Personal taxes can play spoilsport with your earnings but you just have to do what you have to do. Dodging this very basic is not a possibility especially if you are a high earning individual/corporation. From the present standpoint, since there is no gridlock with the senate and the house being in full Republican control, there is a chance that your savings may be more with limited taxes. Once the new government gets into office, Obama care is expected to be repelled making the managing of taxes an easier way to balance the personal finances. Investing in gold is a great way to make sure that your financial portfolio is in check. That being said, nothing is as bad as it looks at in the present. Any upset will ultimately die down as no new government will ever throw caution to the wind and expect revenue to tank.
Once the President Elect Donald Trump takes over office, he is expected to cut down the high tax rates and eliminate real estate tax. This is perhaps one of the best times for beneficiaries who will not be taxed for the assets immediately on the death of the family member passing. The property valued over an amount of $10 million will be taxed on the appreciation value. Given the fact that there are going to be phenomenal cuts to about 15%, does away with any dependence on debt for the corporate sector. This is a welcome relief to many brick and mortar firms and independents reeling under the heavy burden of meeting with huge expenses coupled with the 39.6% current taxation.
There is a lot to gain from an individual perspective in the large scheme of things. While the country is certainly divided with the outcome of the elections, once the hurt settles down, there is a lot to gain with the taxation plan that the Republicans have to offer. This is the right time to branch out on your own, as the independent contractor does not reel under huge taxes. For investors in the stock market, which has a tendency of crazed highs and lows, the dust will settle down. It may be ideal now if you are looking at buying certain stocks. There is no telling what may occur in the months to come, but as it stands, the portfolio of the stocks that you own should not really have any bearing in long-term capital gains or losses.