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So basicaly Obama is preaching what he admired in College and that is the believes of Karl Marx. His wife already said it and now he is in favor of the rich who have worked for it very hard and still are working very hard, to get less and the people who aren't working to get a hand out, but according to Michelle Obama they aren't allowed to do nothing (which to me is freedom. If you chose not to work, you will not get so much) , if you chose to work hard and are smart to do the right things, you should get more. Other wise we all should live in a different country, which I suggest Obama and his wife will go and do and if he runs for president overthere he will have a blast. Everybody happy, well maybe not his kids.....
Bottom line is that Obama dodged the question--something he is uncommonly good at doing. The main reason Obama gave for raising the CGT was to increase revenue to the national treasury so government could do all these wonderful things. But when Gibson pointed out that historically when taxes are decreased revenue increases he had no answer for that and just danced around the issue. Don't confuse him with the facts! That's just not fair!
The reason that revenue goes up when the CGT rate goes down is based on people gaming the system and not selling until the lower tax rate is in place. It is like saying stores sell more when they have sales. It is not particularly meaningful.
I think that we need to encourage investmant by giving tax breaks. But we also need to encourage savings by giving tax breaks then maybe foreigners won't be the one's lending us the money we use as credit.We also need to give people better breaks on retirement savings when they withdraw the money.Eliminating breaks on capital gains is going to hit alot of peole in the retiremants that have 401K's in the end. The money earned is actually taxed twice if invested.
His wife already said it and now he is in favor of the rich who have worked for it very hard and still are working very hard, to get less and the people who aren't working to get a hand out, but according to Michelle Obama they aren't allowed to do nothing (which to me is freedom. If you chose not to work, you will not get so much) , if you chose to work hard and are smart to do the right things, you should get more.
Your belief that the rich work very hard is profoundly wrong. The old adage that hard work pays off is a myth that should have died years ago. These hedge fund managers who make a billion do so by manipulating the game, not by the sweat of their brow. When did Obama say that those who don't work should get a hand out? And hasn't our government under both Rep and Dem administrations done just that? Did welfare end under Bush 2? No! But, corporate welfare just exponentiated.
I'm no economist but I know enough that the typical layperson's views about the economy are so far from reality that it's laughable. "Tax and spend liberals" means nothing when the conservatives put everything on a credit card. And the difference would be...? Raising taxes for the wealthy isn't a slap to anyone who thinks that working hard will make them rich. No, our system isn't fair, it's run by those with the most money and it favors them.
I'm against welfare in all its forms: personal, corporate, and national. Our government shouldn't be in the business of bailing anyone out be they a single individual, a business, or some foreign country. I also believe in fair taxation and I agree with those here who offer that money is money, tax what you make not how you make it. Combine these two and I think we'll be far better off. But until we can erase greediness and corruption, keep your eyes and ears on the rich.
Your belief that the rich work very hard is profoundly wrong. The old adage that hard work pays off is a myth that should have died years ago. These hedge fund managers who make a billion do so by manipulating the game, not by the sweat of their brow. When did Obama say that those who don't work should get a hand out? And hasn't our government under both Rep and Dem administrations done just that? Did welfare end under Bush 2? No! But, corporate welfare just exponentiated.
I'm no economist but I know enough that the typical layperson's views about the economy are so far from reality that it's laughable. "Tax and spend liberals" means nothing when the conservatives put everything on a credit card. And the difference would be...? Raising taxes for the wealthy isn't a slap to anyone who thinks that working hard will make them rich. No, our system isn't fair, it's run by those with the most money and it favors them.
I'm against welfare in all its forms: personal, corporate, and national. Our government shouldn't be in the business of bailing anyone out be they a single individual, a business, or some foreign country. I also believe in fair taxation and I agree with those here who offer that money is money, tax what you make not how you make it. Combine these two and I think we'll be far better off. But until we can erase greediness and corruption, keep your eyes and ears on the rich.
My grandfather was dirt poor now he is an millionaire. He always says he worked that hard so his children would not have to. Why should he have to give away his fortune instead of pass it down to his family? Why should he have to pay a death tax? If i work hard as hell to come form nothing why should i give it to the less fortunate? Come to think of it he pours massive amounts into local churches because he has more faith in them to use it wisely than the federal government.
That is what I hear..and he is too dense to realize that the wealthy will shift some of their $$$ out of stocks which will drive the stock market down, and result in the same or less revenue from that CGT.
We got it right on the capital gains issue. Investors are free to manage their own money and Obama can try all he wants to suggest he will "tax" them into submission. It won't work. He needs courses in "Economics." Maybe if he had gone to West Point, I might listen to his pacificist approach to world affairs? I don't think I really mean that, it sounds good, just like Obama's meaningless words.
I thought the PA debate regarding "character and associations" was especially telling. Isn't that we have been told about who sleeps in the Lincoln bedroom? Besides, Obama's railing about critics tells me he won't be able to stand all the name calling that Bush, Clinton and other Presidents endured. He has a short fuse, doesn't want to be criticized. We hear that attitude in Mass. all the time. e.g. "I graduated from Harvard." So?
After watching "52 seconds with Obama" I am further convinced that both the economy and our security are in danger. As long as voters continue to endorse his rock star appearances in "arenas" where he directs the agenda, we are in big trouble.
He is doing what other dictators have mastered, get the young voters to think he is cute, learned etc.
We in Massachusetts refer to the "liberal" graduates of Harvard as the egg heads. A B.S. is Bull S---. M.S. is more of the same. and PHD is Piled High and Deeper.
They don't know that they don't know. God Help Us. I don't think Obama even knows that Harvard is the oldest religious college in the country. Founded in 1636. It's organizational articles are enscribed in the State's Consitituion. Maybe he should read it so he'll know that some people, like him, "cling" to their College like some people do to religion?
Last edited by Friendly blogger; 04-19-2008 at 07:36 AM..
It is just plain DUMB that hedge fund managers who make a billion a year are paying 15% while the average worker is paying much more. Wages, capital gains, interest and divdends are ALL income.
Ok -- let's look at the facts: First, NOT ALL capital gains gets taxed at the preferential rate of 15% -- capital assets held for one year or less are ALREADY taxed at ordinary income rates (i.e. the same rate as wages and interest).
As for the preferential rate, for capital assets held over one year and sold at a gain, the 15% rate applies to higer income individuals; those in the 10% and 15% rate get a 5% capital gains rate -- once again penalizing higer earning individuals.
But more to your erroneous assertion that people making a billion dollars getting taxed at the 15% rate, - wrong! check into the AMT, form 6251 and get back to me.
And finally, Warren Buffett was being very misleading when he talked about the difference in taxation between he and his secretary. What he was talking about was Social Security tax - which is only charged on wages.
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Answer the question!
