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Obama Moves In Right Direction On Taxes
IBD Editorials ^ | August 15, 2008 | LAWRENCE KUDLOW

Posted on 08/15/2008 5:27:05 PM PDT by Kaslin

Lo and behold, Team Obama is moving toward the supply side and pivoting toward the political center on key aspects of its tax policy.

Writing in Thursday's Wall Street Journal, Obama advisers Jason Furman and Austan Goolsbee outlined a plan that would raise tax rates on capital gains and dividends only from 15% to 20% for individuals making more than $200,000 and on family incomes above $250,000.

Before this, investors worried that Barack Obama would double the 15% tax rate on cap gains and bring the 15% rate on dividends back to 40%.

Can investors take some relief from this? I reckon they can. And key Obama advisers say these investment tax rates will be consistent with the economic and stock-market boom of the 1990s. That's their trump card in all this.

Well, OK. But in 1997, the capital-gains tax was cut from 28% to 20%. That provided an 11% increase in retained income for the extra dollar put at risk by investors. In 2003, President Bush reduced the cap-gain levy to 15%, providing an additional 6% incentive.

With Sen. Obama's 20% rate on investment, investors would suffer a 6% incentive loss on their cap-gain incomes and a 5.5% incentive drop on dividends.

The cost of capital would rise under Obama, and investment returns would decline by 11%. Uncle Sam will keep more and investors will retain less, all while the economy is languishing.

(Excerpt) Read more at ibdeditorials.com ...


TOPICS: Business/Economy; Editorial; Politics/Elections
KEYWORDS: 2008; economicpolicy; election; electionpresident; elections; issues; kudlow; nobama08; obama; taqiyah; taxes

1 posted on 08/15/2008 5:27:05 PM PDT by Kaslin
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To: Kaslin

moth-in-a-room-full-of-strobelights alert.


2 posted on 08/15/2008 5:28:15 PM PDT by the invisib1e hand
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To: Kaslin

Both capital gains tax and estate tax should be abolished.


3 posted on 08/15/2008 5:28:43 PM PDT by SVTCobra03 (You can never have enough friends, horsepower or ammunition.)
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To: Kaslin

Obama is lying, once in office the dem congress will raise taxes more, spend more, and he will sign it into law.


4 posted on 08/15/2008 5:32:02 PM PDT by Williams
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To: Kaslin

The most merciful and expedient is always on all sides of all issues. He can even be rolled by Hillary and both like it and hate it... If it weren’t for the Media he would take no position at all.


5 posted on 08/15/2008 5:38:06 PM PDT by Steamburg (Your wallet speaks the only language most politicians understand.)
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To: Kaslin; All

My advice? No matter WHO is in The White House, you need to educate yourself and find every legal way and every loophole available to you to hold on to every DIME of yours and keep it OUT of the hands of Congress.

Hunker down, People. Get your own Financial House in order, because things aren’t going to get better; they’re going to get worse no matter WHO is in the WH.

And you all know me...I’m the most POSITIVE person here. But when it comes to my money, Government can take from me what is Constitutionally allowed.

Oh, that’s right...that would be NOTHING! Jerks.


6 posted on 08/15/2008 5:38:42 PM PDT by Diana in Wisconsin (Save The Earth. It's The Only Planet With Chocolate.)
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To: Kaslin

All calculations. I don’t believe anything this guy says. He is a liar.


7 posted on 08/15/2008 5:46:18 PM PDT by Ben Reyes (Obama who?)
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To: Kaslin

Hey Larry, you actually believe him? I guess you’re not as smart as I thought.


8 posted on 08/15/2008 5:47:59 PM PDT by Sudetenland (Those diplomats serve best, who serve as cannon fodder to protect our troops!)
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To: Ben Reyes; Diana in Wisconsin

Muslims lie.

It’s called Taqiya.

http://www.freeman.org/m_online/dec97/phares.htm


9 posted on 08/15/2008 5:49:06 PM PDT by ButThreeLeftsDo (Fight Crime. Shoot Back.)
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To: Kaslin

I’m confused... How is raising taxes less a sign of being on the right side of taxes?


10 posted on 08/15/2008 5:51:12 PM PDT by coconutt2000 (NO MORE PEACE FOR OIL!!! DOWN WITH TYRANTS, TERRORISTS, AND TIMIDCRATS!!!! (3-T's For World Peace))
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To: Diana in Wisconsin

Isn’t it our Patriotic Duty to pay only that amount of taxes that we can legally claim as the minimum owed?


11 posted on 08/15/2008 5:52:39 PM PDT by coconutt2000 (NO MORE PEACE FOR OIL!!! DOWN WITH TYRANTS, TERRORISTS, AND TIMIDCRATS!!!! (3-T's For World Peace))
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To: Williams
Obama is lying

Exactly. If Kudlow believes this then...well nevermind. It will be just like Clinton. "We thought we wouldn't need to raise taxes more but is was WORSE than we thought." Bah!
12 posted on 08/15/2008 5:58:16 PM PDT by Norman Bates (Freepmail me to be part of the McCain List!)
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To: Ben Reyes

Ditto. How could anyone believe anything The One or any of his advisers say. It is less than dust in the wind.


13 posted on 08/15/2008 5:58:36 PM PDT by Truth29
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To: Diana in Wisconsin
My advice? No matter WHO is in The White House, you need to educate yourself and find every legal way and every loophole available to you to hold on to every DIME of yours and keep it OUT of the hands of Congress.

Like Hillary and Bill writing off the donation of their used underwear?

14 posted on 08/15/2008 6:08:59 PM PDT by EVO X
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To: Kaslin

Yeah, right, taxing non existent “windfall taxes”, not drilling for oil, taxing anything that moves is considered the “right direction on taxes” by democrats. If he is saying any thing other than tax the crap out of America he is lying.


15 posted on 08/15/2008 6:09:29 PM PDT by calex59
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To: Kaslin

He also said that he wouldn’t raise SS taxes for 10 years. I guess he still believes that the presidential term is “8 to 10 years”.


16 posted on 08/15/2008 6:53:27 PM PDT by Blood of Tyrants (G-d is not a Republican. But Satan is definitely a Democrat.)
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To: Kaslin

A socialist who reads poll numbers on how hated his tax hikes are is still a socialist.

What’s black and white and red all over?


17 posted on 08/15/2008 6:54:16 PM PDT by WOSG (http://no-bama.blogspot.com/ - NObama, stop the Hype and Chains candidate)
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To: Williams
Obama is lying, once in office the dem congress will raise taxes more, spend more, and he will sign it into law.

You mean he is lying just like Clinton did? As when Clinton got into office and raised taxes instead of giving us his promised tax cut? Unh Unh; I don't believe it. How dare you call Obamassiah a liar!!!

18 posted on 08/15/2008 6:54:44 PM PDT by D Rider
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To: Williams

He will raise taxes and then revenue will fall and his “solution” will be to raise taxes again.


19 posted on 08/15/2008 6:55:26 PM PDT by Blood of Tyrants (G-d is not a Republican. But Satan is definitely a Democrat.)
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To: WOSG
What’s black and white and red all over?

Demonrats?

20 posted on 08/15/2008 6:56:07 PM PDT by D Rider
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To: SVTCobra03

Along with corporate tax, which gets passed along to the consumer. Or at least, a reduction to 10%. Business would come streaming into this country.


21 posted on 08/15/2008 7:14:10 PM PDT by FlyVet
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To: the invisib1e hand
moth-in-a-room-full-of-strobelights alert.

LOL!

22 posted on 08/15/2008 7:22:21 PM PDT by FlyVet
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To: FlyVet

You can’t Trust someone that changes their position every other day. All Barry cares about is getting elected. Clinton came to center on taxes before he was elected, then after the election he showed his true colors. The same thing will happen with Obama he’s going to “have to” raise taxes to pay for all his socialist programs if God forbid he gets elected.


23 posted on 08/15/2008 7:48:22 PM PDT by Rodm (Seest thou a man diligent in his business? He shall stand before kings)
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To: Rodm
"Ah worked hawrder than ah ever werked in mah lahfe.

sniff, sniff, whimper, whimper.....

But ah just cain't do it. Ah cain't cut yore taxes. Ah gotta rayse them instayud."

Haw. Haw. Haw.

Obamantion, cut from the same cloth, easy to see through....except for DemoDummies.

24 posted on 08/15/2008 7:59:54 PM PDT by FlyVet
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To: Kaslin

25 posted on 08/15/2008 8:31:36 PM PDT by BenLurkin
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To: Kaslin

26 posted on 08/15/2008 8:36:45 PM PDT by maggief
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To: coconutt2000

It is in my book. :)


27 posted on 08/16/2008 6:00:12 AM PDT by Diana in Wisconsin (Save The Earth. It's The Only Planet With Chocolate.)
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