Obama's tax plan

Discussion in 'Congress' started by jreeves, Apr 20, 2008.

  1. jreeves
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    jreeves Senior Member

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    Time and again, the rookie Senator has said he would not raise taxes on middle-class earners, whom he describes as people with annual income lower than between $200,000 and $250,000. On Wednesday night, he repeated the vow. "I not only have pledged not to raise their taxes," said the Senator, "I've been the first candidate in this race to specifically say I would cut their taxes."

    But Mr. Obama has also said he's open to raising – indeed, nearly doubling to 28% – the current top capital gains tax rate of 15%, which would in fact be a tax hike on some 100 million Americans who own stock, including millions of people who fit Mr. Obama's definition of middle class.

    Mr. Gibson dared to point out this inconsistency, which regularly goes unmentioned in Mr. Obama's fawning press coverage. But Mr. Gibson also probed a little deeper, asking the candidate why he wants to increase the capital gains tax when history shows that a higher rate brings in less revenue.

    "Bill Clinton in 1997 signed legislation that dropped the capital gains tax to 20%," said Mr. Gibson. "And George Bush has taken it down to 15%. And in each instance, when the rate dropped, revenues from the tax increased. The government took in more money. And in the 1980s, when the tax was increased to 28%, the revenues went down. So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?"

    http://online.wsj.com/article/SB120847505709424727.html?mod=googlenews_wsj



    How do democrats justify a tax increase on capital gains taxes when ultimately it will be an increase on the middle class? Which in turn contradicts their purpose of class warfare on the rich.:cuckoo:
     
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  2. William Joyce
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    William Joyce Chemotherapy for PC

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    Democrats don't represent the middle class. They represent the ultra-rich, who don't mind tax increases, and the criminals and welfare recipients who do actually benefit from tax increases.
     
  3. jreeves
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    jreeves Senior Member

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    Regardless, Obama has pledged not to raise taxes on the middle class, which ultimately he would be doing by raising capital gains taxes. In addition, using historical facts, he would also decrease tax revenues.
     
  4. jillian
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    jillian Princess Supporting Member

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    you don't really think that capital gains predominently hits the middle class, do you?
     
  5. jreeves
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    jreeves Senior Member

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    I would say that a good number of the middle class do benefit from capital gains.
     
  6. RetiredGySgt
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    RetiredGySgt Platinum Member

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    Doesn't have to be predominately. Obama made a statement that he would NOT raise Taxes on those people and would in fact CUT them. Yet he supports a tax increase that in fact DOES raise taxes on the very people he claims he will cut taxes on. Further I notice you ignored the part about how lowering the tax resulted in INCREASED tax income.
     
  7. Swamp Fox
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    Swamp Fox Active Member

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    Actually, Democrats are the ultra rich, pretending to be poor and humble, representing the criminals and welfare class because people who are dependent upon the government will not question it.
     
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  8. Gunny
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    Gunny Gold Member

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    Somebody has to pay, and you aren't REALLY buying that he's only going to cut taxes for the wealthy are you?

    I can already see that bill now after all the lobbyists get done buying Congress lunch and making a few donations to favorite charities. We got the same thing in 92 and it fell on OUR backs, not the wealthy.
     
  9. Foxfyre
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    Foxfyre Eternal optimist Gold Supporting Member Supporting Member

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    http://www.cato.org/view_ddispatch.php?viewdate=20080212

    Obama has maybe a trillion dollars in expenditures in all that he plans to do for the American people if he is elected President and all manner of creative ways to pay for it which involves mostly soaking the rich or cutting defense. A thorough knowledge of the CATO Institute fiscal hawks, however, shows some definite problems with the game plan.

    And this:
    http://www.cato.org/pub_display.php?pub_id=9218

    What Obama has not yet learned is that you cannot punish the rich for their success without hurting the less affluent and dooming the poor to even more poverty.
     
  10. LordBrownTrout
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    LordBrownTrout Gold Member

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    Cap gains increase will have a huge affect on the middle class. Building up a company and selling it, only to have the govt come along and impose a huge tax increase, serves no purpose and does nothing other than to fill govt coffers and take away from the hard working citizen. But then again, I wouldn't expect Obama to understand simple economics. It really is sad.
     

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