Honestly, now that Obama is the nominee........

[ajmccarrell]

Originally Posted by strandinthewind

1. I am for getting rid of the capital gains tax.

2. The captial gains tax to my knowledge applies not only to venture capitalists and the like. It also applies to a stock market portfolio of long established companies. It is with the latter I think a cap. gains tax (at least the raise Obama promotes) will not hurt the economy. I mean how is the former Chairman of the ex Bear Stearns being taxed 20% on $400 million going to significantly effect the economy? It is not. That $80 million (which again I do not think he should be taxed on at all) will sit in some fund. In all probability, he is not going to spend that money or invest it in a start up. But, I agree with you about the former.

Again, you are cherry picking here. Bringing up BearsStearns is throwing out a red herring. Maybe 20% on that guy won't hurt anything. However, Obama stated he would like to see the minimum rate at 20% and the next tier at 40%. Capital gains tax is applied to any investment period. It applies to the guy trying to fund his retirement b buying rental homes, it applies to any of us who invest in 401(k)'s, anyone who invests in small business, etc. If you are taking 40% of any investment profit if you make over $200,000.00 a year, most small businesses will end up going overseas too. Hell, I'd move to Australia or move my money to some overseas company who wants it instead of a greedy US government that wants to punish success. Obama's plan would not just apply to multi-millionaires, but anyone with a successful small business, IE the guy who owns the car lot, the independant supermarket, the plumbing outsit, the construction company owner, the subcontractor, the building developer, the landlord, etc. Basically, anyone with any money in anything organized in a corporation. Taxing investment at that level costs the small business jobs, and at best, costs you your raise. I am never for "taxing the rich" because I've never been hired by a poor person. Under Obama's plan, if your AGI is above $200,000.00 you are paying out 40% of your profit to the government, on top of the other taxes that you would already be paying. It would paralize small business entirely and we would see a global depression that makes our current slowdown look like the biggest boom in history within his first term. Frankly, if you want to vote for the guy, you deserve to be out of work. Remember, it is people that make over $200,000.00 per year that do all of the hiring.

Basically party affiliation has this choice: I give up my way of life and my economic security and vote democrat, or I endure a bunch of morality crap from the republicans that has no chance of becoming law and at least maintain what I have.