Socialism by another name?

[El_Kabong]

Capital Gains: Rates will rise to 10 or 20 percent, depending upon income, on January 1, 2009. This is current law set to expire soon. Obama says families with incomes below $250,000 will continue to pay the capital gains rates that they pay today. Does he mean "today' or January 2, 2009? As the top rate if the Bush tax cuts are allowed to expire is 20% anyhow, just what is Obama changing? The bill President Reagan signed into law was radically different (Zorro is old enough to remember) than what he proposed. The Democrats controlled Congress.

Reagan's original 1985 proposal would have cut the capital-gains tax. He had reduced the rate from 25 percent to 20 percent in his 1981 tax cut and wanted to reduce it to 17.5 percent in his new tax reform. In his televised address unveiling the plan, Reagan proclaimed: "To marshal more venture capital for new industries — the kind of efforts that begin with a couple of partners setting out to create and develop a new product — we intend to lower the maximum capital-gains tax rate to 17-1/2 percent.

Be precise, Senator Obama! Misleading statement at best, and I'm being kind.

John Berlau on Bush's and Reagan's Tax Reforms on National Review Online

Actually, I don't have the time to refute every point of Obama's shell game. For those interested here are a couple links for analysis, without all the rhetoric that isn't accurate:

Competing Tax Plans: Two Perspectives - Freakonomics - Opinion - New York Times Blog

The Impact of the Presidential Candidates' Tax Proposals on Effective Marginal Tax Rates

Economists For McCain

There is also a link embedded in the last article to a PDF of McCain's plan.

Correct me if I'm wrong but didn't George H. Bush refer to supply-side economics as "voodoo economics"?

For every proponent that claims supply-side economics works... You find an opposite opinion.
I believe Reagan's final take can be summarized as "Should of, could of, would of..."

 

[El_Kabong]

This is current law set to expire soon. Obama says families with incomes below $250,000 will continue to pay the capital gains rates that they pay today.

Enlighten me... How much does the average American family pay in capital gains tax?

 

[ImnoMensa]

When they sell their home so they can retire?

 

[El_Kabong]

When they sell their home so they can retire?

From BankRate:
What's the best tax break available to Jane and John Q. Public? If they're homeowners, it's selling their house.

When you sell your primary residence, you can make up to $250,000 in profit if you're a single owner, twice that if you're married, and not owe any capital gains taxes.
Additional Information

 

[SamSpade]

Correct me if I'm wrong but didn't George H. Bush refer to supply-side economics as "voodoo economics"?

So we're establishing George H. W. Bush as the guru of economics, then? Just so we're clear.

 

[cwo_ghwebb]

Enlighten me... How much does the average American family pay in capital gains tax?

Which average American families are you talking about? The ones who don't pay any tax at all and receive Demogrants disguised as a 'tax cut' or those American families that pay the taxes to fund those Demogrants?

One can have disagreements on what is best for the country regarding economic policy. To keep changing the subject as you can't defend your position either means you're intellectually dishonest or don't want to debate from a losing position. That is your prerogative.

 

[El_Kabong]

Which average American families are you talking about? The ones who don't pay any tax at all and receive Demogrants disguised as a 'tax cut' or those American families that pay the taxes to fund those Demogrants?

One can have disagreements on what is best for the country regarding economic policy. To keep changing the subject as you can't defend your position either means you're intellectually dishonest or don't want to debate from a losing position. That is your prerogative.

I posted Obama's stand on capital gains and dividends. You can interpert them as you please but that doesn't make your claims true.

I then moved forwarded to establish who benefits from a reduction in the capital gains tax.
The average American family is just that. I contend that very few average income familys (including Joe Six-pack) even have capital gains. This just another BS argument that ultimately rewards the well-to-do.

But that's what you want... Isn't It?

 

[SamSpade]

The average American family is just that. I contend that very few average income familys (including Joe Six-pack) even have capital gains.

But it doesn't mean it's only for the very rich. Your average family isn't an elderly person selling their home to bankroll their retirement or pay for medical costs, but quite a lot of them do this, not having had enough put away while they were raising families.

It doesn't matter. You can't keep soaking the rich. Sooner or later, they're gonna take their marbles and go somewhere else. If the government needs money to fund programs, they should find some other means, or cut back on spending.

If Joe Biden tells me I'm unpatriotic, I'll tell him to try me for treason in Costa Rica and good riddance. Patriotism is citizens serving their country; tyranny is compelling the people to serve it.

 

[cwo_ghwebb]

I posted Obama's stand on capital gains and dividends. You can interpert them as you please but that doesn't make your claims true.

I then moved forwarded to establish who benefits from a reduction in the capital gains tax.
The average American family is just that. I contend that very few average income familys (including Joe Six-pack) even have capital gains. This just another BS argument that ultimately rewards the well-to-do.

But that's what you want... Isn't It?

You post Obama's claims without analysis. I posted independent analysis which was a straight up analysis without conclusions and the analysis of 384 economists against Obama's plan. You didn't refute the analysis, instead changed the subject. At that point I deduce you either concede the argument or need to change the subject.

Almost all American families who own homes (70% as of 2006), will realize capital gains. The percentage of American families who own stock is between 49 and 51 percent, depending upon the year. There were 23Million businesses in 2002. The numbers stand for themselves, unless you believe 70% of American families are above average.

And yes, eventually I would like to become well-to-do. Unfortunately, the Democrats are trying to ensure that none of us will be able to accomplish that.

 

[Bann]

Don't underestimate yourself. At the RU meeting last night it was pretty clear we hate you WAY more than they do.

 

[Bann]

Yeah... Take Sen. Chuck Hagel for example. Chuck consistantly ranked high in Conservative Union ratings... And then he opposed the Iraq War.
Conservatives branded him a RINO (Republican In Name Only) because he refused to march in lockstep.

Independent thought is NOT a "conservative" virtue.

...Like we didn't know what RINO meant

 

[El_Kabong]

...Like we didn't know what RINO meant

It's in my generous nature to give you the benefit of the doubt.