Tax-wise, what specific steps should we all take IF Obama gets in office?

Do not spend your money. Put it in secured bonds or overseas accounts, retirement accounts, FSA's anything to keep him from getting his mitts on it.

We will all need to tighten up for the four years that he would bring this country back in time to the Carter years.

The economy will not be as stable as it is now. I know I won't be spending if he gets into office, and people will lose more jobs. Unemployment will reach an all time high with all the layoffs that will happen. Raising taxes will definitely hurt the economy badly! I feel sorry for those struggling now, as it will only get worse.

Stock your shelves and your freezer now. I will be a long cold 4 years.

~

Good point, maybe I will just start living on my retirement, and not work anymore. At least, my retirement is NON-TAXABLE.

If you have any real money, (which I don't), I think the Cayman islands' banking system is sounding pretty good. Or the Swiss, depending on the exchange rate. Liquidate; incorporate; and get your cash out now! Any assets remaining under U.S. jurisdiction are in danger of being eradicated by Barry's crushing new "fair" taxes.
On a personal note, I have transferred my entire 401k into foreign investments to avoid the bloodbath that American business is going to take under the new socialism. Heartbreaking, at some level, but asian companies have been doing well for me.

EDIT- Hey sassy, NOT TAXABLE YET, you mean. Wait for it. After all, isn't it only "fair" that you support those who never supported themselves? Socialism in action.

Sell any business or stocks you have, quit your job, and apply for welfare. That's the only thing that will pay off under Obama.

I have not figured that out yet, as I am praying this man never get elected. Being a procrastinator sometimes cost us more than we care to admit. thanks for helping me get into this frame of mind. Hope other do the same.

Do what Teddy Kennedy already does. Create multiple trust funds to avoid paying taxes.

Make sure your commode is flushing good.

I think Obama and his lemmings should be the ones` to be taxed to support and finance any " freebie" programs set up by Obama`s scheme`s to scarf taxes from everyone ! There should be a Conservative Tax and a Liberal Socialist Tax set up the two groups ! Then how fast do think the switching to the Conservatives side to be in our tax bracket ? ?

DEAL STRICTLY IN CASH WHEN YOU RECEIVE PAY. TRY TO WORK OFF THE BOOKS.

see if we can deduct moving expenses when we have to move to Mexico?

Lie, distort, cheat, falsify - do what he does.

Public assistance will be the best thing. As far as using strictly cash, I do that but I am finding places that are starting to charge a handling fee if you use cash. I am being told that is the way of the future to get us into a cashless society. We may have to trade and barter.

Nothing, because Obama WILL NOT be the next president!!

Move out of the country. How sad a thought...........

Liquidate all assets including home, cars and bank accounts. Rent a house for eight years, buy a beater to drive to your new, low, low paying job, work weekends and nights for cash only, bury your money in strong boxes until the storm is over. Obomb-us will have the tax rate up to 32% in less than three years -- likely to hit over 40 by the end of his term. Like all tax-and-spend democrats/socialists he feels that all Americans are greedy and bad and should freely give half of their money to others. If you DON'T feel this way, he will simply take it anyway.
It's going to get very, very bad, folks.....

Kiss our money goodby.

Pray for a natural disaster to distract HIM!

Keep taxes low on those whop create jobs. A flat tax would be the best solutions.

You've gotten one or two reasoned responses and a lot of flack based upon deliberate mis-information from folks with an agenda.

If you want to see what Senator Obama PROPOSES in his tax and economic plans, research it on his website. Keep in mind that he can only ASK Congress for what he wants; it's up to Congress to act on it so NONE of it is a guarantee.

But if you are of fairly modest means -- something less than upper middle class -- your total tax bill under any Democrat White House and Congress will likely DROP if all of their proposals come to fruition. Folks classifiable as "wealthy" will be facing the potential of higher taxes under their proposed plans.

The reality of the matter is that the national deficit has tripled under the current administration. It's now at around $9 TRILLION dollars. That's an enormous amount of money. Even at the current low interest rates, the interest alone on that is nearly as much as the entire DoD budget for 2008!

Given that, here's the wakeup call, regardless of whom is elected: TAXES MUST BE INCREASED, or spending must be slashed to pay down the debt! Even if you cut every dime of every pork-filled earmark in 2007, that would only account for about one quarter of the necessary spending cuts. Americans won't stand for the cuts necessary to dig us out of the mess dug by the irresponsible fiscal policies of the current administration. That's not a political statement, it's Economics 101, bottom line!

Put the whole thing in perspective. If you are drowning in credit card debt and getting deeper in debt, so you take a job that pays you LESS? Given a choice, of course you DON'T! The government is NO different. We're drowning in debt and need to pay it down. That means massive spending cuts or massive tax increases or a combination of both. THERE IS NO OTHER WAY. Anyone who says there is is a LIAR. PERIOD!

Some candidates are being forthwith about the need to raise taxes. Others want to "say the course" with the tax cuts. Remember GHW Bush and his "No New Taxes!" speech? Didn't hold any water and was the primary reason that he lost in his re-election bid in 1992. He HAD to raise taxes and was perceived to have lied about it. Political suicide!

The only question that needs to be answered, is WHO is going to pay WHAT. And keep in mind that any politician who tells you that he can fix it without raising taxes is either completely incompetent economically or is a liar. Let that guide your hand in the voting booth.

WHEN.....not IF

Personally, I am not doing anything different. Capital Gains and Qualified Dividends will still get special treatment though the rate might be higher. I have always had part of my portfolio in Tax Free Muni's and I will continue to do so. Under President Bush, I maxed out my 401k and my Roth IRA. Under the next President, I will do the same.

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