really for living on anyway. My stocks are in managed accounts and the managers do more buying and selling than index funds do, with the gains being reinvested in new purchases, not sent to me except for what I need to pay in tax on the gains. In spite of this management activity, my returns have beaten the indexes even after the higher fees and cap gains taxes of 15% (+9% state). If Obama near doubles the tax on cap gains (to 28%), I don't know if I will be able to continue with this investment strategy, as it may not beat the indexes after the new, higher tax burden. That's a threat to my retirement, having to take lower returns on my investments.

You are not making any sense at all here.
How can a higher tax burden be a threat to your retirement if your investment portfolio already generates more income than you need to live on?

Psssst! Don't tell anybody but plenty of people don't "beat the indexes" and yet manage to live just the same.

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