Tax question

[HoneySuckle]

Am I better off putting in some new windows now (8 of them) or waiting until January 09?  Someone told me I would get a tax rebate if I waited until after 1st January.

[AngieB]

Here ya go!
http://www.energystar.gov/index.cfm?c=products.pr_tax_credits

[Conan71]

So when can I take advantage of the children's wooden arrow tax credit???

[sauerkraut]

It's hard to say what is what. If Obama wins the election we all will be paying a ton more in taxes. All the Bush tax cuts will be scrubed. With a congress full of democrats and Obama in the white house IMO there will be no more tax credits, of they will not be re-newed once they expire. I'd wait till January 2009, or at least wait till after the election. It's likely Obama's tax hikes could be retroactive like Clintons was back in 1993. IMO I'd wait and hang tight unless you really need windows and need to buy something soon- tax credit or not, Then I think I'll get them now and hope for the best with the tax credits.

[carltonplace]

quote:Originally posted by sauerkraut

It's hard to say what is what. If Obama wins the election we all will be paying a ton more in taxes. All the Bush tax cuts will be scrubed. With a congress full of democrats and Obama in the white house IMO there will be no more tax credits, of they will not be re-newed once they expire. I'd wait till January 2009, or at least wait till after the election. It's likely Obama's tax hikes could be retroactive like Clintons was back in 1993. IMO I'd wait and hang tight unless you really need windows and need to buy something soon- tax credit or not, Then I think I'll get them now and hope for the best with the tax credits.

Are you Joe the Plumber?

[Hawkins]

quote:Originally posted by sauerkraut

It's hard to say what is what. If Obama wins the election we all will be paying a ton more in taxes. All the Bush tax cuts will be scrubed. With a congress full of democrats and Obama in the white house IMO there will be no more tax credits, of they will not be re-newed once they expire. I'd wait till January 2009, or at least wait till after the election. It's likely Obama's tax hikes could be retroactive like Clintons was back in 1993. IMO I'd wait and hang tight unless you really need windows and need to buy something soon- tax credit or not, Then I think I'll get them now and hope for the best with the tax credits.

I'm confused. I thought Obama was lowering tax rates on everyone making less than $250,000 a year.

But hey, this isn't a political forum, and both candidates are talking out of the butts right now saying ANYTHING to get elected next week.

I get the feeling though, that saying Obama is going to tax EVERYONE is one such tactic McCain is using right now.

[sgrizzle]

Well I'm hoping my 401k recovers and earns some capital gains and I know Obama has mentioned the possibility of raising capital gains taxes (although he hasn't said for sure either way) and there is also the talk of taxing 401k and retirement plans. Another comment I read today from Obama was that "if the tax changes adversely effect families making under $250,000 then we'll change the tax plan again" which lowered my confidence that anything is set in stone.

Everyone panics that the next guy is going to drive them in the poorhouse with tax changes when the majority of tax changes are negligible to 99% of the population.

[izmophonik]

In his infomercial he actually said that people earning less than $200,000.00 will recieve a tax cut. that sounds like between that and $250,000.00 it will either be the same or go up.

[Conan71]

Biden has used a $150K threshold to define "wealthy".

They sound as all over the board as McCain/Palin.

The honest truth is, neither campaign seems to have a good grasp on economic issues and both cabinets will be infiltrated with Wall St. insiders.

I love Simpson's cartoon in UTW this week.  He's drawn Hank Paulson as a chicken.  The caption says:

"The chicken guarding the fox house"

Grab a copy, it's a classic.

[nathanm]

quote:Originally posted by Conan71

Biden has used a $150K threshold to define "wealthy".

A single earner making $150k in most of the country is pretty wealthy.