1%ers: What are you doing with your $$ before Dec 31?

[Anonymous]

This is pretty gross.

[Anonymous]

Anonymous wrote:This is pretty gross.

x 1,000,000...

[Anonymous]

not just 1% you guys.
http://www.taxsquad.com/32421/Tax-Increases-Looming-in-2013/

you will ALL PAY

At least the lowered gas prices and financial gains from VA beach would've alleviated VA's transportation taxes

[Anonymous]

Buy a rental property, materially particpate in the business. End of season - but you can gain next year.

[Anonymous]

May as well move this to the political forum, but the fact is, the money raised from raising taxes won't solve the problem and will further stifle economic growth. There are structural flaws with our system that need to be fixed.

[Anonymous]

Class is not money. . . Don't you trust your financial advisers, OP? You think you're going to get better advice here?

[Anonymous]

Anonymous wrote:May as well move this to the political forum, but the fact is, the money raised from raising taxes won't solve the problem and will further stifle economic growth. There are structural flaws with our system that need to be fixed.

I'd like to discuss this among adults as well; but I don't think it's possible anywhere on DCUM.

As for 2012 money moves, we've been looking for years for a summer place and just can't settle on anything (location, size, price etc etc). So, instead we'll pay $350,000 in taxes to convert $1M to Roth IRAs. Not nearly as much fun as a beach house. But at least we'll be doing our "fair share".

[Anonymous]

The structural flaws in our system hurt the poor more than the top 10%. Zero intentional.

This thread is offensive.

[Anonymous]

Anonymous wrote:not just 1% you guys.
http://www.taxsquad.com/32421/Tax-Increases-Looming-in-2013/

you will ALL PAY

At least the lowered gas prices and financial gains from VA beach would've alleviated VA's transportation taxes

Thanks Larry

[Anonymous]

Anonymous wrote:The structural flaws in our system hurt the poor more than the top 10%. Zero intentional.

But raising taxes, or not patching the AMT etc does more to stifle the economy while doing nothing for the poor. There is only so much longer our government can keep paying out more than it takes in. This includes defense spending, farm subsidies and other programs. We can either turn into a 3rd rate economy, or we can start to be more fiscally responsible. This goes to both sides of the aisle and has nothing to do with "helping the poor".

[Anonymous]

Anonymous wrote:We're converting to Roth IRAs, adding $26k per child to 529 plans and probably selling off stocks with a lot if capital gains. Anyone else making money moves before the end of the year?

How can you be 1%ers and eligibile to open a Roth? We're 5%ers and still not eligible for Roth. Are you talking about converting a traditional and taking the tax hit in 2012?

[Anonymous]

Anonymous wrote:

Anonymous wrote:The structural flaws in our system hurt the poor more than the top 10%. Zero intentional.

But raising taxes, or not patching the AMT etc does more to stifle the economy while doing nothing for the poor. There is only so much longer our government can keep paying out more than it takes in. This includes defense spending, farm subsidies and other programs. We can either turn into a 3rd rate economy, or we can start to be more fiscally responsible. This goes to both sides of the aisle and has nothing to do with "helping the poor".

The suggestion that our economy is doomed unless we balance the budget through spending cuts is just silly. We do need to get healthcare costs under control, but the best way to do that (absent a single payer plan) is implement Obamacare.

The top marginal rate is historically very low and there's no reason to believe that small increases in it will materially damage the economy.

"Allowing income tax rates to rise for wealthy Americans, and maintaining rates for the less affluent, would not hurt U.S. economic growth much in 2013, the Congressional Budget Office said on Thursday."

Finally, the real problem is that these deals are entirely unenforceable over the long term. The last time we raised taxes on working Americans to reduce the deficit was the "Greenspan commission" deal where payroll taxes were raised, benefits were cuts and the retirement age was raised. As soon as the budget got into balance, Greenspan went to Congress and told them it would be a terrible thing for the govt to spend less than it raises and we should have a tax cut-- and we ended up with the Bush tax cuts which cut taxes on the wealthy.

[Anonymous]

The full quote for that link, FYI, is

"Allowing income tax rates to rise for wealthy Americans, and maintaining rates for the less affluent, would not hurt U.S. economic growth much in 2013, the Congressional Budget Office said on Thursday, stepping into a dispute between Republicans and Democrats over how to resolve the so-called 'fiscal cliff.'"

[Anonymous]

Anonymous wrote:

Anonymous wrote:We're converting to Roth IRAs, adding $26k per child to 529 plans and probably selling off stocks with a lot if capital gains. Anyone else making money moves before the end of the year?

How can you be 1%ers and eligibile to open a Roth? We're 5%ers and still not eligible for Roth. Are you talking about converting a traditional and taking the tax hit in 2012?

Yes, converting and paying $350,000 tax in 2012 on the conversion.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We're converting to Roth IRAs, adding $26k per child to 529 plans and probably selling off stocks with a lot if capital gains. Anyone else making money moves before the end of the year?

How can you be 1%ers and eligibile to open a Roth? We're 5%ers and still not eligible for Roth. Are you talking about converting a traditional and taking the tax hit in 2012?

Yes, converting and paying $350,000 tax in 2012 on the conversion.

That's the dumbest thing I've ever heard. But thanks for your contribution.