3 ways Obama's reelection will impact your finances
November 26th, 2012
09:38 AM ET
2 years ago

3 ways Obama's reelection will impact your finances

(Money Magazine) - President Obama has had hardly a moment to bask in his win. Looming ahead is January's so-called fiscal cliff - the tax hikes and spending cuts that will kick in automatically if the White House can't cut a deal with Republicans in Congress before year-end.

For you, that means uncertainty about the taxes you'll face in 2013 and beyond. Without an agreement, most marginal income tax rates will rise, and the top long-term capital gains rate will go from 15% to 20%.

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Filed under: Fiscal Cliff
soundoff (13 Responses)
  1. Pete

    It really doesn't matter to me because as a retiree I'm in the 28% bracket anyway ...I'm willing to sacrifice for the betterment of this country if you get rid of Norquists and his republican obstructionistic hedgemen.That's how much I dispise that anti American who's pledge isn't for your average American its for his wealthy elitist puppeteers who pull his strings to protect their wealth at the expense of your poor and middleclass citizen...Get rid of Norquists and his pledge and get America moving in the right direction,the choice is yours!!

    November 26, 2012 10:06 am at 10:06 am |
  2. Ray E. (Georgia)

    Pete,
    No President shpould affect your finances. only the U.S. Constutition should do that. The problem is the Liberal's have been allowed to so corrupt the Constutition that we are now in an un sustainable debt. Someday that debt will have to be paid. How? Most likely another depression worse than the last one. Fiscal Responsibility has been lacking fior at least 75 years and now it has come home to roost. Getting rid of Norquist isn't the problem. It's lazy people that forgot to take responsibility. Open your eyes.

    November 26, 2012 10:19 am at 10:19 am |
  3. J'Cincinnati'Redd

    This whole we might fall off the 'cliff' Thing really has a way of putting fear in people. Truth is we need to get our house order, but trust me when i say if obama and the republicans dont come up with a solution or a deal taxes go up for everyone. Question is how long will that? My guess a few weeks at the most and by that time republicans will get nothing. Deal with obama now or deal with him later. God help us all!

    November 26, 2012 10:33 am at 10:33 am |
  4. Wire Palladin, S.F.

    Nanny state Ray – Under Clinton, we had fiscal responsibly. It is the crazy right wingnuts who have driven the debt with unfunded wars, tax cuts for the wealthy, TARP, unfunded drug programs, big oil bailouts, etc. It took years to get out of the first republican depression, and it will take years to get out of the Bush/republican near depression.

    November 26, 2012 10:43 am at 10:43 am |
  5. Giovanni Enrico

    How would you like to work with someone who has announced that his primary goal is to see that you don't accomplish anything, and that you are fired as quickly as possible? Mitch McConnell doesn't deserve to hold office. He is willing to see the country fail rather than to see Obama be viewed as a good president.

    November 26, 2012 10:49 am at 10:49 am |
  6. Sal

    Just like a lot of people I will be paying higher taxes and also healthcare for others besides my wife and children. Paying higher taxes does not make me feel patriotic just duped so Washington can go on spending with abandon. I am selling a lot of stock with major gains now and am going to max put gifts to my kids, their spouses, and grandchildren. I want to see what they are going to do to deductions on charitable giving. I know higher capital gains taxes, earned income and death taxes are going up.

    November 26, 2012 10:49 am at 10:49 am |
  7. Sniffit

    "It's lazy people that forgot to take responsibility. Open your eyes."

    Yes, indeed. "Lazy people." What's lazy? Holding two jobs and still being a member of the "working poor" despite a 60 hour work week OR inheriting millions and using it to grow your fortune solely by paying for the best schools to get the connections and pad your resume, securing a legacy position at a big firm that you're not truly qualified for, using your inheritted millions to grow your fortune via economically useless derivatives and other financial fabrications with attenuated connections to the economy and then buying off politicians to give yourself and your corporations massive tax cuts and preferential tax treatment, loopholes, subsidies and deductions that aren't available to the "working poor." Hmmm? Which one is truly the societal leech? It's time for you and those like you to start recognizing who is truly the parasite in this situation.

    And for the love of all that is holy, get it out of your tinfoil hat encased skulls that the 47% who pay no income tax (but pay all other forms of tax)...i.e., the elderly, physically or mentally disabled, veterans, children in school, etc....are somehow the reason that we have economic problems and the gov't has deficit and debt issues to address. They're not. The ones who are the cause of all of it are those who we've permitted to wield the most influence over our eeconomic and fiscal policies...and they do so through their MONEY...so it's absolutely NOT the "working poor" or the 47%.

    November 26, 2012 10:51 am at 10:51 am |
  8. Len

    We are supposed to have a government Of The People, By The People and For The People. Not one Of The Rich, By The Rich and For The Rich. All of the talk about the deficit and our country's debt is important and we do need to do something about it. However, we also need to be discussing and dealing with the Wealth Gap that has grown so exponentially over the past few decades. It is turning us into a third world nation. It's anti-american thought (Norquist's pledge) that allowed us to go into two wars and not raise funds to pay for them. Additionally the facts show over the past forty years that the policies of trickle down economics do not work for the betterment of the american people. They do not create jobs. They only make the rich richer and scam the middle class to vote against their own best economic interests. Of course those in the Fox News and Rush Limbaugh crowd live in a brainwashed bubble and little things like facts don't seem to matter to them.

    November 26, 2012 10:51 am at 10:51 am |
  9. Ray E. (Georgia)

    Uh, Humm,
    Pallladin, (The Phony One),
    Clinton had the Republician Congress. Damn, the cold hard facts keep showing up, don't they? Now it's the Fiscal Cliff. What is a Fiscal Cliff? Hey Yippy. You need to take a vacation. Even tho it's a bit late in the season I hear Nigara Falls is still open. Go see it. Take a Barrel, uh no take plenty of money. You do have planty of money, don't you? No?. I hear a depression is just around the corner.

    November 26, 2012 10:53 am at 10:53 am |
  10. Sniffit

    "Just like a lot of people I will be paying higher taxes and also healthcare for others besides my wife and children. "

    If you don't understand the fact that , BY DEFINITION, all forms of health insurance (and all other kinds as well) have you "paying for health care for others," then you don't have even the most rudimentary grasp of the issue and probably need to do some serious reading before trying to talk about it. Every single bit of resentment you feel for having to "pay for health care for others" is misplaced and ginned up solely by the misinformation campaigning and demagoguery fed into the public discourse with its sole purpose being to poison the discussion.

    November 26, 2012 10:55 am at 10:55 am |
  11. The REAL Truth...

    @Ray E. (Georgia) – No President spould affect your finances. only the U.S. Constutition should do that. The problem is the Liberal's have been allowed to so corrupt the Constutition that we are now in an un sustainable debt. Someday that debt will have to be paid. How? Most likely another depression worse than the last one.
    ------------------------------
    With all that retirement time on your hands, its a shame you don't educate yourself on some of the FACTS around why the debt is so high! The fiscal cliff is a SHAM. Maintenance on the Federal debt is around 1% of GDP which is about 20 points less than the average US Household's debt ratio. It's perfectly manageable.
    It is at the level it is at because the Bush 43 administration took it (and the deficit) from $5.6 TRILLION and a 280 BILLION SURPLUS to approx $11.4 TRILLION and $1.47 TRILLION deficit in only eight years. Add in the unfunded wars – I'll be generous and say $3 TRILLION (some experts say it exceeds $4T) and were looking at around $14.4T.
    Any way you slice it, under the last 8 yrs of Republican administration the national debt essentially DOUBLED – adding over $8.8T), and that's a conservative estimate. Regardless of whom controlled Congress during those years, blaming the debt levels, fiscal cliff and all that ails us on "liberals" is totally asinine when the FACTS point to just the opposite.

    November 26, 2012 11:23 am at 11:23 am |
  12. Claudia, Houstson, Tx

    Remember, if Congress don 't act, the President does how the power to do so, he's done it before for the American people and he will do it again.

    November 26, 2012 11:33 am at 11:33 am |
  13. Giovanni Enrico

    Damn, Ray E. Georgia – W. had the House, the Senate and the Supreme Court for the first six years of his Adm. They
    started a trillion dollar war without paying for it and got us a prescription drug plan that wasn't paid for. Then they gave everyone a tax cut that wasn't paid for – went from 5 trill. debt to 11 trill. debt. You give a republican house credit for balancing the Clinton budget, but now refuse to blame the Republican house for the problem we're in. Go figure.

    November 26, 2012 11:42 am at 11:42 am |