Raising Capital Gains Means Less Revenue
I'm trying to stay out of the Rep/ Dem presidential race, as some of you may have noticed. Nonetheless, this video was sent out meant as an attack on Obama. I don't want to join in the attack but think the point needs to be made that, when the Capital Gains Tax has been lowered, government revenue actually increases.
I realize this video has been clipped and, in fairness, it wouldn't surprise me if someone could find McCain ( or Nader or Mckinney) saying the same sort of thing. Bottom line is, candidates seem to ignore what works and just focus on things that sound good to them:
posted by Fred Mangels @ 7:37 AM
5 comments
5 Comments:
Fred old boy there isn't going to be any capital gains to tax for a LONG TIME!
The capital gains tax is the epitome of the government stealing from regular, decent, hard working folks. In 1989 I sold my house in the south Bay Area to move up here so my wife could stay home with the kids. I was lucky enough to have hit the market just right and made about 100k on the deal. Then, because of the discrepancy in the markets there was no way to roll all that into a similar house here. So, I had to write a check to the federal government for 29,000 of my money that they did absolutely nothing for and had no right to take. But I guess I know what an Obama presidency will be like.
Maybe our second commenter has only a partial idea what an Obama presidency would be like.
You want someone level-headed, someone who can keep his wits in the middle of a dangerous crisis?
Read this story from the BBC. It will give you something to think about, and to tell your friends about!
http://news.bbc.co.uk/go/pr/fr/-/1/hi/world/americas/6638207.stm
God help us if Obama is feeling "tired" when our nation is in peril!
Fred,
The Laffer Curve nonsense was debunked way back in the 1980's by legitimate economists.
If that isn't enough for you just consider the last 8 years.
Taxes DOWN, deficit and national debt EXPLODED.
Stop drinking the right wing Kool aid. You are a libertarian aren't you?
Here Fred maybe this will scare the crap out of you. It did me!
CAPITAL GAINS TAX
MCCAIN 0% on home sales up to $500,000 per home (couples). McCain does not propose any change in existing home sales income tax.
OBAMA 28% on profit from ALL home sales. (How does this affect you? If you sell your home and make a profit, you will pay 28% of your gain on taxes. If you are heading toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from your home will go to taxes. This proposal will adversely affect the elderly who are counting on the income from their homes as part of their retirement income.)
DIVIDEND TAX
MCCAIN 15% (no change)
OBAMA 39.6% - (How will this affect you? If you have any money invested in stock market, IRA, mutual funds, college funds, life insurance, retirement accounts, or anything that pays or reinvests dividends, you will now be paying nearly 40% of the money earned on taxes if Obama becomes president. The experts predict that 'Higher tax rates on dividends and capital gains would crash the stock market, yet do absolutely nothing to cut the deficit.')
INCOME TAX
MCCAIN
(no changes)
Single making 30K - tax $4,500
Single making 50K - tax $12,500
Single making 75K - tax $18,750
Married making 60K- tax $9,000
Married making 75K - tax $18,750
Married making 125K - tax $31,250
OBAMA (reversion to pre-Bush tax cuts)
Single making 30K - tax $8,400
Single making 50K - tax $14,000
Single making 75K - tax $23,250
Married making 60K - tax $16,800
Married making 75K - tax $21,000
Married making 125K - tax $38,750
Under Obama, your taxes could almost double!
INHERITANCE TAX
MCCAIN - 0% (No change, Bush repealed this tax)
OBAMA Restore the inheritance tax
Many families have lost businesses, farms, ranches, and homes that have been in their families for generations because they could not afford the inheritance tax. Those willing their assets to loved ones will only lose them to these taxes.
NEW TAXES PROPOSED BY OBAMA
New government taxes proposed on homes that are more than 2400 square feet. New gasoline taxes (as if gas weren't high enough already) New taxes on natural resources consumption (heating gas, water, electricity) New taxes on retirement accounts, and last but not least....New taxes to pay for socialized medicine so we can receive the same level of medical care as other third-world countries!!!
You can verify the above at the following web sites:
http://money.cnn.com/news/specials/election/2008/index.html
http://www.cnn.com/ELECTION/2008/issues/issues.taxes.html
http://elections.foxnews.com/?s=proposed+taxes
http://bulletin.aarp.org/yourworld/politics/articles/mccain_obama_offer_different_visions_on_taxes.html
http://blog.washingtonpost.com/fact-checker/candidates/barack_obama/
http://blog.washingtonpost.com/fact-checker/candidates/john_mccain/
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