Post by Tzalaran on Sept 11, 2008 8:53:18 GMT -6
I came across this post in the CBS news site in a story and thought i would share and give my opinion on it.
Obama plans to return to the failed policies of high taxation coupled with an expansion of government spending.
Worse, Obama says he is absolutely committed to almost doubling the capital gains rate — something he will easily accomplish with a Democrat Congress.
In the coming months — when investors realize that Obama will raise the cap gains rate — there could be a stampede of asset sales as investors rush to take their profits now to avoid Obama''s doubling of the tax rates next year.
All of these issues and more are explored in Newsmax magazine''s special report "Obamanomics — the Coming Tax-and-Spend Nightmare," by Wall Street Journal columnist John Fund.
Indeed, Obama makes no bones about his plans to go on a tax rampage. Not only would he increase the capital-gains tax rate from 15 percent to as much as 28 percent, he wants to allow the 2001 and 2003 Bush tax cuts to expire in 2010, which effectively raises taxes on Americans by tens of billions of dollars.
He also wants to do away with the $102,000 FICA payroll tax cap, which means anyone making over $102,000 would pay an additional 7 percent in taxes on earned income.
And the loan dividend tax rate George Bush implemented? Under President Obama it will be DOA!
If you are concerned about your wealth and family''s financial well-being — and that the American economy remains strong — you must read this special report and share it with friends and family.
Posted by fervan at 12:08 AM : Sep 11, 2008
ok, according to this report, raising capital gains taxes will hurt all americans and be horrible for the economy.
On Bill Oreiley, Obama stated that he wants the rate to return to the clinton level area of 20-25%, and Bill and Barack agreed that 20% was acceptable. compromise with a republican that has been shrilling about Obama's tax plan in under 5 minutes. that is change from the McCain "my way or the highway" philosophy.
The truth is, 95% of americans have no vested interest in their own stock portfolio, except for 401k plans which are not going to be affected by a capital gains tax increase. this will only affect the day traders and other parasites who amass their weath by gambling on the stock market, or use inside information to illegally cheat the american public.
fact: McCain is going to increase the amount of taxable income for each american family by taxing what currently is taken away from american taxpayers in a PRE-TAX format. all benefits, and other pre tax deductions will now be taxed. that is a $5,000 - 10,000 a year increase on taxable income for most american families.
fact: Obama will cut taxes on all families making under $250,000 - 600,000, while raising taxes on the top 1% of americans. if you make over 2.6 million a year, you will pay an additional $700,000 in taxes. that still leaves you will over 1.9 million per year, plenty to raise a family on.
people who are voting against Obama on the basis that he will raise my taxes are selfish, ignorant people who don't deserve the opportunities that this country has given them, and take no responsibility for helping their neighbor when, like today, times are rough.
and the "i got off my butt and worked for it, and no one should have the right to take away the fruit of my labor" argument fails to mention that without the services that this country provided for you, and the freedoms that it stood for before the Bush administration, you wouldn't be in the position to reap the fruits of your labor.
greed, selfishness, and indifference are killing the trickle down theory that republicans base their tax and economic policy on, and they want us to continue supporting that when the people that haven't gotten the breaks that the fortunate have are being treated like third world citizens. ENOUGH!
time to look after our brothers and sisters that have not been lucky in this train wreck of leadership the past 8 years, and put our own greed and self interest aside for the betterment of all americans, and restore the greatness of America that so many have spent their life to create.
Obama plans to return to the failed policies of high taxation coupled with an expansion of government spending.
Worse, Obama says he is absolutely committed to almost doubling the capital gains rate — something he will easily accomplish with a Democrat Congress.
In the coming months — when investors realize that Obama will raise the cap gains rate — there could be a stampede of asset sales as investors rush to take their profits now to avoid Obama''s doubling of the tax rates next year.
All of these issues and more are explored in Newsmax magazine''s special report "Obamanomics — the Coming Tax-and-Spend Nightmare," by Wall Street Journal columnist John Fund.
Indeed, Obama makes no bones about his plans to go on a tax rampage. Not only would he increase the capital-gains tax rate from 15 percent to as much as 28 percent, he wants to allow the 2001 and 2003 Bush tax cuts to expire in 2010, which effectively raises taxes on Americans by tens of billions of dollars.
He also wants to do away with the $102,000 FICA payroll tax cap, which means anyone making over $102,000 would pay an additional 7 percent in taxes on earned income.
And the loan dividend tax rate George Bush implemented? Under President Obama it will be DOA!
If you are concerned about your wealth and family''s financial well-being — and that the American economy remains strong — you must read this special report and share it with friends and family.
Posted by fervan at 12:08 AM : Sep 11, 2008
ok, according to this report, raising capital gains taxes will hurt all americans and be horrible for the economy.
On Bill Oreiley, Obama stated that he wants the rate to return to the clinton level area of 20-25%, and Bill and Barack agreed that 20% was acceptable. compromise with a republican that has been shrilling about Obama's tax plan in under 5 minutes. that is change from the McCain "my way or the highway" philosophy.
The truth is, 95% of americans have no vested interest in their own stock portfolio, except for 401k plans which are not going to be affected by a capital gains tax increase. this will only affect the day traders and other parasites who amass their weath by gambling on the stock market, or use inside information to illegally cheat the american public.
fact: McCain is going to increase the amount of taxable income for each american family by taxing what currently is taken away from american taxpayers in a PRE-TAX format. all benefits, and other pre tax deductions will now be taxed. that is a $5,000 - 10,000 a year increase on taxable income for most american families.
fact: Obama will cut taxes on all families making under $250,000 - 600,000, while raising taxes on the top 1% of americans. if you make over 2.6 million a year, you will pay an additional $700,000 in taxes. that still leaves you will over 1.9 million per year, plenty to raise a family on.
people who are voting against Obama on the basis that he will raise my taxes are selfish, ignorant people who don't deserve the opportunities that this country has given them, and take no responsibility for helping their neighbor when, like today, times are rough.
and the "i got off my butt and worked for it, and no one should have the right to take away the fruit of my labor" argument fails to mention that without the services that this country provided for you, and the freedoms that it stood for before the Bush administration, you wouldn't be in the position to reap the fruits of your labor.
greed, selfishness, and indifference are killing the trickle down theory that republicans base their tax and economic policy on, and they want us to continue supporting that when the people that haven't gotten the breaks that the fortunate have are being treated like third world citizens. ENOUGH!
time to look after our brothers and sisters that have not been lucky in this train wreck of leadership the past 8 years, and put our own greed and self interest aside for the betterment of all americans, and restore the greatness of America that so many have spent their life to create.