Ed Butowsky, Managing Partner of Chapwood Investment Management, joins Varney and Co, appearing live on Fox Business News to discuss the impact of the tax hikes coming January 1st, 2011, and how you can plan for it. Ed Butowsky explains, that there is not a lot of things you can do to plan for this, but here are few things that people are doing to counter the hike:
- People are selling their business before their ripe – Capital gains is going up from 15%.
- Buying up real-estate
- Buying up municipal bonds
Overall, Ed Butowsky explains that everyone is worried and wondering what to do with their money and how to protect it. The panel further discusses what will really happen after the November elections and how that will impact the tax discussion in Washington. Will they extend for the middle class and allow to expire for those making above $250k?