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Originally Posted by saden1
I believe the capital gains tax will go up from 15% to 20% two years from now, which isn't going to break backs. Top income earners won't escape being taxed at 39% by taking all their incomes in the form of capital gains, everyone should want the closure of this loophole.
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The top income earners are the ones for the most part who create jobs and run businesses, if their effective tax rate will more than double, it will negatively affect a market that's already weak. Obama's policies and economic plan are not sound for putting the economy on track. He's directly attacking the folks that pay over 1/3 of federal taxes in the U.S. and indirectly hurting a far greater percentage with the capital gains increase. A capital gains increase will cause stocks to drop. It doesn't matter if he's delaying it two years, it's coming and people know it. The market is struggling and the solution appears to be increase taxes and spend on programs that are additional benefit programs, pork, or won't create jobs in the near term.
It doesn't matter at this point who put us in this situation because arguing that point fixes nothing. The plan he's putting forth is bad and the market is reacting appropriately. Unfortunately the majority of the American people don't understand the situation.
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As for Mr. Black, he's another Santelli, a little bitch by all account. These folks haven't yet figured out that the tea party has already been had and was lead by Obama.
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You're missing or ignoring my point, I couldn't care less about Black (IMO he's right) or Santelli (yes, he does sound like a soft, little bitch putting his accusations off on his wife and friends). USA Today leans pretty hard to the left and was a big Obama supporter in the election. Now they're running charts diagraming the deficit under Obama and how it's going to get drastically worse, and printing the quote from Black on the front page. It appears the folks who had the tea party are finally realizing when you dump the tea you've got nothing left to have with your crumpets.
And while we're using that analogy, if I remember my U.S. history courses, the Boston Tea Party was over taxation without representation. I would argue that the high income earners are in almost the same situation as the American revolutionaries in that the Dems have succeeded in their class warfare arguments and convinced a majority of folks that it's OK to put a far greater tax percentage on those who are successful and when things go south just tax those folks more. The high income earners are so far outnumbered they have little to no chance to win at the ballot box.