must be santa

it's finally out there.

the new tax policy has been signed into law.

a deal has been struck in washington.

the senate voted roughly 4 to 1, and the house nearly 2 to 1 in favor.

the deal that is now signed into law, holds the income tax brackets at current levels through 2011 and 2012.

these rates will hold beyond the next presidential election day, when they will again be a campaign issue.

the capital gains maximum tax rate of 15% has been extended for this same period of time.

qualified dividends will continue to be taxed at the same rate.

investors and wage earners will greet this with great delight.

those interested in a balanced budget, by decreasing some of the red ink, lost completely on this deal.

the congress and president agreed to and voted to increase spending and reduce taxes.

the social security withholding on wage earners has been reduced from 6 to 4%.

to those of us seeking governmental fiscal responsibility, this is a kick in the groin.

the last election, less than 2 months ago, was based largely on fiscal responsibility.

we got exactly the opposite.

now, both parties of our dysfunctional government are applauding.

the current federal capital gains rates are 0 for those below the 25% marginal bracket, and 15% for those in the 25% bracket and higher.

fiscal responsibility, what a zany idea, congress is saying.

for the u.s. to remain a reserve currency, congress MUST regain some fiscal accountability.

follow the money.

santa clausi in the form of congress, came, in a big way, for the high wage earner.

forget about the little 2% social security payroll withholding deal on the first $107,000 of income.

think about what keeping the top income bracket at 35% means. $46,000 extra dollars for every million you make in the high earner category. that's biggo bucks.

this is a huge victory for high earners and high net worth individuals.

they couldn't have hoped for a more generous deal.

the new numbers in terms of paying a federal inheritance tax are that a tax free gift can now be received up to $13,000.

when an individual passes on, the federal government imposes a federal inheritance tax or estate tax. this estate tax only applies to estate properties that are over one million fifty thousand dollars.

yes virginia, santa claus is alive and well if you are a very very

wealthy american.