If you think I'm defending the current administration's fiscal shenanigans, you're dead wrong.
But, we're over 60. We've saved and lived within our means, as have our parents and grandparents, both sides. And I greatly suspect that we will be targets for "means tests" on both Social Security and Medicare, for increased "Fat Cat" capital-gains taxation on non-existent* gains, negative real interest rates on savings, and other measures to punish us for being frugal when half this country was borrowing money to buy big-screen TVs and new cars. And buying houses they couldn't afford.
*One classic -- we own some non-residential property, purchased 30 years ago, which is probably worth three to four times what we paid for it -- in current dollars. In purchasing power, inflation has eaten that difference. Yet we would be paying capital "gains" tax on the whole increase.
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Date: 2008-11-09 03:08 am (UTC)But, we're over 60. We've saved and lived within our means, as have our parents and grandparents, both sides. And I greatly suspect that we will be targets for "means tests" on both Social Security and Medicare, for increased "Fat Cat" capital-gains taxation on non-existent* gains, negative real interest rates on savings, and other measures to punish us for being frugal when half this country was borrowing money to buy big-screen TVs and new cars. And buying houses they couldn't afford.
*One classic -- we own some non-residential property, purchased 30 years ago, which is probably worth three to four times what we paid for it -- in current dollars. In purchasing power, inflation has eaten that difference. Yet we would be paying capital "gains" tax on the whole increase.