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<blockquote data-quote="1982vett" data-source="post: 633875" data-attributes="member: 7795"><p>Take into considertion:</p><p></p><p>W2 income = $0</p><p></p><p>Interest income will be reduced in the neighborhood of 75%</p><p></p><p>Dividend income will also most likely be reduce because companies will have to cut cost. Guestimate 50% reduction.</p><p></p><p>Capital gain distributions - $0 (only had 1 in taxable accounts that paid this year)</p><p></p><p>Farm profits - :lol2: :lol: :cry2: (any capital gains from forced herd reductions will easliy be offset by losses from security sales)</p><p></p><p>Schedule E (royalties) - 75% reduction of income expected (not crying just stating facts) 2009 years expected income less depleation will mostly offset by current farm depreciation.</p><p></p><p>Personal deductions</p><p></p><p>Exemptions</p><p></p><p>Not much left to tax.</p><p></p><p></p><p>Now, if my taxable income falls 80 - 100% along with millions of others that will most likely not owe taxes (lost their job and not working), how is the government going to make up for reduced collections and balance the budget in 4 years? </p><p></p><p>Balancing the budget is just 1 of Obama's goals, and a darn good one in my opinon. How he goes about it will be the problem.</p></blockquote><p></p>
[QUOTE="1982vett, post: 633875, member: 7795"] Take into considertion: W2 income = $0 Interest income will be reduced in the neighborhood of 75% Dividend income will also most likely be reduce because companies will have to cut cost. Guestimate 50% reduction. Capital gain distributions - $0 (only had 1 in taxable accounts that paid this year) Farm profits - :lol2: :lol: :cry2: (any capital gains from forced herd reductions will easliy be offset by losses from security sales) Schedule E (royalties) - 75% reduction of income expected (not crying just stating facts) 2009 years expected income less depleation will mostly offset by current farm depreciation. Personal deductions Exemptions Not much left to tax. Now, if my taxable income falls 80 - 100% along with millions of others that will most likely not owe taxes (lost their job and not working), how is the government going to make up for reduced collections and balance the budget in 4 years? Balancing the budget is just 1 of Obama's goals, and a darn good one in my opinon. How he goes about it will be the problem. [/QUOTE]
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