Reply to Who should this person vote for in the presidential election?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Is it OK for Sandy base her vote on something other than her own, near term financial situation?  I know that's crazy talk to some folks (Mitt?) but it's how a lot of us vote.

If you're loaded [b](yes, $500k through your own hard work is loaded, even in Washington)[/b] then any of the Republican candidates is more favorable to your long term financial situation than any Democrat. The GOP's big achievement over the next decade will be to redefine income to exclude inheritance, dividends and capital gains. This will be huge for families that have accumulated a lot of wealth.[/quote]

Not if its all wage income you are spending most of it on private schools.    If you cant survive for at least 6 months without a paycheck then you are not loaded.  [/quote]

Oh come on, that's ridiculous.  I just ran a tax return for a family with $500K of income, no dividends or capital gains, a reasonable mortgage, and no charitable deductions+[b] all I put in for retirement was $10K into IRAs[/b].  That family clears $358K after Federal taxes, and after VA + property taxes, it's still $314K.

Unless those kids are going to school on Mars, "most" of their money is not being spent on school.[/quote] They're idiots.  Seriously.  [/quote]

$5000 is the max for an IRA.  I will assume that the couple had other retirment income accounts such as pre-tax 407K.[/quote]

I assumed they were married, and I didn't have the ability to back out 401(k) contributions, so that's why I went with a $10K IRA, which is very conservative.[/quote]

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