Word: taxed
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VALLIERE: The big one is December 31, 2008. That's when the dividend and capital-gains rates of 15% go back up. The estate-tax cut expires...
BERNSTEIN: Two things: There's a feeling that when taxes are raised, it's bad for the market. That's not necessarily true. Clinton raised taxes, and we had a bull market. People should invest on a pretax basis. The after-tax effect is icing on the cake...
VALLIERE: To that point, people say Kerry would be good for bonds, based on his wanting to cut the deficit. I'm unpersuaded. In order to be good for the bond market, he would have to undo the Bush tax cuts. That's not going to happen...
GALLAGHER: In the short run, Bush is good for stocks, and, yes, Kerry is good for bonds--stocks because of the dividend-tax issue and bonds for a couple reasons. One is that Clinton's policies produced budget surpluses and Kerry sees things much the same way. Meanwhile, Dick Cheney is saying that deficits don't matter. Then you have the gridlock argument. The bond market would assume Kerry's spending initiatives would get frustrated. So you lower the deficit that way. And Bush does talk about Social Security reform. Under typical proposals, that would add about a hundred million...
GALLAGHER: Financial services would benefit more from an expanded IRA, which has a greater chance than Social Security reform. Reform wouldn't funnel money into private mutual funds but to companies that index the market. The tax-free savings account is a bigger deal...