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I'm gettin' a freakin' headache... (Read 913 times)

BarbaraD

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Hugs to ya

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I'm gettin' a freakin' headache...
Oct 14^th, 2008 at 4:49pm

In the past two days I've just heard two new INCOME TAX laws. Now add that to the promised tax changes that have been made over the past months....

Well, every year we get about 100-600 tax changes - usually after tax season begins, so if Congress comes back after Nov 4th and starts their usual nonsense I'm gonna be up to my eyelashes in tax changes and people are going to be calling me day and night asking what they can and can't do before the end of the year.

So on the two plans to straighten up the economy -- we're gonna cut out the capital "gains" tax. My question is - WHAT GAIN - most people who sell off are going to have a capital "loss" so what's the point? Unless you sold before the market crashed and then is it going to be retroactive? No one mentioned that.

I can see a little merit in folks being able to take out some of their IRA's or 401K's if they need it to live on without a penalty (these are hard times) and unemployment not being taxed for a specified time or under a limited amount.

The $5000 medical deduction wouldn't help me - I take more than that on a Sch A now and if anyone pays their own med insurance (or thru their company) it's already deductible on the Sch A so I really don't see that one. Just something else to give me a headache explaining it.

I've just got a feeling that whoever wins, I'm gonna be busy explaining why everyone's not going to get ALL their tax dollars back in refunds and I'm gonna be mad at everyone who misspoke during this whole campaign.

Think I'll go take a nap now and rest up for the BIG ONE....

Hugs BD

What don't kill ya, Makes ya stronger!

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Racer1_NC

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Re: I'm gettin' a freakin' headache...
Reply #1 - Oct 14^th, 2008 at 5:58pm

BarbaraD wrote on Oct 14^th, 2008 at 4:49pm:

So on the two plans to straighten up the economy -- we're gonna cut out the capital "gains" tax. My question is - WHAT GAIN - most people who sell off are going to have a capital "loss" so what's the point? Unless you sold before the market crashed and then is it going to be retroactive? No one mentioned that.

Just because you and I aren't making money doesn't mean no one is. Wink

“We see what we believe, not the other way around." — Varga

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Mosaicwench CH.com Sponsor Offline www.mosaicwench.com Posts: 3507 Near Milwaukee WI, USA Gender:	Re: I'm gettin' a freakin' headache... Reply #2 - Oct 14^th, 2008 at 6:21pm I'm gettin' a freakin' headache... Well, at least you're on the right board!
Back to top	“Be regular and orderly in your life, so that you may be violent and original in your work.” ~Flaubert IP Logged

Callico

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Re: I'm gettin' a freakin' headache...
Reply #3 - Oct 14^th, 2008 at 6:25pm

Part of the reason for the capitol gain change is for those in mutual funds that sell off stocks. the value of the fund may have gone down, but the stocks sold usually are the ones with a profit, hence capitol gain. You then are taxed for a gain generated by the fund that does not affect you directly. Don't understand it fully, but Have seen it happen. It really bites it to pay a capitol gain on a loss.

Jerry

"Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a piece of dung by the clean end." Texas A&M Student (unknown)

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kevmd CH.com Hall of Famer Offline Who needs a hypothalamus anyway? Posts: 524 x0\|philadelphia\|USA\|\|0\|0\|PA,Pennsylvania Gender:	Re: I'm gettin' a freakin' headache... Reply #4 - Oct 14^th, 2008 at 10:05pm I don't envy you Barb
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Melissa CH.com Moderator CH.com Alumnus Offline Don't give up! Posts: 7238 Central WI, USA Gender:	Re: I'm gettin' a freakin' headache... Reply #5 - Oct 14^th, 2008 at 10:36pm I got a headache just reading about you getting a headache!
Back to top	Diseases can be our spiritual flat tires - disruptions in our lives that seem to be disasters at the time but end by redirecting our lives in a meaningful way. ~Bernie S. Siegel IP Logged

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