Thread: New Info....for anything here. Taxes, Chit-Chat, Whatever.

Originally Posted by neno

35% under a year, and I think still 15% aday over, unless it has moved to 10% now.

Taxmama here - TIPRA (Tax Increase Prevention and Reconciliation Act of 2005) was extended. The 5% rate drops to -0-% from 2008 to 2010. That applies to those in the lowest tax brackets 10% and 15%. Currently long term gains are taxed at 15% and short term goes up to 35%.

That is the current law. But when the newly elected House Speaker came into office she emphatically announced that low capital gains tax rates would be taken away. Not sure when, but they better get this Dinar RV'd REAL FAST I'd say!!!

Originally Posted by DinarDarling

Taxmama here - TIPRA (Tax Increase Prevention and Reconciliation Act of 2005) was extended. The 5% rate drops to -0-% from 2008 to 2010. That applies to those in the lowest tax brackets 10% and 15%. Currently long term gains are taxed at 15% and short term goes up to 35%.

That is the current law. But when the newly elected House Speaker came into office she emphatically announced that low capital gains tax rates would be taken away. Not sure when, but they better get this Dinar RV'd REAL FAST I'd say!!!

The very first thing that the detestable democrats will do (if elected, which is not likely)...will be to remove all tax cuts made by the Bush administration and then increase all taxes way beyond that. Buggars!!

Beware Of Government, Lawyers & Other Thieves. Especially Dems.

Originally Posted by danny51

The very first thing that the detestable democrats will do (if elected, which is not likely)...will be to remove all tax cuts made by the Bush administration and then increase all taxes way beyond that. Buggars!!

You are absolutely right. I've been doing taxes for 30 years and when I started, capital gains rates were at 50% - didn't matter short term, long term. It's taken a looooong time to get them down to something reasonable. We need to be vigilent about voting!!!

Originally Posted by DinarDarling
Taxmama here - TIPRA (Tax Increase Prevention and Reconciliation Act of 2005) was extended. The 5% rate drops to -0-% from 2008 to 2010. That applies to those in the lowest tax brackets 10% and 15%. Currently long term gains are taxed at 15% and short term goes up to 35%.


I'm in the lowest bracket now but if I exchange 1 Mil IQD @ 1;1 USD dosen't my bracket change? How do I get the 5% rate?

Thanks in advance DD

Originally Posted by elgordo

Beware Of Government, Lawyers & Other Thieves. Especially Dems.

What do weathermen, used car salesmen, attorneys, and politicians all have in common?

If their lips are moving, they’re lying!


DesertWolf

Originally Posted by dorrel

I'm in the lowest bracket now but if I exchange 1 Mil IQD @ 1;1 USD dosen't my bracket change? How do I get the 5% rate?

Thanks in advance DD

Best thing to do is consult with a good Tax Attorney. The small amount spent today could safe you thousands tomorrow…

DesertWolf

Origin of Word 'Politics'

The word 'politics' comes from the Greek 'poly' meaning 'many', and ticks of course are bloodsucking parasites.

Originally Posted by dorrel

Originally Posted by DinarDarling
Taxmama here - TIPRA (Tax Increase Prevention and Reconciliation Act of 2005) was extended. The 5% rate drops to -0-% from 2008 to 2010. That applies to those in the lowest tax brackets 10% and 15%. Currently long term gains are taxed at 15% and short term goes up to 35%.


I'm in the lowest bracket now but if I exchange 1 Mil IQD @ 1;1 USD dosen't my bracket change? How do I get the 5% rate?

Thanks in advance DD

Who if any would hold off on cashing in 2007 if it rv'd tomorrow? Just to keep you in the lowest tax bracket so you can get -0-% LTCG tax in 2008.
Maybe even keep your job or take a lower paying job,to stay poor in the lowest taxbracket till 2010 and let the exchange rate get stronger before cashing in. Anybody have the Will power? It could save millions in taxes.
You could quit your job and spend the rest of 2007 researching investments, taxes, and pay your self up to the tax bracket limit. You would then know if your gonna cash in in 2008 or take the job at Jack in the box till you cash out in 2010.

Originally Posted by explorerhot

Who if any would hold off on cashing in 2007 if it rv'd tomorrow? Just to keep you in the lowest tax bracket so you can get -0-% LTCG tax in 2008.
Maybe even keep your job or take a lower paying job,to stay poor in the lowest taxbracket till 2010 and let the exchange rate get stronger before cashing in. Anybody have the Will power? It could save millions in taxes.
You could quit your job and spend the rest of 2007 researching investments, taxes, and pay your self up to the tax bracket limit. You would then know if your gonna cash in in 2008 or take the job at Jack in the box till you cash out in 2010.

Explorehot, thanks and I agree. The % difference with time does not justify the earnings potential, moving forward promptly.

The thing I was trying to asertain, was how does anyone ever use the lower tax bracket if the dinar jams you into the top bracket. Someone told me it only matters what previous years income was only. I dono.