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Post Election Financial Planning

posted on: 11/22/2006     revised: 3/9/2010

 

What is different in financial planning after the midterm election of November 2006?  What adjustments to strategies should we consider? I decided to compile a punch list of the convention wisdom on these issues to consider as a starting point.  This is meant to be more of a brainstorming list than an opinion, prediction or conclusion on the topic.

  • Privatization of social security is dead.

  • The minimum wage will increase.

  • Federal income taxes will increase.

  • The AMT will prosper and grow in importance.

  • Defense spending will be cut.

  • Student loan programs will be expanded.

  • Employers will be required to provide health insurance.

  • Health insurance will come under national control.

  • Inflation will increase.

  • The stock market will suffer.

  • Funding for arts and cultural programs will be restored.

  • Estate tax will be restored for moderately wealthy people.

 

 

 

 

 

keywords:   Tax Increase Prevention and Reconciliation Act , alternate minimum tax, Roth IRA

 

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Copyright 2010 by Tony Novak. Originally produced and published for the "AskTony" column syndication prior to 2007. Edited and independently republished by the author in March 2010. All rights reserved.