Obama wants to raise cap gains 75%

[Jayford]

Quote from SWhiting:

The USA has the lowest tax rate of industrialized countries and we do NOT have the highest standard of living compared to other such nations.

/B]

Not true.

The US has, by far, higher corporate taxes compared to most industrialized nations. Want to see success, look at Ireland and S Korea. Both examples of government getting the hell out of the way, and keeping taxes in check.

As for personal taxation, add in state taxes, and FICA, and we are right up there with the median for euro countries.
Low taxes work! Its spending excessively that screws everything up. We have had record revenues under the current system, and these revenues grew faster than GDP. As it always has been, the problem is spending, which most politicians want to do more of.

 

[wutangfinancial]

Quote from clacy:

No. If you have not figured out by now that the best way to a better lifestyle for ALL Americans is through lower taxes and more importantly much lower government control and spending, than it is you who is ignorant.

That neoclassical BS is outdated. Game theory does a good job of showing the error in such reasoning....free markets allow for higher average payoffs in most, but not ALL cases....

Also, the long-term growth of a country is based on 3 variables-labor, capital stock, and technology. Per-capita, we care about savings rates and technological progress. These are real variables. Obama plans on creating more incentives for hard science education, building of institutions to solidify long-term competitive advantage in a global meritocracy, as well as an effective tax regime for reducing debt. He has the best academic advisers, not Bush-style cronies.

The sale of assets, or speculating, has no real contribution to growth (and is not counted in GDP); rather markets exist for the efficient allocation of capital. Capital gains tax will not impair efficiency.

A lot of the guys on here have an overly inflated sense of importance...at best, you provide short term liquidity, at best. Not really the same as say, developing new sources of energy or information technology.

 

[limitdown]

Quote from clacy:

No. If you have not figured out by now that the best way to a better lifestyle for ALL Americans is through lower taxes and more importantly much lower government control and spending, than it is you who is ignorant.

interesting, I have heard these statements before,

hmmm, let me seee.... during the 2000 election cycle, you know that horrid time, when instead of being elected, the current appointed administration kept saying those same words,,,

yeah, if it weren't for the thefts in Ohio, Florida and Texas, then there wouldn't (most likely) have been a bush administration, but back to the point,

the current state of affairs is as a direct result of their first acts:

1) borrow money and raid the US Treasury to give out tax rebates and refunds to the wealthy. Some average $10,000,000's got well over $75,000 - $120,000.00 checks....

2) run the (at that time) $400,000,000,000+ surplus and no 30yr TBonds (all paid off), and the very strong US Dollar into the trash, which is what we have now in 2006, and 2007, and 2008...

3) cause state, local, regional and municipal / town budgets to raise taxes on their over burden residents to make up for all the terminated tax revenues that they previously earned prior to 2000,

3a) directly and negatively affect these same local, regional and state government budgets and their services that they provide, like first responder services (you know, fire, police, ambulance services, hospitals, etc.) to go deficit before the end of their first quarters in previous years since 2003 to present

4) skillfully participate in maniuplative actions to cause the prices of oil and fuel to quad-tupple, through initially stocking the SPR and then

4a) preventing refined products to be imported, as they had been previously
4b) continue to allow and not inspect or prosecute questionable and illegal actions regrading the refineries which further contributed to the skyrocketing fuel prices

no need to go on, we all lived those years and are seeing the collapse of other institutions as their underpinings have been removed, let alone weakend, hopefully, not beyond repair....

yeah, we've all heard those arguements, just tax lower, but don't worry about spending trillions on .......

ahhhh, who cares anymore......

hey, I've got it.... 4 more years

 

[Cutten]

Quote from Arnie:

Taxing wages and taxing capital are two entirely different things.

Wages are capital.

 

[limitdown]

Quote from seasideheights:

What will that do to the market as people rush to the exits all at once to avoid the higher tax bill?

I was hoping your initial post would have explained your thread title,

I don't understand, or perhaps read it too fast,

so you are saying he wants to raise capital gains to 75%?

what is your (printed, or webpage, not audio, but print) source?, obviously they would have researched this thoroughly...

 

[AdvancedTrade]

Quote from Jayford:

Not true.

The US has, by far, higher corporate taxes compared to most industrialized nations. Want to see success, look at Ireland and S Korea. Both examples of government getting the hell out of the way, and keeping taxes in check.

As for personal taxation, add in state taxes, and FICA, and we are right up there with the median for euro countries.
Low taxes work! Its spending excessively that screws everything up. We have had record revenues under the current system, and these revenues grew faster than GDP. As it always has been, the problem is spending, which most politicians want to do more of.

Amen to that. There's no lid on government spending. Congress is the one who needs controls, not individuals and corporations. They've got money for bridges to nowhere, wars without end and any piece of crap a senator or congressman proposes. The Fed can print money in the basement of the Treasury to bail out Wall Street crooks and thieves. Then when they run out of money for all their crapola, they want to dump the bill on the average citizen.

I'm for another American Revolution - a revolution against taking our money and pissing it away without our permission.