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Yes, that was my initial point. Most of my income is now taxed at a rate higher than 5%. There's nothing that I could have done.
Give it some time..innovation has a way of creating new products.
And nothing drives innovation better than higher taxes on your product (wall street trades).
Taxes are not the only things going up. Wait until the inflation hits. I remember the Carter years. I already see it in my groceries. Some things I used to get for $1 are now $1.79 unless they are on sale. I used to never pay more than $2.50 for a bag of potato chips but yesterday I saw that three bags were $10. I didn't buy them. They priced themselves out of my buying range. I will buy the potato and cook it in the oven. They are probably getting money back for the higher gas prices to cook them with the new price.
When other people have to pay higher taxes they will just pass those taxes down to you in order to make the money they want to make. Get ready to buy a smaller belt. You won't be able to afford enough money to eat enough to be fat. Michele will be pleased with that, don't you guess?
These products usually only show up in the public markets. The private markets are at mercy.
I did read some suggested alternate ways to generate money.
Rental income is one way to replace cap gain income.
But that opens a different set of issues/problems.
But I do know a few that have retired on that type of income and it seems steady enough if you do your due diligence on your renters.
Taxes are not the only things going up. Wait until the inflation hits. I remember the Carter years. I already see it in my groceries. Some things I used to get for $1 are now $1.79 unless they are on sale. I used to never pay more than $2.50 for a bag of potato chips but yesterday I saw that three bags were $10. I didn't buy them. They priced themselves out of my buying range. I will buy the potato and cook it in the oven. They are probably getting money back for the higher gas prices to cook them with the new price.
When other people have to pay higher taxes they will just pass those taxes down to you in order to make the money they want to make.
My office admin got that same suprise yday when we called the IRS to find out about the new percentages. Last year it went up for the employers part and this year the employees part went up to match the percentage...
Hope people like who they voted for...unemployment went up again!
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