Not So Golden Years: Capital Gains and Dividends Tax Would Hit Seniors Hard

[Warph]

How typically Obuma/Pelosi/Reid is this.  They are proposing a $250 Social Security rebate this year since there is no COLA adjustment.  They give us Seniors $250 with one hand, and then significantly increase our taxes on capital gains and dividends with the other.  This is the money most of us use to enjoy retirement - they can keep their $250, just leave our tax rates alone.  If this nation cannot turn from the socialist, constitution-trampling, self-serving political system we now have, we will see the demise of democracy and the weakining of the Republic.  As has been said many times through-out history, democracy sews the seeds of its own destruction.  We are almost there.  Tyranny and then revolution.  This election will demonstrate the will of the country and its next step.  Deming said that the height of ludicracy is expecting different results while applying the same solutions. We need new solutions, not stale, re-run politics. ...Warph


Not So Golden Years: Rise in Capital Gains and Dividends Tax Would Hit Seniors Hard

Published October 15, 2010 | FoxNews


The baby boomers' nest egg will soon start to crack if the Bush tax cuts are allowed to expire.

Retired seniors could be among the hardest hit by the failure to extend Bush-era tax cuts on Jan. 1 since they rely most on investments and savings
Lawmakers have been warning for months about the income-tax consequences for working families, including penalties on marriage and a reduction in child tax credits.

But those living off investment income would see not only their 401(k) and savings accounts taxed at higher income rates, but also dividends and capital gains skimmed deeper and deeper by the federal government.

Studies of IRS data put out by The Tax Foundation show seniors over 65 earn more from dividends and capital gains than any other age group -- more than $77 billion in dividends and more than $150 billion in capital gains in 2008.

Rest of story at :http://www.foxnews.com/politics/2010/10/14/golden-years-golden-rise-capital-gains-dividends-tax-hit-seniors/#content