Obama’s Curious Capital Gains Tax Epiphany

Because we all know that being rooted in one specific idea is always a good idea. We can definitely see that no one here has read anything about eastern philosophy or understands the concept that standing your ground is -not- always the right choice.

Cy of PA @ Nov 03, 2008 02:26:59 AM

Is 250k per year for a family of 4-5 now considered rich? Assume both husband and wife make 125k per year and to do so probably have to live in either Boston, NYC, DC, Chicago, LA, Seattle.

A 4 bedroom house in to be at least 500-700k. Tack on high property taxes, sales taxes, living expenses and 250k per year seems more like above average. Throw in saving for retirement and college and it seems like this tax will target some of the most intelligent and productive segments of the workforce. Most households that fall in this category do not live in Flagstaff, Kansas City, Nashville, Des Moines, etc.

Tell someone in NYC earning 250k/year that they are rich when they have to pay state, city, and high sales taxes along with a $1mm 1-2 bedroom condo they are rich and you might get a mazza ball jammed down your throat.

I'd argue 1mm a year isn't even necessarily rich nowadays, but 250k seems ridiculously low when there are plenty of people making double digit millions per year. If Obama came out with a 400k-500k rich level I might agree, but 250k seems to low to lump in with multimillionaires.

David of IL @ Oct 18, 2008 21:06:06 PM

TAX INCREASE

Read and comprehend. Only those people who make more then $250,000 will see a tax increase. The Capital Gains Tax increase is only 5%.

We all need to pay taxes to support those less forturnate and to insure the greater good for all.

Dennis of CA @ Oct 14, 2008 09:51:51 AM

Simple guide to understanding capital gains taxes

Here is an easy-to-follow guide for capital gains taxes: http://www.life123.com/article_TopicHome/Understanding-Capital-Gains-Taxes_1205353963489.html

Tim of MA @ Oct 14, 2008 09:03:22 AM

capital gains tax

The thing is this will have a significant impact on the taxes of the retired persons. These investments provide their income.

Starley of OH @ Sep 24, 2008 19:05:54 PM

I am an investor and want to create a hedge fund and was wondering if Obama wins how much capital gains taxes will increase. I thought that maybe 35% but I see that is less than 28% which seems perfect. Those that complain are a bunch of whiners, Regan increased them in the Tax Reform Act of 1986 to 28% and nobody cried and the economy boomed for the following 14 years.

John of AZ @ Sep 24, 2008 03:25:57 AM

Instead of calling this a "flip-flop," how about viewing it as a change of position based on better information and recognition of the current reality...

Wouldn't it be refreshing to have a President who's actually willing to LEARN as opposed to dogmatically staying the course, no matter how clearly, tragically wrong he is?!?

OBAMA/BIDEN '08!!!

Jeff Christian of NJ @ Sep 02, 2008 09:44:54 AM

taxes

The reason over $100,000 individual, over $200,000 family should be subject to a tax increase to help pay for war is that individual income over about $100,000 no longer pays the 12.4% FICA tax. We making under $100,000 actually pay a higher Federal Income tax rate than the wealthy thanks to this very regressive tax which will create a 3T SURPLUS over my working life time that is being used to pay for Bush tax cuts on the wealthy. Ronald Reagan increased FICA to 12.4% to PREPAY babyboom retirement but wealthy money that doesn't pay the tax is happily spending it for their own benefit. If you want a better economy, you have got to get the overhead of bloated government and healthcare off the backs of labor because it is making us uncompetitive in a global economy. Capital isn't the only factor of production; true private sector businesses can't afford to hire us when a lot more than 50 - 75% of our labor is going out in tax and healthcare.

cmsns of MD @ Aug 25, 2008 11:40:17 AM