This Is from Christian Science Monitor In Support of Obama!!!

Discussion in 'Economy' started by Life_Long_Dem!, Feb 25, 2009.

  1. Life_Long_Dem!
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    Life_Long_Dem! Member

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    Obama Is Right to Take on the Very Rich.......

    How did we end up with this sorry state of affairs? Lawmakers in Congress have spent the past several decades systematically slicing the tax rates on America's top income brackets. Their rationale? Lower taxes on the top, free up capital for investment, and boost productivity.

    In actual economic practice, those lower taxes have served instead to fuel speculation and increase budget deficits. For the ultrarich themselves, the tax savings have been nothing short of breathtaking. Back in 1955, America's top 400 paid more than 50 percent of their incomes in federal tax, almost triple the rate of today's top 400.

    We can fix this. Obama just announced his plan to end the Bush administration's high-income tax cuts. This is an important step. We can insist, also, that lawmakers end the preferential treatment of dividends and capital gains. And we can raise the tax rate that kicks in when taxpayers start collecting more than $10 million and $20 million a year.

    Full Story here

    Obama Is Right to Take on the Very Rich | Corporate Accountability and WorkPlace | AlterNet
     
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  2. auditor0007
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    auditor0007 Gold Member

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    I agree that all income should be taxed at the same rate as what is not considered earned income. The only provision I would make is that capital gains be adjusted for inflation so people aren't paying taxes on inflated dollars. In other words, if you show a capital gain of $200,000 for an investment that was made ten years ago, you only pay on the real earnings. Otherwise you are taxing some of the initial investment money twice.
     
  3. Chris
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    Chris Gold Member

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    Eliminate the capital gains tax, but tax income over 200K at a higher rate.

    Bush took the surplus and gave it to the rich.

    Let's get it back.
     
  4. auditor0007
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    auditor0007 Gold Member

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    Are you saying to eliminate capital gains and tax it as regular income, or are you saying we should not tax captial gains at all? The wealthy realize a good portion of their income from capital gains.
     
  5. DavidS
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    DavidS Anti-Tea Party Member

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    Christian Science? Isn't that an oxymoron?
     
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  6. Chris
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    Chris Gold Member

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    You got it.

    Eliminate the capital gains tax and tax it as income.
     
  7. garyd
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    garyd Senior Member

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    Yeah right that would certainly make the economy smaller. And the working man's pay lower. Good Job. Oh and CSM is only slightly to the tight of Moveon and Huff and puff.
     
  8. Zook
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    Zook Constitutionalist

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    Science-the intellectual and practical activity encompassing the systematic study of the structure and behavior of the physical and natural world through observation and experiment

    True Christianity accepts all truths. Some people just misunderstand science and think it proves their is no God. Also people misunderstand the bible and thinks is proves certain aspects of science wrong. Those people need to study both a bit better. Also Science only brings us closer to the truth but never fully proves anything, their is always a margin of error.
     

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