In this Corner…Senator John McCain has recently proposed to do away with rules that force seniors to sell stocks from 401Ks or Individual Retirement Accounts (IRAs), and tax withdrawals from those accounts at 10% instead of at varying rates. He’s also pushed his plans to cut capital gains tax in half.
And in this Corner: On the other side of the fence Senator Barak Obama has made promises aimed mostly at middle-class Americans. His proposals promise about $80 Billion dollars in tax cuts. He’s also said quote “Instead of having all of us pay our fair share, we've got over $1 trillion worth of loopholes in the corporate tax code.”
Pick Your Side: Everyone already seems pretty avid about which side they’re on. Meanwhile, the economy has become more unpredictable than the weather and everyone is worried about their fiancés. It seems that if either of these men follows through with their promises, we could be in for a struggle over the next few years.
Educate Yourself: While the next few weeks go by, you need to be reading as much as you can about finances and economics. Spend some time here on a blog, and take a few minutes to read my new eBook. I’m also a member of allexperts.com now so you can ask me questions about tax issues there:
http://allexperts.com/ep/932-105591/Tax-Law-Questions/Richard-Close.htm
Today’s Question: Do you have any pointers on how I can become more of an educational source for you? For instance, is there any particular subject you’d like to see me write more about?
Now you have the Smoking Gun…Use It!