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Obama? Can ANYONE Trying to Retire Afford Him?
9-16-08 | Maclogo

Posted on 09/15/2008 11:10:20 PM PDT by maclogo

Ok, Barack wants to raise the capital gains tax from 15% To 20-28%. Last time I checked that's a minimum of a 33% INCREASE in your capital gains taxes per YEAR! You have got to be kidding me!

That means if you make $10,000 in a given year on your hard-earned investments, you will pay an extra $3300. per year to help support the government and the wonderful programs that "support" your lifestyle and future existence.

I for one, think this is the most idiotic plank that has ever laid over over any platform.


TOPICS: Your Opinion/Questions
KEYWORDS: 2008; capitalgains; investments; obama; retirement; stocks
My and my kids' future cannot support this in any shape, form or fashion. Can you? What the h*ll is this idiot thinking(?)
1 posted on 09/15/2008 11:10:21 PM PDT by maclogo
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To: maclogo

Well, it’d be an extra 500 to 1300 bucks on 10K.

Right now the annual deductible limit on capital losses seems at least an equal screw job.


2 posted on 09/15/2008 11:16:08 PM PDT by jblair (Air Force Brat)
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To: maclogo

worse than that: the value of all investments will go down even before you sell


3 posted on 09/15/2008 11:17:01 PM PDT by ari-freedom (We never hide from history. We make history!)
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To: maclogo

No, I’m interested in living a while after I retire, so I’m necessarily against Hussein.


4 posted on 09/15/2008 11:17:20 PM PDT by Post Toasties (It's not a smear if it's true.)
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To: maclogo
Now, that's just shoddy arithmetic, mate. I loathe Osamabama, but you do yourself no credit at all with such a silly statement.

If you make $10K cap gains in a year (let's say it's long-term, just FSOD), you pay the going rate on them, a different rate from that on ordinary income. I think (haven't looked it up) that rate is 15%. So, presently, you'd pay $1500 in tax on those cap gains.

Suppose the dickweed raises the cap gains tax to 28%. Well, then, on the same $10K in cap gains, you'd pay $2800, a roughly 90% increase in tax to be sure, but just $1300 more in dollars.

I don't approve of such a rise, or support it (hell, mate, I'm a trader for my living, sheesh!), but throwing out screwy numbers as you did will persuade NOBODY to your view.

Best wishes to you!

5 posted on 09/15/2008 11:17:29 PM PDT by SAJ
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To: maclogo
What the h*ll is this idiot thinking(?)

He says this is "fair" (despite the fact that higher taxes decrease government revenue) and he says this is "neighborly" (for the government to confiscate your money and give it to a bigger voting demographic).

6 posted on 09/15/2008 11:18:06 PM PDT by Aria ("An America that could elect Sarah Palin might still save itself." Vin Suprynowicz)
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To: maclogo

His math does not add up. A 33% INCREASE in the rate does not equal a 33% RATE! The tax on $10,000 would be $2,800, not $3,300. They’d let you keep a whole extra $500 to $800 of your money.


7 posted on 09/15/2008 11:19:40 PM PDT by Eleutheria5 (www.publishedauthors.net/benmaxwell/index.html. Donate to members.tripod.com/tva_israel/HOME.HTM)
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To: maclogo

The Cap Gains tax increase applies to working folks who make over 250K who are the primary drivers of our economy. If you don’t make more than $250k/yr you don’t have to worry but then again the economy will suffer so you will get hit regardless.


8 posted on 09/15/2008 11:22:01 PM PDT by cw35
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To: maclogo

I agree that a tax increase would be wrong and hurtful to many. However, a 33% increase in existing taxes does not equate an additional 33% loss of total earnings. In other words, a 20% tax on $10,000 would be a TOTAL of $2,000.


9 posted on 09/15/2008 11:22:25 PM PDT by Free Bee
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To: maclogo

Don’t forget, although he says he won’t raise taxes on anyone making under 250K, he wants to remove all caps on Social Security taxes, now set at 90K per year. So if you and your wife earn 150K between you as employees, he would raise taxes on 60K of your income by 7.6%, or $4.560 per year. Of course, if you are self employed that’s double, or 9,120 per year.


10 posted on 09/15/2008 11:23:33 PM PDT by Hugin (Mecca delenda est!)
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To: maclogo
How about:

Obama? Can ANYONE Try to Retire Him?

11 posted on 09/15/2008 11:24:13 PM PDT by Lexinom (I don't want my daughters punished with an Obama!)
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To: SAJ
You are correct sir in that instead of paying $1500. currently per $10k earned, you would pay at least an extra $500. per $10,000. per year under an Obama administration. I stand “arithmatically” corrected per my original statement, but not mentally or financially satisfied.
12 posted on 09/15/2008 11:29:59 PM PDT by maclogo (Think Logically ((It really ticks off the Liberals))
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To: maclogo
Obama is a fiscal idiot (even worse than Bush and McCain).

First, he says he'll raise capital gains taxes, even though Charlie Gibson (of all people) tells him it's proven that it will result in reduced revenues. Because it's more "fair".

Then he backs off on that, and says he won't raise CG taxes until the economy gets better (as if that won't cause the economy to go back down into the dumper).

He is a fiscal dumb ass, even worse than Bush and McCain.

13 posted on 09/15/2008 11:33:46 PM PDT by FlyVet
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To: maclogo
I already see people who planed their retirement rather well now having problems making ends meet.

I'm eligible to retire in March ‘09, but I certainly can't afford it, unless I sit around the house and watch the paint peel.

I'm convinced Obama has a bigger plan. Bend over America.

14 posted on 09/15/2008 11:34:22 PM PDT by oyez (Justa' another high minded lowlife.)
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To: FlyVet

And your pick for this country is? (just curious).


15 posted on 09/15/2008 11:38:27 PM PDT by maclogo (Think Logically ((It really ticks off the Liberals))
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To: maclogo

What the h*ll is this idiot thinking(?)

He doesn’t think, at least not about the best direction for this country; instead he spends his waking minutes parroting Carl Marx, stopping long enough to remember “comrade” does not give the average American a warm and fuzzy feeling.

If this man gets into the White House and his fiscal are put into place, the bankruptcy of Lehman Brothers and the current banking/mortgage problems will look like a simple market correction.


16 posted on 09/15/2008 11:40:19 PM PDT by Brytani ("Proud Member of the Lipstick Rebellion - McCain/Palin 2008)
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To: maclogo

McCain/Palin. Where else to go?


17 posted on 09/15/2008 11:45:49 PM PDT by FlyVet
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To: maclogo

To all:

Please disregard the “extra” in paragraph 2 - my mistake in wording. But it would be an extra $500. per 10K EARNED, NONE-THE-LESS, which is an exrtra 33% per 10k earned per year.

I STILL can’t afford it!


18 posted on 09/15/2008 11:52:19 PM PDT by maclogo (Think Logically ((It really ticks off the Liberals))
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To: maclogo
Unless you have zero retirement funds and are planing to grow your own garden to live off of I wouldn't think voting for a guy who wants a complete financial revolution would be such a great idea right now.

Everyone already knows the Dems caused the crisis we are in right now by forcing lenders to give money to people who couldn't pay it back. They want to bring down the financial markets. It's a commie thing don'tcha know.

19 posted on 09/15/2008 11:55:31 PM PDT by Earthdweller (Socialism makes you feel better about oppressing people.....)
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To: maclogo
"What the h*ll is this idiot thinking(?) "

I see something red.

20 posted on 09/16/2008 12:04:15 AM PDT by Earthdweller (Socialism makes you feel better about oppressing people.....)
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To: maclogo
That means if you make $10,000 in a given year on your hard-earned investments, you will pay an extra $3300.

You may want to check your math,

21 posted on 09/16/2008 12:25:39 AM PDT by trumandogz
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To: maclogo

A more fitting question should be, “Can anyone afford him?” What happened to the days when if you couldn’t run your business right, you went out of business? Someone else will come along and open another business. Obama spoke days ago about “personal responsibility.” Where is the personal responsibility of business owners who can run a business?

I believe Americans need to stop buying so much crap on credit. Maybe that will help the economy.


22 posted on 09/16/2008 12:33:25 AM PDT by rfreedom4u (My Freedom of speech trumps your feelings!)
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To: maclogo

Come on, everyone knows that only the rich have capital gains.


23 posted on 09/16/2008 12:43:45 AM PDT by thecabal (Conservatives who don't live up to the liberal caricature are now hypocrites.)
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To: maclogo

that’s nothing. wait until he pushes reparations... $100k per black person (and probably newborns for 6-10 years)


24 posted on 09/16/2008 1:08:03 AM PDT by sten
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To: maclogo

Obama would raise capital gains taxes to 20% for some people making 250k+, but actually cut capital gains taxes to 0% for small businesses and other investments which are good for our economy in the long run. I know I’ll probably get flamed for this, but here it goes — I was initially VERY opposed to Obama’s ideas on cap. gains when he made the “no higher than 28%” remark, but I after he’s come out with specifics, I actually think his ideas on this issue are pretty reasonable and somewhat sound economically — tax wealth which is stagnant, but incentivise riskier investment that leads to innovation.

http://www.barackobama.com/pdf/taxes/Factsheet_Tax_Plan_FINAL.pdf


25 posted on 09/16/2008 1:32:39 AM PDT by sixthousandrpm
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To: sixthousandrpm
What Small Business's pay Capital Gains Taxes, house flippers on HGTV?

S Corps pay regular Income Tax, which Obama will raise to be “fair”.

“Neigborlyism” is his new word to replace Marxism. UNREAL!

26 posted on 09/16/2008 1:45:14 AM PDT by Kickass Conservative (Obama / Biden, the new Ebony and Ivory.)
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To: sixthousandrpm
Ok I went to the PDF.. and read it.. and looked at the three points he touted. Point Two makes NO sense. "• Families making more than $250,000 will pay either the same or lower tax rates than they paid in the 1990s. Obama will ask the wealthiest 2% of families to give back a portion of the taxes they have received over the past eight years to ensure we are restoring fairness and returning to fiscal responsibility. But no family will pay higher tax rates than they would have paid in the 1990s. In fact, dividend rates would be 39 percent lower than what President Bush proposed in his 2001 tax cut." How can you ask families making more than $250,000 a year to pay more taxes and then say that you will be paying less than in 1990.. and his Top 2% of the nations wage earners can not possibly fund all the other pipedreams in his planned programs. the 2nd point in there is even more disturbing...take a over all ammount of taxes over eight years? That pure socialistic INCOME distribution by telling the rich that Sorry.. we took income tax on your earnings.. but you have to pay more after we re-look at your tax balances over the previous 8 years.
27 posted on 09/16/2008 3:44:42 AM PDT by Kitanis
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To: maclogo

I won’t be able to afford to retire regardless of who is elected.


28 posted on 10/12/2008 5:01:51 PM PDT by judsonlegacy
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To: Earthdweller

I have zero retirement funds but no land on which to grow my own garden.

I live in a house that generates $3000/month in rent, so I see no reason why these foreclosed homes should not be able to produce enough omney to make the lenders whole.


29 posted on 10/12/2008 5:37:48 PM PDT by judsonlegacy
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To: sten

Why should a white person making minimum wage pay reparations to a black person making $100K?


30 posted on 10/12/2008 6:35:15 PM PDT by judsonlegacy
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To: judsonlegacy
how about flipping around the current tax mindset?

why should i, after working 80-100 hrs/week for 20+ years give over 50% of my income... to support those that refuse to work even a full 40?

why did i bother going to school all those years to support those that would rather party then study?

when 'the one' starts talking about what's 'fair'... these are the thoughts that jump into my head

as for why EVERY non-black person should pay into the tax system that would award ALL blacks a chunk of reparations... liberal-think says all blacks are due this as some form of debt payment due to slavery (when was that again??)

and if 'the one' gets elected, my company will leave the US instead of paying into such a corrupt system (as will, i would imagine, many of the 5% getting hosed by 'the ones' tax policies)

31 posted on 10/13/2008 7:55:38 AM PDT by sten
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