Obama: Raise Taxes, Capital Gains – “For Purposes of Fairness”
January 9, 2010 | Pay Capital One Credit Card Bill
Obama wants to raise the Capital Gains Tax “for purposes of fairness”, even if we collect less money and run up more debt that China will buy up. This goes contrary to what he was saying about the “Bank of ChinA Credit Card“, and the part about paying down “some of this debt”.
We will never be able to pay down our debt as long as Politicians know that they are able to spend money on the people in return for votes and do favors for Corporations in return for money making opportunities when they leave office.
I know he says that these are the kind of things that he will change, that part would be great, I just don’t like all of the liberal policy changes and laws he would be making, like taking my guns away, free abortions for anyone any age any reason no parental consent or even notification, letting Iran have Iraq, raising taxes on the “Wealthy”, and just his general philosophy that Government is the answer to almost all of our problems.
I don’t think he’s a bad man, I just think that he will be bad for America.
Obama Pushes for Higher Investment Taxes
September 19, 2007 03:02 PM ET | James Pethokoukis
As part of his “Tax Fairness for the Middle Class” plan, Barack Obama is in favor of nearly doubling the capital-gains tax rate from 15 percent to 28 percent. Leaving the fairness issue aside for a moment—as well as the impact of higher taxes on economic growth—the Obama plan could also be called a “Ways in Which Government Can Collect More Taxes to Pay for New Spending” plan, since Democratic candidates are all scrambling to figure out ways to plausibly pay for new healthcare, education, and infrastructure spending if elected.
But Dan Clifton over at Strategas Research thinks the Dems may be disappointed by the ROT—return on taxes—from higher cap-gains rates. After reviewing the connections between changing cap-gains rates and government revenue during the past five decades, he concludes that higher cap gains could well be a revenue loser for Uncle Sam.
We examined the impact of capital-gains tax rates on investors realizing their gains. As the tax rate increases, investors hold their gains to avoid paying the higher tax. Conversely, lowering the capital-gains tax rate spurs realizations. Interestingly, the 1986 Tax Reform Act increased the capital-gains tax rate from 20 to 28 percent, but investors were given roughly three months before the tax increase was enacted into law. In turn, investors rushed to realize their gains before the higher tax rate kicked in, and capital-gains realizations remained depressed for nearly a decade thereafter with the higher tax rate in place…. Therefore, proposals to raise tax revenue from capital-gains tax increases will be scored as a net revenue gain to pay for new spending, but in reality, the tax revenue may not materialize, which will force tax increases elsewhere to pay for spending.
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25 Responses to “Obama: Raise Taxes, Capital Gains – “For Purposes of Fairness””
Oh no. It’s true. …
Oh no. It’s true. If you don’t support OUR president you are giving aid and comfort to the enemy. It’s very traitorous you know.
By twt1972 on Jan 9, 2010
Attention tea …
Attention tea baggers: Thanks to the generosity of the taxpayers my girlfriends boob job will be paid for by YOUR tax dollars. Thanks!!!
By twt1972 on Jan 9, 2010
B/S
B/S
By hondasniper250 on Jan 9, 2010
chelseacfc100 – …
chelseacfc100 – you’re misinformed..its not income tax. This is a capital gains tax. Raising it to 35-40% would be suicidal to the market and its scructure. 80% of the market is owned by less than 20% of people. Before you “bless” this president, maybe you should get informed…like obama needs to be
By rock16755 on Jan 9, 2010
Yeah, but Clinton …
Yeah, but Clinton enforced the rule where banks were forced to give loans to anyone, no matter how “financially unreliable” they are.
By flightstudios on Jan 9, 2010
No drug, not even …
No drug, not even alcohol, causes the fundamental ills of society. If we’re looking for the source of our troubles, we shouldn’t test people for drugs, we should test them for stupidity, ignorance, greed and love of power.
P. J. O’Rourke
By kipptumor on Jan 9, 2010
Taxes are needed! …
Taxes are needed! BUT for welfare programs NO, Troops YES, border protection YES, ACORN = NO!.
Yes Obama is our president but I and MANY others disagree with his politics.
The FAIR TAX is the way to go.
By neflacom on Jan 9, 2010
If you don’t …
If you don’t support OUR president that means you support the terrorists. Why do you hate our troops? If you don’t love America then get out!
By twt1972 on Jan 9, 2010
RAISE TAXES. 15% IS …
RAISE TAXES. 15% IS A JOKE! Get em up around 35-40% If you want a proper wellfare system you need to raise taxes. God bless president OBAMA
By chelseacfc100 on Jan 9, 2010
So his plan is to …
So his plan is to increase the tax on capital, when America has never had such a shortage.
To decrease the revenues, when America has never been in so much debt.
In order to “pay” for socialised health, in a time when America(the government and tax payer) has never spent as much as it is now.
So with the decreased revenues, the increasing debt, and the ever expanding list of expenses how is America meant to make this all work?
Let me answer that. The printing press ie hyperinflation
By NicosMind on Jan 9, 2010
@twt1972 HOW LONG …
@twt1972 HOW LONG WILL WE ALLOW FOR THE SILLY NOTION THAT BECAUSE PRESIDENT A DID DUMB THINGS, IT MUST BE A REEAALLY GOOD IDEA FOR PRESIDENT B TO DO EVEN DUMBER THINGS? Our economic mess is the price we have paid for electing DUMB and DUMBER. We were told during the campaign that president A had led us in the wrong direction and President B would lead us out of the mess, but instead of reversing course he has stomped on the gas pedal
By Callhermaam on Jan 9, 2010
@twt1972 I am more …
@twt1972 I am more than happy to give Clinton credit for a good economy and a surplus which was squandered under Bush. But the liberal side can’t blame Bush’s spending, brag about Clinton, and then spend 4 times as much as Bush and say Obama is doing great. If Bush was bad, and Clinton was good, then Obama should follow Clinton- cut taxes and spending instead of trying to be 4 times worse than Bush.
By Callhermaam on Jan 9, 2010
Obama campaigned on …
Obama campaigned on HOPE and CHANGE, but he is governing as chicken little. Have you noticed everything is a crisis? Have you ever noticed that when he announces a crisis, he and his libs legislate a catastrophe in response? So he is not your usual chicken little that is running around screeching that the sky is falling. He is actively working to make sure that it falls.
By Callhermaam on Jan 9, 2010
THREE VERY TIMELY …
THREE VERY TIMELY QUOTES
CRISIS IS THE RALLYING CRY OF THE TYRANT!!
-James Madison
Never let a crisis go to waste. -Rahm Emanuel.
It will be of little avail to the people that the laws are made by men of their own choice if the laws be so voluminous that they cannot be read, or so incoherent that they cannot be understood.
James Madison
By Callhermaam on Jan 9, 2010
“I contend that for …
“I contend that for a nation to try to tax itself into prosperity
is like a man standing in a bucket and trying to lift himself up by the handle.”
-Winston Churchill
By Callhermaam on Jan 9, 2010
What a …
What a idiot. “Purposes of fairness”? Love how he penalizes people for “working the stock market”. Good job, Obama, penalize successful people!
By kommisar on Jan 9, 2010
READ THE HEALTH CAR …
READ THE HEALTH CAR BILL THAT PASSED THE HOUSE!
You will be paying a medical devise tax on stuff like condoms, tampoons, and toothbushes. Just to name a few.
“I will not raise taxes on those making under $250.000″ — obama
He sure is going to creat some TAXES, not to mention he already raised taxes on the smokers back in february 61 cents a Pack.
By Calhounism on Jan 9, 2010
Purposes of …
Purposes of fairness? What’s fair about taking my hard-earned money and giving it to some sorry-ass who won’t work?
By OneEyedJack1970 on Jan 9, 2010
I love them if they …
I love them if they are properly cooked.
By twt1972 on Jan 9, 2010
Really? Did you …
Really? Did you believe that when Bush was lying us into a war and cutting taxes for the wealthiest 2 %? Where were all the teabaggers when Bush was raising the deficit? You must love Bill Clinton the way he left us with a projected surplus and balanced the budget and everything.
By twt1972 on Jan 9, 2010
housing crisis you …
housing crisis you started for brains. you aren’t interested in paying any debt off shithead
By azcardzfan2005 on Jan 9, 2010
If you like obama …
If you like obama you must hate fluffy bunnies. Why do you hate fluffy bunnies?
By mokenaman1 on Jan 9, 2010
“I believe in the …
“I believe in the principle of PAY AS YOU GO.”
IMPEACH NOW.
By modspell on Jan 9, 2010
Oh your so clever. …
Oh your so clever. Did you make that up all by yourself?
By twt1972 on Jan 9, 2010
If you don’t …
If you don’t support OUR president you support the terrorists. Why do you hate our troops? Why do you love Bin Laden?
By twt1972 on Jan 9, 2010