Fiscal Cliff Taxes
Charlotte, NC - The clock is ticking for some sort of resolution to the so called fiscal cliff issue. For many that ticking feels like a time bomb attached to their investments and lifestyle. Huntersville resident Elizabeth Gareeb says, the thought of no deal being reached in Washington is flat out scary. “Between the college costs, the extra taxes, the fact that we may or may not be able to take off our mortgage; all of that is coming into play."
Financial adviser Rod Barnes says if not deal is reached, “It' not as if its going to eliminate your ability to get by day to day, but yes it is going to have an impact on your ability to save more money." And for investors thinking about selling stock, Barnes says, “It would be a better year to sell it now paying a 15 percent tax as far as capital gains goes, as opposed to next year with the potential of 20 percent."
For common folks like Elizabeth Gareeb and seasoned investors alike, the uncertainty in Washington makes for uncomfortable times right here in the Queen City. Barnes says, “Investors want to have some degree of certainty that when we go out into the market, I'm not literally walking off the cliff."
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