Comments on: How President Elect Obama’s Administration Will Affect Your Finances

By: 11-17-08 Twenty-Something Finances-Carnival

11-17-08 Twenty-Something Finances-Carnival — Mon, 17 Nov 2008 14:10:15 +0000

[...] talks about our future taxes in How President Elect Obama’s Administration Will Affect Your Finances posted at Cash Money Life. I think I’ll see a tax cut at least for a few more years and so [...]

By: Joe

Joe — Mon, 10 Nov 2008 19:54:09 +0000

The cuts need to come from government, and sadly Obama is about growing government and using it as a tool to bring about what he, pelosi and reed consider to be “fairness”.

Like MG points out, the lower class and middle class will be hardest hit by windfall profits, higher corporate taxes and wealth redistribution. Companies will pass along higher taxes in the prices of their products, corporations will close up shop and offshore even more, if the rates go high enough. Small business will be forced to lay off workers they can’t afford the taxes to keep on staff. The democrat philosophy is to punish business and create government dependency wherever possible. It’s going to be a rough four years, but at least the Bush supporters can gloat when people look back at the last 8 years as the good ole days. :-/

By: Ryan

Ryan — Fri, 07 Nov 2008 03:57:20 +0000

Alisa: I’m still learning about investing too. I don’t mind the bear market because my investment horizon is long term (30 years for traditional retirement age). So I am trying to buy more stocks now, while the prices are depressed.

By: Alisa

Alisa — Fri, 07 Nov 2008 01:20:38 +0000

President – Elect Obama does have his work cut out for him. We are, without a doubt, in an economic mess! But interesting enough, this is not new to us. The United States has had tough economic times in the past. And, in time, we seemed to have always come out of it. But this one is scary! Because I have just started my investment journey I am kind of disappointed about the possible increase on Captial Gains and Dividend Taxes. However, if, in conjunction with other policy moves, it helps to reduce our current economic problems, so be it!

I read a very interesting report called the Graziadio Business Report (a link to the report is posted on my blog). The report shows the historical dates of Presidential Elections and the activity in the Stock Market from 1942 – 2004.

This is so interesting. I didn’t know that historically, bear markets occur within the first or second year that the president is in office. If this is true, and remains a constant, than investors should be able to make smarter investment choices. (Everything else remaining equal). Who knows. Still Learning On My Jounrney! Be Well.

By: 10 Challenges President Elect Obama Faces Going Forward | The Wisdom Journal

Thu, 06 Nov 2008 05:02:00 +0000

[...] decimated retirement accounts, job loss predictions, and an overall feeling of dystopia. We are worried about our finances … seriously [...]

By: deepali

deepali — Wed, 05 Nov 2008 22:40:57 +0000

“The good news: you won. The bad news: you won.”

I agree that we get a little caught up in campaign promises and forget that our government is more than just the president. By the time the plan makes it through Congress, it’ll be a different animal.

And at the same time, having a good personal plan is the most influential thing anyway. If you spend more than you earn, it doesn’t matter what you pay in taxes.

As for stimulus – it looks like Pelosi is talking a plan involving infrastructure and food stamp expansion…

By: Mrs. Micah

Mrs. Micah — Wed, 05 Nov 2008 18:50:00 +0000

Every once in a while during the campaign, I’d wonder why on earth either McCain or Obama would be running. It’s not like they only need to keep an even keel or something, they’re inheriting a huge mess. I don’t know if anyone is really up for the task.

As for your assessment, I think it makes sense. For at least the next year there’ll probably be little effect, just more fallout from the current situation.

By: BloggingBanks

BloggingBanks — Wed, 05 Nov 2008 18:29:49 +0000

Pat,

Thanks for this overview. I doubt that there will be much changing over the next 2 years in terms of taxes.. After 2010 however.. who knows..