Thursday, October 30, 2008

Selling Tax Shelters to Pro-Obama New Yorkers!

This is typical New York City brand 'wear your liberalism like fashion' loserdom, but it actually makes financial sense. If Obama wins, taxes on income and financial assets are going up, so you want to shelter that income via the juciy mortgage interest deduction. If McCain wins, taxes are unlikely to go up so a tax shelter is less valuable. Not that this is how this is being marketed. I am 99.9% sure that the marketing pitch goes like this - 'If McCain wins, we're gonna stay in the crapper forever so you don't want to own anything, so we'll give you that out; but, if Obama wins, well of course, it is all milk and honey so we won't feel bad about making you honor your purchase commitment.'

NYCers want to keep more of their own money from the government just like anybody else, but they just would never admit it. Too socially unacceptable. That's New York baby!

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