More Spin: Now Obama Says That He Will Give A Capital Gains Tax Cut To Small Business Owners

10/1/2008 | Laissez-Faire Capitalist

[Laissez-faire capitalist]

First Barack Obama said that he would give tax cuts to 95% of Americans and would raise taxes on those making over $250,000 per year.

When this was exposed as being mere political fluff and void of any real substance (since 40%+ of Americans don't pay any federal income tax), Obama rolled out the usual spin and said that he would give a tax cut to 95% of Americans who pay federal income taxes. But he continued to say that he would raise taxes on those who make more than $250,000 per year.

When it was exposed through various media outlets that over 2/3 of small business owners make more than $250,000 per year, and these small business owners employ the majority of Americans, Obama shifted his rhetoric - again - to saying that he would cut Capital Gains taxes for small business owners. On MSNBC today - during a televised rally - Obama said that he was going to cut Capital Gains taxes for small business owners.

Problem is, is that under an Obama Administration, when small business owners who make more than $250,000 per year file their taxes, they would still not have a cut in their federal income taxes.

Obama's tax plan continues to show that Obama would cause legions of small-business owners to have to lay off and/or fire millions of Americans. Simple as that.

Tax the rich?

No, tax the small businesses of America.

Obama: Idiot.

[Oldeconomybuyer]

An example of change you can change.

[Laissez-faire capitalist]

First it was 95% of Americans will get a tax cut...

Then it was 95% OF THOSE PAYING TAXES will get a tax cut...

And on and on it goes.

Barack Obama is spinning like a Maytag washer set on turbo rinse.

[princess leah]

Blah, Blah, Blah, Blah, Blah...he speaks words, just words!

[Joiseydude]

Rev.Wright was right when he said that Obama was just another politician who will say anything to get elected.

[patriot08]

Why is McCain not on this?
Why is he not on ANYTHING?
He actually looks like lately he might nod off at any time.
We need to wake him/the Republicans up.

Email McCain. Tell him he has an obligation as our candidate to get off his duff and fight back.
To h*ll with bipartisian BS, to h*ll with PC, to h*ll with ‘conducting a respectful campaign’!
Respectful campaigning went out the window with Obama’s nasty, ‘lipstick on a pig’ and ‘You can wrap AN OLD FISH in a piece of paper called change. It’s still going to stink after eight years.’ Take off the gloves, McCain!
Hit the Marxist/Muslim hard with Ayers, Acorn, Violation of Logan Act, Campaigning for Odinga!!
MCCAIN WEBSITE
http://www.johnmccain.com/Contact/

THE CONSERVATIVE ACTIVIST’S
GIANT E-MAIL LINKS PAGE!
http://www.conservativeusa.org/megalink.htm

[GerardKempf]

Where is the stat that 2/3 (or 66%) of all small business owners make over $250,000 personally? Wow that figure is a lot more than I thought. Heck I’m an MD and don’t pull in $250,000
I suppose if I didn’t expense anything I might come close, but I know my brother’s pest control business (four employees) is not putting over $250K in my little bro’s pocket

[gracesdad]

My problem is that just about everybody is spinning.

I just heard that one small section of this new bill will eliminate the excise tax on arrow shafts less than 5/16ths (I think) of an inch. Now maybe there shouldn’t be such an excise tax, but what an example of how ridiculous this has become.

[Inyokern]

I have owned a small business for several years and I have never taken any long term capital gains in my business. Do small business owners typically take capital gains? I am an S-Corp and all of my earnings are subject to the personal income tax and FICA. Those are the only taxes I worry about.

[chippewaman]

McCain where are you? Fight these lies. FIGHT! FIGHT!! FIGHT!!! I beg of you, Senator. FIGHT THIS MAN!!!!!! Maybe it’s not too late!!!!!!!!!!!!! Get mad!!!!!! FIGHT!!!!!!!!!

[6SJ7]

I remember the so-called “luxury tax”, back in the 90’s on items like boats, aircraft, and expensive cars. Dems pushed it as a tax on the rich. The public ate it up; “yeah, get those rich bastards with their yachts”. The bill passed, the boat building industry collapsed with many then losing their jobs. The rich just didn’t bother to buy new boats, or bought a used boat.

[Born In America]

Here here; McCain needs to get his hands dirty and start throwing some mud, on 0bama....

[WhyisaTexasgirlinPA]

Your brother isn't doing it right then - he needs to can the Americans and hire illegals - most cities now encourage it and there are no taxes or pesky insurance to slow down progress for him. On top of that, he can continue to bill as if he has trained folks who might actually care about their customers! See, it is a win=win - and your brother will make out like a bandit.

There are even freepers who will back him up if he gets caught....they think it is a great system.

[LegalEagle61]

Rev.Wright was right when he said that Obama was just another politician who will say anything to get elected.

I would like to see a commercial with Rev Wright saying what you indicated at the beginning, followed by all his flip flops in his words.

[randog]

I have owned a small business for several years and I have never taken any long term capital gains in my business. Do small business owners typically take capital gains?

I'm with you. Where are my capital gains and, more importantly, where's my $250K+/year...?

[shezza]

As evidenced by the “renegotiation of NAFTA” snafu, what Barack says and what he actually believes aren’t necessarily aligned. Like most politicians, he says whatever seems expedient to garner the most votes from whatever particular audience he happens to be enthralling at that moment. Liars and damned liars. The whole lot of them.

[samadams2000]

“Small...(under his breath)..minority...business owners”

[graywaiter]

What the hell is he talking about? We are second generation family business owners, also S corp. Have made above 250k a couple of years, but not as a rule. How do you give a small business a capital gains tax cut? No such thing unless you sell it. How else is it possible?

[Inyokern]

What the hell is he talking about?

I am glad to hear it is not just me. I don't know what the hell he is talking about either. What capital gains????

[graywaiter]

That's just it. I don't think he has a clue of what he's talking about. The only way I know of to receive a “capital gain” is to SELL an asset for more than what you (a) paid for it, (b) have in it or (c) inherited value. This applies to ANY asset, not just a small business. You have to SELL it to acquire an “capital gain” to need a tax cut. I guess we're all gonna be o.k. if we want to sell our businesses to get it! DUH!! This has got to be a misquote or pure b.s.