Obama/Biden - Taxation

[mtcookson]

Obama says he wants to lower taxes for working Americans meaning payroll taxes. Only those making 200,000 to 250,000 will see an increase in their income tax rates. Of course, Obama also intends to restore capital gains taxes to a 28% rate from the current 15%, so that's an 87% increase for any family who holds mutual funds, and that's about half of all US families.

Biden is essentially calling me and many other citizens un-American because we oppose tax increases...

In a Good Morning America interview today, Biden stated that, in his words, "it's time to be patriotic ... time to jump in, time to be part of the deal, time to help get America out of the rut."

"We should try to correct the problems that caused this. And what's caused this? The profligate tax cuts to the very, very wealthy that John wants to continue. What's caused this is the failure to have regulation so that, in fact — John talks about these CEOs getting these big bailout packages."


Also, if you think the Bush tax cuts only helped the rich... here's an interesting article for you: http://www.slate.com/id/2108201

[sixdogsmom]

The 250,00 lid applys for capitol gains also.

[mtcookson]

Here's an interesting little thing I found on capital gains posted on the House's website: http://www.house.gov/jec/fiscal/tx-grwth/capgain/capgain.htm

I haven't gone over it all yet but happened to notice mention of higher revenues when the taxes were lower and lower revenues when the taxes were higher...

[mtcookson]

Need to make a correction on the capitol gains. After looking into it further, Obama claims that he only wants to raise the capital gains to 20% and for people making $250,000 or more. Sorry for the mess up.

[sixdogsmom]

Thank you! You are a gentleman. 

[frawin]

Mark, that is understandable, Obama changes his numbers and campaign promises regularly depending on who he is talking to.