We're running out of time, heading into the holidays and, barring a breakthrough in the next week or so, you all know what happens. I'm frustrated with what passes for adequate performance in the capitol, but not entirely opposed to the consequences here. "Fiscal cliff" is wordplay. To further overuse the metaphor, we've been kicking the can down the road for far to long.
I'm sure the impact to Irvine residents will be greater than for most other cities in the country. What will you be doing differently if a deal doesn't materialize? Will you flee the USA? Go back to China and take your cash with you?
Feel no impact because your all-cash business doesn't get taxed anyway? Leave Irvine for Texas?
The wife and I will max out our 401ks to reduce taxable income, beginning in January. Beyond that, I don't know. We're not really in a position to cut back on much of anything. I probably won't increase my charitable giving this year. Not sure if we'll even get raises.
Higher taxes are surely a drag on property values (and any other kind of spending). For some folks sitting on good-sized down payments, this might lead to an opportunity. 2013 might be an exciting year for some.
I'm sure the impact to Irvine residents will be greater than for most other cities in the country. What will you be doing differently if a deal doesn't materialize? Will you flee the USA? Go back to China and take your cash with you?
Feel no impact because your all-cash business doesn't get taxed anyway? Leave Irvine for Texas?The wife and I will max out our 401ks to reduce taxable income, beginning in January. Beyond that, I don't know. We're not really in a position to cut back on much of anything. I probably won't increase my charitable giving this year. Not sure if we'll even get raises.
Higher taxes are surely a drag on property values (and any other kind of spending). For some folks sitting on good-sized down payments, this might lead to an opportunity. 2013 might be an exciting year for some.