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Protecting Yourself from the Fiscal Cliff

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  • Description

    FBN’s Sandra Smith on financial mistakes to avoid ahead of the fiscal cliff and New Year.

  • Duration 7:22
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Aren't enough partners -- about those hours Smith.

But it has spent the morning thanks for having me nor can monitor apologize.

For -- -- your long -- but I've lost the world.

To bill on time and so then that's -- -- thoughts and I'm happy to be here anyway it happens I saw your on Washington's first this morning -- -- -- -- -- -- -- -- Some title jokingly referred to -- as the legs sound pretty -- law that's you know.

Well one whenever I'm down and -- Blown up by -- -- shadows.

Yells out on yeah.

We're on a five -- album of -- dozens were right.

Sesame.

Market numbers miles -- reasonable and in order or they don't wanted to done and a little reserved.

And that's not module -- subject to government and our -- -- -- -- Part it's a Smart -- I suburbs national city -- going to compete with retarded to yeah.

-- I should take offense of that.

One oh you mean that particular our yeah well look that is the difficult -- -- -- -- -- a lot of eyeballs that -- coming months through the -- -- -- a bottom -- -- so we try to get Carly and data news and hundred of course -- know both of them.

-- -- -- July holiday them.

Love Dayton we don't act she's hot because whenever I have another woman on.

All financial elements such as result -- This data is positioned and the she can answer the same portion of them announced it.

May be differently.

But probably just as well it's not there.

-- not what you're supposed to side whereas the script here.

So you want to LSU and ran track right I did it around.

3000 meter steeplechase in the 15100 meters drugs -- to -- Just just so I have five minutes was my best -- averaged about -- minutes.

It's almost a mile of them it is the metric mile what -- yes -- pretty -- time indoors you're on a 16100 meters and so -- ramble -- Jones.

I didn't series nineteen me down Alice yeah of course she was a sprinter.

I was longer distance -- got a middle distance in college but.

So -- -- two different coaches -- printing Coach at a distance Coach but we both ran for the greats Coach pat Henry.

One -- the most winningest NCAA coaches of all time on general at Ellis CM.

-- -- -- -- -- I see I had nothing bad to say about that girl she's impressive on all levels.

And issue I don't wanna model I wish I really wish you gonna wanna -- she still is coached by could -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Wish she would wanna -- now she's -- flattening so I see sort of moving on you know she's the line runs and pushes the car and dumps then and you know she just got second place in the world championships and she's gonna.

You know be a member of the Olympic team which I think it's huge now.

-- -- what was the controversy about her.

Will that she was getting a lot more attention in limelight and the other athlete actually metal -- the Olympics.

I watch and why.

-- wonder big plan to friendship as a virgin river to -- both -- that was one of them -- yes yes the -- -- -- As you can blame -- -- version.

Yes she holds -- Christian guy is very near endeared her heart Donald -- Warner -- independent.

Hard to believe with all those -- and runaround well while any.

But I'm you don't she's she's.

-- -- spectacular character and I and I think that I I think she should run another Olympics.

Now not to financial stuff -- -- slaughter of this morning and there were providing various tips about war.

What to do before and you know on December 31 trolls -- -- we treat this fiscal cliff 90% of Americans are gonna see their taxes go up in some form what do you we that would also phrase.

Fiscal cliff mean it's the expiration.

Of the bush era tax cuts and -- the implementation.

Of spending cuts across the board -- -- -- this some economists argue could send this country.

Back into a recession as soon as next year.

So as it stands today there's a lot of talk that the Republicans are you could -- giving in a little bit.

But debt they might be willing to talk about.

Limiting some tax deductions and loopholes that they are talking about revenue but not in the form everything tax rates that's -- -- important.

But they're gonna insists that the Democrats that they -- -- tight entitlements which they still refuse to do address Medicare address Social Security but the understanding is that they're going to com.

To some sort of compromise by the end of the year markets are starting to believe.

Our taxes got a lot for people absolutely -- people no doubt everybody.

Not everybody they're saying that they're gonna really be aggressive with the middle class and prevent their taxes from going up this is gonna be the upper tier income earners.

But guess what.

You have to worry about small businesses right now businesses aren't spending money they don't know what's gonna happen with the tax system they don't know what's gonna happen with health care health care -- They're not hiring they're not spending individuals are hesitant to spend their fearful of what's gonna happen at the end of the year.

To something's gotta happen but guess what.

Maybe nothing happens they -- -- -- -- next year nearly at the new congress deal with it that'll be bad what -- should be able durable for the you know.

As -- you in -- if you perform on -- -- -- out if you can't Max out contribute the most -- -- possibly can -- -- So -- you're not paying taxes on -- I don't know that is that is you know avoiding from all taxes so.

-- in case Fy 29 plans set aside money for college that's tax free savings time.

There's a lot of things you can -- -- memorable giving charitable giving would be a huge one you can still do those by the end of the year.

Those charitable giving donations may goal weight in the new year if we -- this fiscal cliff so don't like a 50% to.

Types -- -- and -- for cash donation.

But if any appreciable assets like stocks that you wanna give -- they are 100%.

Deductible while says the best thing to do -- that you avoid capital.

Capital -- its.

Taxes journalists left remain.

And a wonderful Thanksgiving we have this wonderful family tradition of golf thing in the freezing cold on the truth depending Bernanke should you play -- and -- -- -- and I.

Okay no golfer watcher -- had a that's like that's caused personal is asking Paul -- don't know bush -- out -- -- to keep idiot and I'm the only female by the way that's been playing with the Smith family on the Turkey trot on Thanksgiving ranked.

I think I'm decently that I hang in there with the boy is my team didn't win this year but we -- scrambling -- -- three golf clubs plus your potter now.

The -- and and you got a call before you -- -- -- Turkey and very competitive Smith family's very competitive plaque.

Are you don't know oh yeah screw this -- -- This is the real the owner crystals operator next year thanks for having me thanks for dominant impression based economy outside Smith -- -- program.

That's coming up now -- -- else.

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