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Thread: Fred Thompson lays it out regarding the election.
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10-30-08, 09:09 PM #81
Re: Fred Thompson lays it out regarding the election.
Originally Posted by triggerhappy2005
I'm in the same bracket as that guy in the article from AmericanThinker.com. $50-$100K and I got a nice decrease in taxes with the Bush Tax Cut which is set to expire under Obama. If Obama makes that tax cut permenant, I will see a continuation of the lower rates.
I already am getting a deduction for mortgage interest and I am not in college, so I won't get extra credits for those things (the way I understand it).
Raw income taxes, however will go up between $1,000 and $2,000 per year when te Bush Tax Cut expires. Assuming the math holds up as I've quickly figured it in my head.
If anybody can show me where Obama is going to continue the bush tax cuts for the middle class, I'll be satisfied that at least my status may stay the same under Obama - however, all signs point to that not being the case.
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11-01-08, 09:01 AM #83
Re: Fred Thompson lays it out regarding the election.
Originally Posted by Mudstalker
http://en.wikipedia.org/wiki/Bradley_effect
if obama loses, were just racist.
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11-03-08, 11:15 AM #85
Re: Fred Thompson lays it out regarding the election.
Originally Posted by Consultant
What puzzles me is how a 22-year old with an engineering degree saw something coming that senior, experienced economists and financial experts didn't see.
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11-03-08, 12:45 PM #86
Re: Fred Thompson lays it out regarding the election.
Some did see it. Even some in power.
The warnings weren't universally accepted as valid and were ignored.
Fannie Mae or Freddie Mac (forget which) was giving mortgages to people with no addresses or social security numbers with no proof of income. Granted - EVERY gov't backed loan wasn't that bad, but enough were that it raised eyebrows.
The leaders of those 2 companies and the congressmen/women in charge of oversight acted largely offended when it was suggested that they were making mistakes or that more regulation was necessary.
It was just crazy!
It's still a little nuts, but trying to predict the bottom will be a hard game to play. In the mean time, sock that cash away - renting can be very wise for sure!
We got in the home market here in North Florida around 2001 (Closed on 9/12/01 as a matter of fact, I'll never forget those circumstances...) when prices were still low - it was good timing. Prices went bananas here over the next few years and have now dropped lower than their highest heights but still higher than what we bought in for.
Instead of the imaginary $160,000 in equity the bank told us we had 3 years ago, we're down to around $80,000. It's all paper loss though...I don't plan to sell any time real soon.
It's funny - we'd like to get a slightly bigger place - and prices in the neighborhoods are pretty affordable, but the problem is selling our place. haha. Right now it's a good time to buy, but a crappy time to sell - in a few years it will be a good time to sell again, but everything will get more expensive.
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