Wednesday, November 19, 2008

Post Election Tax Reform

Campaign 2008 is finally over. Democrats are stunned that they haven't blown it again, and Republicans feel bamboozled, but seem ready to move forward. Barack Obama will be the 44th President of the United States. He'll take office in January with strong Democratic majorities in both the House and Senate and the most sweeping tax proposals since the 1986 tax reform.

Obama himself promised to cut taxes for families making less than $250,000, uh $200,000, via Biden that's $150,000 per year. But who knows how long that promise will last?

Now it's time for Obama's campaign promises to meet economic reality. And one of those realities is that there just aren't as many Wall Street millionaires to tax as there were when Obama rolled out his plan!

Understandably, the media has generally focused on the true bailout provisions of the Emergency Economic Stabilization Act of 2008. But this landmark legislation also contains a bundle of tax law changes that will affect you as an individual taxpayer.

You should take the time now to protect your profits from new tax legislation. The decisions you make now will affect your spendable income and your family's future.

Legacy Insurance Agency

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