- Jun 6, 2007
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John McCain could be an outstanding President if he would get the taxes question right. Middle class and working Americans are sick and tired of a tax structure that gives a disproportionate benefit to the wealthy and big business. Unless McCain gets this and starts to communicate this clearly he is going to get his butt kicked in the upcoming election and for that matter Republican candidates for national office are going to get their butts kicked in national elections and that is not only for this election but for elections occurring in the indefinite future.
To demonstrate this point, the capital gains tax is fifteen percent and many people want to raise it to twenty five percent, the historic level, and the Republican position is no. They say lower capital gains taxes spurs the economy and creates jobs. This view is the stupidest, dumbest, most idiotic view that any person that wants to claim to be a leader in America could hold. For the most, most part people invest in an investment because the underlying investment is good not because a ten percent tax reduction on profits from the investment. Moreover and this is a big moreover like if your brain dead if you dont get this, most middle class people and working people dont own large amounts of stocks or capital investments other than in their retirement accounts which they dont pay taxes on anyway; most Americans view this tax and rightfully so as a tax benefit for the wealthy and big business. In addition, the nation has a four hundred plus billion dollar deficit and a national debt that has skyrocketed, the country needs revenue to get these financial concerns under control, this modest increase in the capital gains tax is one of the few realistic options to help here. Everything that has been said about the capital gains tax goes ditto for the tax on stock dividends.
The other glaring screw-up is this platform of lowering the corporate income tax, the intention although admirable, doesnt negate that it is a completely jack-ass idea. To ordinary Americans they view this, and rightfully so, as just increasing the profits of big business. To ordinary Americans they think I am here struggling and this wing-nut that wants to be president wants to give an income tax break to wealthy businesses which will just make them wealthier, this guys thinking is beyond stupid. Long-term like if all goes well maybe ten plus years from now it would be a good idea to lower the corporate income tax rate, because Americas economy is in a competitive global economy and for the job creating stability of our nations economy it would be good to have a low corporate income tax rate so to insure businesses settle in the U.S. and keep and bring their jobs into America, but current talk of doing such a thing in present times is completely bad judgment.
Now for the correct focus, John McCain is absolutely correct that the nation has to create jobs and has to use the tax code to do so, it is one of the best tools the nation has to do this vital function. Now for the specifics, why doesnt America initiate a plan where for new businesses that are created in the next three years, you will be given a lower income tax rate for the first fifteen years of operation. The operable word here is new that is businesses which create new jobs. This would not be an across the board lowering of the corporate income tax rate which as stated often just makes highly profitable businesses more profitable. Why doesnt America initiate a plan that for a new business that is created over the next three years, for the following twenty five years if that business is sold or a capital gains tax is otherwise triggered the capital gains tax the taxpayer will be obligated to pay will be fifty percent of the current capital gains tax. This type of proposal will help create new jobs and is so narrow that it doesnt give unjust enrichment to people or businesses that dont deserve it, it will be stop the unfairness which makes Americans so mad.
John McCain is right on extending the lower income tax rates enacted earlier this decade because it achieves the important goal of putting more money in ordinary Americans hands who will spend it and fuel the economy. There is also another important principle here which is tax fairness. The highest tax bracket was lowered to something like 34% and this lower rate should be extended for fairness principles. When a national government is taking a third of its citizens income in taxes that is enough, when a government goes significantly above this it is plainly not fair, a person should be able to keep for himself or herself and that persons respective family a fair portion of the fruit of their labors and when it falls significantly under two-thirds it is not a fair portion.
A lot of other tax initiatives of John McCains are right on. The lowering of the tax rate on retirement fund withdrawals to 10% on the first $50,000 is a good thing, a virtuous country makes a special effort to help its seniors in time of an economic downturn. The increasing of the loss deduction on personal income taxes from $3,000 to $15,000 for loss from stocks is a good initiative because it is fair, ordinary investors in the stock market of present times to be accurate are victims of these Wall Street and banking leaders who irresponsibly got involved with unsound mortgage- backed securities.
Nevertheless, John McCain better wake the hell up on tax subjects in the areas of the capital gains tax, the stock dividend tax and the corporate income taxes or the truly great America that he is very capable of helping to build will be de-railed with God only knows the rocky path America will travel for the next twenty plus years and possibly longer with a Congress and White House in office that doesnt know how to strike the proper balance between business interests and ordinary Americans interests and will saddle the country with long-term expenses that will be crippling, etc.. To be succinct and to use concepts John McCain is probably familiar with from his service in the Navy, McCain better start tacking different on these tax subjects or prepare to drown.
To demonstrate this point, the capital gains tax is fifteen percent and many people want to raise it to twenty five percent, the historic level, and the Republican position is no. They say lower capital gains taxes spurs the economy and creates jobs. This view is the stupidest, dumbest, most idiotic view that any person that wants to claim to be a leader in America could hold. For the most, most part people invest in an investment because the underlying investment is good not because a ten percent tax reduction on profits from the investment. Moreover and this is a big moreover like if your brain dead if you dont get this, most middle class people and working people dont own large amounts of stocks or capital investments other than in their retirement accounts which they dont pay taxes on anyway; most Americans view this tax and rightfully so as a tax benefit for the wealthy and big business. In addition, the nation has a four hundred plus billion dollar deficit and a national debt that has skyrocketed, the country needs revenue to get these financial concerns under control, this modest increase in the capital gains tax is one of the few realistic options to help here. Everything that has been said about the capital gains tax goes ditto for the tax on stock dividends.
The other glaring screw-up is this platform of lowering the corporate income tax, the intention although admirable, doesnt negate that it is a completely jack-ass idea. To ordinary Americans they view this, and rightfully so, as just increasing the profits of big business. To ordinary Americans they think I am here struggling and this wing-nut that wants to be president wants to give an income tax break to wealthy businesses which will just make them wealthier, this guys thinking is beyond stupid. Long-term like if all goes well maybe ten plus years from now it would be a good idea to lower the corporate income tax rate, because Americas economy is in a competitive global economy and for the job creating stability of our nations economy it would be good to have a low corporate income tax rate so to insure businesses settle in the U.S. and keep and bring their jobs into America, but current talk of doing such a thing in present times is completely bad judgment.
Now for the correct focus, John McCain is absolutely correct that the nation has to create jobs and has to use the tax code to do so, it is one of the best tools the nation has to do this vital function. Now for the specifics, why doesnt America initiate a plan where for new businesses that are created in the next three years, you will be given a lower income tax rate for the first fifteen years of operation. The operable word here is new that is businesses which create new jobs. This would not be an across the board lowering of the corporate income tax rate which as stated often just makes highly profitable businesses more profitable. Why doesnt America initiate a plan that for a new business that is created over the next three years, for the following twenty five years if that business is sold or a capital gains tax is otherwise triggered the capital gains tax the taxpayer will be obligated to pay will be fifty percent of the current capital gains tax. This type of proposal will help create new jobs and is so narrow that it doesnt give unjust enrichment to people or businesses that dont deserve it, it will be stop the unfairness which makes Americans so mad.
John McCain is right on extending the lower income tax rates enacted earlier this decade because it achieves the important goal of putting more money in ordinary Americans hands who will spend it and fuel the economy. There is also another important principle here which is tax fairness. The highest tax bracket was lowered to something like 34% and this lower rate should be extended for fairness principles. When a national government is taking a third of its citizens income in taxes that is enough, when a government goes significantly above this it is plainly not fair, a person should be able to keep for himself or herself and that persons respective family a fair portion of the fruit of their labors and when it falls significantly under two-thirds it is not a fair portion.
A lot of other tax initiatives of John McCains are right on. The lowering of the tax rate on retirement fund withdrawals to 10% on the first $50,000 is a good thing, a virtuous country makes a special effort to help its seniors in time of an economic downturn. The increasing of the loss deduction on personal income taxes from $3,000 to $15,000 for loss from stocks is a good initiative because it is fair, ordinary investors in the stock market of present times to be accurate are victims of these Wall Street and banking leaders who irresponsibly got involved with unsound mortgage- backed securities.
Nevertheless, John McCain better wake the hell up on tax subjects in the areas of the capital gains tax, the stock dividend tax and the corporate income taxes or the truly great America that he is very capable of helping to build will be de-railed with God only knows the rocky path America will travel for the next twenty plus years and possibly longer with a Congress and White House in office that doesnt know how to strike the proper balance between business interests and ordinary Americans interests and will saddle the country with long-term expenses that will be crippling, etc.. To be succinct and to use concepts John McCain is probably familiar with from his service in the Navy, McCain better start tacking different on these tax subjects or prepare to drown.
