Skip to comments.Obama? Can ANYONE Trying to Retire Afford Him?
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.
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.
worse than that: the value of all investments will go down even before you sell
No, I’m interested in living a while after I retire, so I’m necessarily against Hussein.
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!
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).
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.
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.
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.
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.
Obama? Can ANYONE Try to Retire Him?
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.
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.
And your pick for this country is? (just curious).
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.
McCain/Palin. Where else to go?
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!
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.
I see something red.
You may want to check your math,
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.
Come on, everyone knows that only the rich have capital gains.
that’s nothing. wait until he pushes reparations... $100k per black person (and probably newborns for 6-10 years)
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.
S Corps pay regular Income Tax, which Obama will raise to be “fair”.
“Neigborlyism” is his new word to replace Marxism. UNREAL!
I won’t be able to afford to retire regardless of who is elected.
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.
Why should a white person making minimum wage pay reparations to a black person making $100K?
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)