http://link.brightcove.com/services/link/bcpid86195573/bclid212338097/bctid1414665553 Do Obama supporters realize that he is going to not only increase taxes on Dividends, cap gains, and just about everything else, but also get rid of the payroll tax cap? This means an additional 6.2% federal tax in income above $102K for employees AND employers. By the time he is done people making $250K will be paying a top marginal Federal tax rate of about 45%. Add in state tax and we are at over 50%. If the current economic woes are not enough to push us in to a severe recession Obama's tax plan will certainly do the trick. Takes investment out private hands and puts it in government's hands. In essence he is the worst tax and spend liberal nightmare that fiscally conservative Americans have had to deal with in the last 40 years and yet all we hear from the media is "hope" and "yes we can". If people in the GOP understood what they were facing in Obama they would quit bickering about McCain and do whatever it took to get him elected.
So... his platform is "I'll find all of those who (1) have anything, and (2) earn a high wage. Then, I'll TAX THE SHIT out of them and give it you YOU". And the DemoCrap voters, swoon... "Yes, YES... I'LL vote for THAT! Bless you Obama" That about it?
and THAT is why people should stuff as much as possible into IRAs, 401Ks, SEPs, 529 education plans, or anything else tax deferred.
You only have the Repulicans to blame for this or as I call them the neocon left that took over the party. Also, theres the lemmings (majority of american people) that are to blame too.
Bush's plan of tax cuts is definitely better. The market sure has surged since he got in-- did you know since the MBA President started, the market is up about 4%? Not 4% per year, 4%. Compare that to the tripling under Clinton. Raising taxes does not necessarily hurt the market. Maybe those making more than $250k will start crying for the war to be over so their tax dollars are not wasted in Iraq.
You apparently do not understand that if spending is not cut, low taxes are worse than high taxes, because on low taxes you pay interest on borrowed money. Obama will cut military spending and that will eventually return tremendous amounts of money to your pocket. You have been duped into thinking that inflation and devaluation is better than taxation. In fact, it is worse. Again, because of the interest you have to pay on borrowed money. Obama will cut overall expenditures and you will benefit tremendously.
http://www.cbpp.org/12-12-05tax.htm A recent paper by Federal Reserve economists Gene Amromin, Paul Harrison, and Steve Sharpe finds that the 2003 dividend and capital gains tax cuts did not raise U.S. stock values. As a Wall Street Journal article summarizes it, the study âconcludes that the tax cut ⦠was a dud when it came to boosting the stock marketâ¦â[1]
It takes me a lot to say this but Obama would actually be worse for the US then Bush was. Albeit on a completely different way ! I know it's a HARD pill to swallow and I don't like her much but Hillary is your best hope out of this mess. She's the only one qualified (sadly) of all the numbskulls left in the game.