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November 12th, 2010
12:31 PM ET

The New Congress and Your Money

Changes are expected when the new Congress convenes in January.  Is it time to adjust your financial strategy?  We'll ask our personal finance experts, Ken and Daria Dolan this Saturday at 2p ET. 

Post your money questions and we'll read them live on the air!

Filed under: Fredricka Whitfield • Josh Levs
soundoff (14 Responses)
  1. Barbara Johnson

    The new Congress and WHAT MONEY?

    I didn't think anyone had any.....

    November 12, 2010 at 12:42 pm |
  2. Southgate Jo

    The "NEW" congress is just going to inform us of the destruction and annihilation of the middle class. They plan to tax us heavily, and regularly, to pay for the sins of the guys in New York who plundered the system. You know the guys our President gave 700 billion dollars in an effort to secure votes and their own personal wealth. Now we ...the little guys, are left to pay for the dinner they ran out on, just before the bill came due. Like little good sheep walking behind Judas...we walk to our slaughter, unable to do a thing about it.

    November 12, 2010 at 1:16 pm |
  3. Michael Armstrong Sr.

    If the Dolan's were Obama's financial advisers what advice would they give him to grow our economy .

    November 13, 2010 at 9:30 am |
  4. Daniel Brown

    What do we think is going to happen to the estate tax? How should we plan? There is currently no tax but it is scheduled to go back to a very high rate and low cut off on December 31.

    November 13, 2010 at 2:24 pm |
  5. Lynne Wilson

    I have a Build American Muni Bond (California) in my IRA. It expires in 2033. I am 70+. My broker insists this is a good thing. ??

    November 13, 2010 at 2:25 pm |
  6. karina

    I am trying to refinance in March 2011, the dolans said do it now. Do they mean Nov. or Dec. 2010?

    November 13, 2010 at 2:26 pm |
  7. George

    Find that hard to believe 70% don't take advantage of interest deduction.
    Are you saying thats because they dont' have enough to deduct or they just don't think about it.
    Its the interest deduction on my home that puts me over the standard deduction and then allows me to get deduction for charitable donations,
    sales tax (tennessee), property tax on the home.
    Morgage interest is the main deduction that puts most folks over the standard deduction. Without that they most likely can't take advantage of other intemized deductions.
    Since medical is based on a percentage of your income most people dont even get there with that deduction.

    November 13, 2010 at 2:27 pm |
  8. mikenola

    The Dolans just spoke about the Bush tax cuts and that "small businesses" would be affected relating that to the 250k cut off level.

    There are several things they and most pundits and proponents of extending the cuts don't mention.

    1) Many of those small businesses don't create jobs for anyone but the owner
    2) Many of those small businesses are actually tax dodges for very wealthy people, they include LLC's and Sub S corps that exist only to channel money through.
    3) The higher tax kicks in at $250,001.00, so only the money over that 250K point is taxed at the higher rate.

    Without that information the public keeps hearing "small business will be crushed" and that is not the case. They think the mom and pop shop on the corner but that garage or deli gets to take many deductions before the tax is calculated and fall well under the 250K

    November 13, 2010 at 2:27 pm |
  9. mary ellen

    do you think congress will pass arra act which will expire dec.31,2010. I am interested because I will be paying cobra next month and am interested in health care tax credit which I'll be eligable for when i collect my pension from pbgc

    November 13, 2010 at 2:28 pm |
  10. Cathy

    The individual insurance market it like the wild west. My sister and brother-in-law, both entrepreneurs, were turned down for insurance by the insurance companies because one of them hadn't seen the doctor in two years (normally seen as a sign of good health). I've seen a Congressional report that found 7 out of 10 people are denied coverage in the individual market so it's not an uncommon practice. The health insurance exchange will help people who work for themselves by allowing them to shop for insurance on an exchange. It will not only save them money but save them the worry of being uninsured. If your guests don't like health reform, what would they propose instead to help people like my sister and brother in law.

    November 13, 2010 at 2:29 pm |
  11. Candace mcchesney

    I need health care but can't get it until I have been with out for two years I don't hit that till March and now with a new Congress what should I expect.

    November 13, 2010 at 2:29 pm |
  12. lee lynch

    I just woke up and I heard your interview with the Dolans. This is where so many people are not informed. I would like them to tell me what small business people they know that earn 250,0000. The Koch brothers have several business that they have broken down into businesses that employ a certain number of people and therefore are registered as small businesses. These are the people who are looking for Welfare in the form of a tax cut. They are millionares and they don't need a tax cut. My husband owns a small business and I own a small business and we don't make $250,000 per year. I am not able to listen to all that they are saying but this is one fact that they have wrong. This is why our country is in such a mess. People walking around thinking they know what's going on in Washington and they don't. The Republicans want their people who are million years who register their businesses as a small business to keep the money in their pockets to get richer so they can buy yatchs. How is that going to help the economy.

    November 13, 2010 at 2:31 pm |
  13. Nick Zuanich

    I own a small business and wonder why the government doesn't consider lowering the corporate tax rate rather than the income tax on high earners. It seems to me that many more jobs and economic growth are created through businesses rather than consumer spending. I would like to know what you two think about that.

    November 13, 2010 at 2:31 pm |
  14. jerrel

    per dolan, this is the best time to refinance your home. in refinancing my balance will go up which i'm trying to avoid.any advice please.

    November 13, 2010 at 4:24 pm |