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Asset Protection: Protect yourself from Election 2008

Posted April 1, 2008

“Hillary’s plan emphasizes using tax policy for social engineering purposes. She wants to change the tax system to change the way Americans use energy, save money and care for elders.” — Mark Nestmann

by Mark Nestmann

Baltimore – (TFN): It’s often said politicians will promise just about anything to get elected. And you don’t have to be a political analyst to know these promises are made to be broken.

And so it is with the leading presidential contenders when it comes to tax policies.

On the Democratic side, both Barack Obama and Hillary Clinton propose significant changes to the U.S. Tax Code. Barack’s plan is to further shift the tax burden toward the rich from low- and middle-income workers. It’s not enough that the wealthiest 1% of Americans already pay more than 35% of all federal income taxes.

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Hillary’s plan emphasizes using tax policy for social engineering purposes. She wants to change the tax system to change the way Americans use energy, save money and care for elders.

Both Barack and Hillary want to end the 2001 Bush tax cuts, at least for upper-income Americans. Hillary sets that threshold at US$250,000 or higher annual earnings. Barack is less specific, but his plan roughly corresponds to Hillary’s. The biggest difference is that Barack’s threshold for “upper-income” starts at US$75,000 in annual earnings. Read on to learn how to avoid paying exorbitant taxes once the election is over.

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