We are all aware of the tax incentives and breaks that were allotted for this year. Is everyone paying attention to the proposed higher taxes we will face across the board with capital gains come 2011 or possibly 2012? All the while leading up to this change we witness strategic defaulting by home and business owners throughout the county. I personally witness a common attitude of some residents; I might as well take advantage and get out while I can. All I have to do is stop paying my mortgage... These items will undoubtedly be directly effecting our future economy and short term status of recovery.
Some quick points to note:
- The 33% tax bracket will become 36%.
- The 35% tax bracket will become 39.6%.
- Long-Term capital gains tax rate would increase from 15% up to 20%.
- Raise taxes on investment profits.
What do California residents in particular think about this?
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