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  1. #1
    Join Date
    Jan. 27, 2002
    Location
    Arlington, VA US
    Posts
    1,352

    Cool How are you preparing (horsewise) for the impending fiscal cliff/tax hikes?

    How are you preparing (horsewise) for the impending fiscal cliff/tax hikes?

    Curious if others are making any preparations, since while Congress has punted the ball down the road for two months, taxes are going up and the 'fiscal cliff' (which means more tax increases) could very well happen in the spring. What 'discretionary' things are you cutting back on, i.e. fewer lessons, selling excess livestock/horses, carpooling to barn/making fewer trips (for boarders), entering fewer competitions? What about non-horse related discretionary (optional) expenses, i.e. cutting back on cable, not renewing memberships/subscriptions, taking fewer vacations, using more coupons, buying generic brands?

    For those who expect their income to be impacted (small businesses, federal employees & contractors, folks who provide discretionary/"optional" services, what are you doing to prepare?

    Please share so perhaps folks can learn from one another
    Appy Trails,
    Kathy & Cadet
    member CDCTA www.cdcta.com, TROT www.trot-md.org & Free State Appaloosa Horse Club freestateaphc.org



  2. #2
    Join Date
    Aug. 26, 1999
    Location
    Concord, California, USA
    Posts
    8,198

    Default

    Mooted. All that fuss 'n' feathers - then suddenly fear of what would happen come re-election time from all those hurtin' voters..... amazing how things can get done.


    4 members found this post helpful.

  3. #3
    Join Date
    Jan. 27, 2002
    Location
    Arlington, VA US
    Posts
    1,352

    Default

    Sandy, I wish it were mooted, but it is not.
    Appy Trails,
    Kathy & Cadet
    member CDCTA www.cdcta.com, TROT www.trot-md.org & Free State Appaloosa Horse Club freestateaphc.org


    2 members found this post helpful.

  4. #4
    Join Date
    Oct. 26, 2007
    Location
    San Jose, Ca
    Posts
    5,259

    Default

    According to this:

    http://www.paycheckcity.com/fiscalcliff/cliff.html

    If the Bush tax cuts were allowed to expire, I would be looking at $150 less a month. Even though I am on a tight budget, it’s not enough to really impact any of my horse keeping habits.

    Interesting enough, if I was at the opposite end of the scale (over $250K) my taxes would go up much less as a percentage to income ratio.



  5. #5
    Join Date
    Nov. 5, 2002
    Location
    way out west
    Posts
    3,144

    Default

    I sold one of my horses, thereby cutting my expenses by a third, and extending my hay supply accordingly.

    I brought my show horse home from the trainer's. I will start hauling him in for lessons in the spring, but only twice a week, not three times. I won't be showing this year unless it's just at fun or schooling shows. Breed shows are too rich for my budget this year.

    I've sold my show tack and am saving the money I made as my emergency fund.



  6. #6
    Join Date
    Jan. 27, 2002
    Location
    Arlington, VA US
    Posts
    1,352

    Default

    Here is another good article to read on this: http://wtop.com/289/3178182/How-incr...-income-levels

    this is for non-fiscal cliff tax hikes
    Appy Trails,
    Kathy & Cadet
    member CDCTA www.cdcta.com, TROT www.trot-md.org & Free State Appaloosa Horse Club freestateaphc.org



  7. #7
    Join Date
    Jan. 27, 2002
    Location
    Arlington, VA US
    Posts
    1,352

    Default

    Here's a good coupon for those using TC brand feed: http://www.southernstates.com/offers/index.aspx
    Appy Trails,
    Kathy & Cadet
    member CDCTA www.cdcta.com, TROT www.trot-md.org & Free State Appaloosa Horse Club freestateaphc.org



  8. #8
    Join Date
    Jul. 3, 2012
    Posts
    2,191

    Default

    To be honest, I'm more worried about drought and the price/availability of hay this year. Our cost jumped from $3 to $10 a bale. We have 3 horses and are going thru a bale a day.

    I'll show as much as usual because I'm old...I can't wait 10 or 15 years for Washington to get its act together. Besides, I told DH today that we can blow thru our investments and savings and not to worry. We can have a ball and then become one of the 'cared for' couples under whoever is in office: food stamps, mortgage relief, and a monthly cash stipend. Just kidding folks. We're too conservative to do that!


    4 members found this post helpful.

  9. #9
    Join Date
    May. 2, 2011
    Location
    Texas
    Posts
    3,192

    Default

    Selling one, gelding my stallion, and showing less. Joy.
    "How does it feel to be one of the beautiful people?" Julian Lennon



  10. #10
    Join Date
    Oct. 14, 2010
    Posts
    2,496

    Default

    I shipped the for sale horse to the midwest where grass is cheaper and prices on mares are better. Seriously considering not replacing her.



  11. #11
    Join Date
    Sep. 7, 2009
    Location
    Lexington, KY
    Posts
    17,871

    Default

    I'm more worried about the debt ceiling coming up. Just hoping they have some sense and don't wreck the world's economy.

    I'm being careful...not good for the economy, but you do what you have to do.
    "We can judge the heart of a man by his treatment of animals." ~Immanuel Kant



  12. #12
    Join Date
    Jun. 7, 2006
    Posts
    8,675

    Default

    I don't make a quarter million dollars a year so I'm not too fussed.


    3 members found this post helpful.

  13. #13
    Join Date
    Dec. 14, 2006
    Location
    VA
    Posts
    1,536

    Default Scary email from my company today

    Just this morning I received an email titled Effects of "Fiscal Cliff" Deal. My paycheck will be impacted.

    I've already tightened my belt, so to speak. I have to get a little creative to find more ways to save or ways to earn.

    I will be reducing the number of trials I enter and packing food and drinks to those trials. Maybe I'll sell a saddle: I've held onto it because hope springs eternal.

    I already carpool with one local friend. I'll try to carpool with a third. 2013 dog training club dues are only like $85 but I rarely go to class anymore...

    I am working on perfecting a dog biscuit recipe so I don't have to buy the expensive grain-free biscuits anymore. Heck maybe I can sell some! I buy dog food in bulk or with friends to save on sales and free shipping deals.


    1 members found this post helpful.

  14. #14
    Join Date
    Apr. 2, 2009
    Location
    North Carolina
    Posts
    5,277

    Default

    Uh, I'm broke anyway. I doubt that will change. And I am convinced that everyone who cries about the debt ceiling cannot actually define it properly without googling it. Drives me nuts. It has nothing to do with the amount of money spent.

    In addition, part of the bill passed with do a great deal to HELP funding conservation and land preservation. Which is my job, so...

    Of course, I never was one to jump on any apocalyptic bandwagons. Nothing is ever black and white.


    2 members found this post helpful.

  15. #15
    Join Date
    Aug. 6, 2002
    Location
    NJ, USA
    Posts
    2,268

    Default

    I'll be doing much better this year than I did the past decade - good job with growing company. But still less that $250K a year Even with increasing taxes, my disposable income is twice as much as last year!

    I'm actually glad the SS is going back to 6.2%, raises hope there will be some for me at retirement. And I support raising medicare to fund the health care initiative.

    Don't let the doom & gloom sayers get you down - it is still largely up to the individual how well they do in the good ole USA, over time.

    Anyway my plans are to finally start serious lessoning & showing this season! I may even be able to swing a new saddle woohoo!


    3 members found this post helpful.

  16. #16
    Join Date
    Feb. 4, 2004
    Posts
    2,631

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    I don't think the tax code changes will impact my horse life.

    If the federal cuts are huge, it could, in that job loss changes everything. I'm in a pretty safe area, though, so I guess just waiting and seeing.



  17. #17
    Join Date
    Nov. 5, 2000
    Posts
    9,504

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    IRS has issued new withholding guidelines to employers, and payroll taxes are going up for everyone (yes, even for those making less than $450,000). I think I saw one estimate that someone making around $40,000 would have an additional $600/year withheld, while those making $90,000 would have an additional $2400 withheld. That means less take-home pay, so folks that are already living on tight budgets will have to tighten their belts even further.

    I am cutting back on chiro visits (both for me and the horses), weaning them off their supplements, buying less expensive brands of tack and horse clothing, will only do dentals once a year instead of twice a year, and will work on spacing out vax schedules a bit more. While I will save a few $$$ here and there, the incomes of the chiro, vet, dentist, and supplement and tack manufacturers and vendors will unfortunately also be impacted - not in a major way by just my cutbacks, but if you multiply it by dozens or even hundreds/thousands of clients/customers, it could have a significant impact on income for suppliers and health care providers.


    3 members found this post helpful.

  18. #18
    Join Date
    Aug. 6, 2002
    Location
    NJ, USA
    Posts
    2,268

    Default

    Quote Originally Posted by DownYonder View Post
    IRS has issued new withholding guidelines to employers, and payroll taxes are going up for everyone (yes, even for those making less than $450,000). I think I saw one estimate that someone making around $40,000 would have an additional $600/year withheld, while those making $90,000 would have an additional $2400 withheld. That means less take-home pay, so folks that are already living on tight budgets will have to tighten their belts even further.
    .
    Um yes, but most of that is from going back to SS 6.2% (from 4.2%) which is where it was for most of our prior lifetimes. Just getting back to normal, really.


    3 members found this post helpful.

  19. #19
    Join Date
    Nov. 5, 2000
    Posts
    9,504

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    Quote Originally Posted by Arcadien View Post
    Um yes, but most of that is from going back to SS 6.2% (from 4.2%) which is where it was for most of our prior lifetimes. Just getting back to normal, really.
    Point is that folks will have less take-home pay, so will have to either reduce the amount they are saving each month (never a good idea), or reduce expenditures. For probably darned near everyone involved with horses, that means cutting back on *horse related* expenditures. Bottom line is that less money will get pumped into the equine industry, and everyone providing goods or services in the industry will feel the pinch.

    And I love how they have entitled it the "American Taxpayer Relief Act of 2012". Taxpayer RELIEF? What a joke!


    4 members found this post helpful.

  20. #20
    Join Date
    Dec. 20, 2011
    Location
    Seattle
    Posts
    224

    Default

    I work in exchange for a lot of my riding and board (though I don't own yet so right now it's a lease). DH and I are extremely fortunate that we have an income we can budget flexibly--we have several hundred of cushion (unbudgeted funds) every month if budgets need adjustments or we go over budget. I understand that not all other people have that luxury and for some almost every dollar they make has a purpose. My money used to be like that. I really sympathize with them, especially after the hay fires this summer, hay costs, and board on the rise.



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