Skip to comments.Obama Moves In Right Direction On Taxes
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 ...
Both capital gains tax and estate tax should be abolished.
Obama is lying, once in office the dem congress will raise taxes more, spend more, and he will sign it into law.
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.
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.
All calculations. I don’t believe anything this guy says. He is a liar.
Hey Larry, you actually believe him? I guess you’re not as smart as I thought.
It’s called Taqiya.
I’m confused... How is raising taxes less a sign of being on the right side of taxes?
Isn’t it our Patriotic Duty to pay only that amount of taxes that we can legally claim as the minimum owed?
Ditto. How could anyone believe anything The One or any of his advisers say. It is less than dust in the wind.
Like Hillary and Bill writing off the donation of their used underwear?
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.
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”.
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?
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!!!
He will raise taxes and then revenue will fall and his “solution” will be to raise taxes again.