How destructive to the U.S. economy would a Barack Obama presidency be?

[Warph]

How destructive to the U.S. economy would a Barack Obama presidency be?

Beneath Obama's flowery rhetoric lies a dangerous economic plan that will wreak havoc on the American economy.

Obama plans to return to the failed policies of high taxation coupled with an expansion of government spending.

Worse, Obama says he is absolutely committed to almost doubling the capital gains rate — something he will easily accomplish with a Democrat Congress.

In the coming months — when investors realize that Obama will raise the cap gains rate — there could be a stampede of asset sales as investors rush to take their profits now to avoid Obama's doubling of the tax rates next year.

Indeed, Obama makes no bones about his plans to go on a tax rampage. Not only would he increase the capital-gains tax rate from 15 percent to as much as 28 percent, he wants to allow the 2001 and 2003 Bush tax cuts to expire in 2010, which effectively raises taxes on Americans by tens of billions of dollars.

He also wants to do away with the $102,000 FICA payroll tax cap, which means anyone making over $102,000 would pay an additional 7 percent in taxes on earned income.

And the loan dividend tax rate George Bush implemented? Under Obama it will be DOA!

Maria Bartiromo of CNBC and the Wall Street Journal warns that a vote for Barack Obama is a vote for higher taxes:

    "He's going to take the capital gains tax at 15 percent right now all the way up to 25 to 28 percent," the "Money Honey" tells Avenue. "Sell anything, like a home or stocks, and make a profit . . . [almost] 30 percent of the profit will go to the government instead of 15."

The income tax is also in for a bump. Bartiromo says, "Right now [it] is 35 percent, Obama wants to take that to 39 percent . . . We're talking about people who make over $200,000. That's not rich. So it's actually going to impact more people than you may think."

[greatguns]

I would love to make $200,000 and pay taxes on it.  It may already be destruted by the time we get another President in office.

[Dee Gee]

Removing the CAP from FICA tax would be okay, and I think $200,000 a year does make one in the upper level income group.

[pam]

if I made over 200,000 dollars a year I'd be doin the happy dance stuffin dollar bills down random strangers pants no matter HOW many taxes I was payin on it hell if I made over 30 I'd be crappin in TALL cotton

[sixdogsmom]

I hear you Pam, cotton is mighty short here! LOL!