Since more than fifty percent of Americans have investments in stocks, this would be a huge tax increase for them. Obama, of course, was lying when he said he’d never raise taxes on the middle class. But then he lies every time he opens his piehole.
For people who regularly play the stock market with a lousy $80k...it adds up in a year when you talk about dividends and capital gains. It might take two years to train people to invest in a different fashion but they will go to different strategies...maybe even shifting their money into real estate or gold...just to play this totally different.
Our Lenin wannabe won’t be happy until all assets are the property of The State, and he can intone from his podium high above the masses, “From each according to his ability, to each according to his need!”
Well, he’s a megalomaniac, and America’s Blacks did, after all, re-elect him to rob the nation blind and hand them the swag.
Trouble is, four more years of this and the U.S. will be so broke it’ll make Africa look like Fort Knox.
Is there no one to utter a word of protest; or... of rationality?
"I have not yet began to fight." When asked to surrender.
What "investments"? Government doesnt invest. It SPENDS. Calling it "investment" is propaganda.
Well boo hoo. All income should be treated with a flat rate. No special rates no special deductions.
It is basic economics that those with higher incomes save and invest more than people with lower incomes who may save nothing or actually spend more than their disposable income. Raising taxes on any income level, but especially on those with higher incomes, decreases savings and investment in the economy. Adding higher taxation to these investments on top of hig]er taxes on income only compounds the problem. Obama’s Marxist economics will mean more deficits and a lower GDP. We will move from extended recession to full depression under these policies.
I wonder when AARP will wake up and realize this is an attack on older people? I’ve saved for retirement since my first job carrying papers at 13. Now that I’m retired and living on a greatly reduced income, I count on investment income and asset liquidation to be able to travel and occasionally help my children. As a reward for my years of sacrifice by investing, my income from these sources will now be taxed at a higher rate than my other income. I guess this is a penalty for being responsible.
Oh wait then their is Teresa Ghilarducci.....
Thinking about sending the same press release to my socialists marxist congressman who has stated publicly that he wants everyone's taxes to go up, he is advocating over the cliff tax hikes.
What can the authorities do to me? I am not even receiving the cash so we are not sheltering anything, also am going to write a big end of the year check to the Salvation Army.