Obama Clarifies Scope of Capital Gains Tax Hike

[Straw Man]

http://blogs.abcnews.com/politicalradar/2008/08/obama-clarifies.html

Obama Clarifies Scope of Capital Gains Tax Hike
ABC News' Teddy Davis, Arnab Datta, and Rigel Anderson Report: Sen. Barack Obama’s, D-Ill., top economic advisors announced on Thursday that he is seeking to raise the capital gains tax rate from 15 percent to 20 percent for those Americans making more than $250,000 per year.

“The top capital-gains rate for families making more than $250,000 would return to 20% -- the lowest rate that existed in the 1990s and the rate President Bush proposed in his 2001 tax cut. A 20% rate is almost a third lower than the rate President Reagan set in 1986,” wrote Obama advisors Jason Furman and Austan Goolsbee in Thursday’s Wall Street Journal.

Thursday’s Wall Street Journal op-ed is the first time that Obama’s campaign has pinpointed the scope of his capital gains tax hike on families making more than $250,000 per year, according to Obama spokesman Bill Burton.  The details on the capital gain tax hike are part of a broader economic platform that prioritizes tax relief for middle-class families over deficit reduction.

When asked about the capital gains rate back in March, Obama told CNBC’s Maria Bartiromo that he “certainly would not go above . . . 28 percent,” adding, “and my guess would be it would be significantly lower than that.”

He went on to say: “I think that we can have a capital gains rate that is higher than 15 percent [the current level]. If it – and if it, you know – when I talk to people like Warren Buffet or others and I ask them, you know, what’s – how much of a difference is it going to be if it’s 20 or 25 percent, they say, look, if it’s within that range, then it’s not going to distort, I think, economic-decision making.”

In the past, Fox News analyst Dick Morris has used Obama’s seeming openness to raising the capital gains rate as high as “28 percent” to argue that the presumptive Democratic nominee favors a “doubling” of the tax on capital gains.

On television, in op-eds, and in his new book, “Fleeced,” Morris has converted the Obama line into the false charge that the presumptive Democratic nominee “pledges to double the capital gains tax.”

“This misguided policy will drive capital off shore and turn a flow into a torrent,” wrote Morris. “The financial problems of American banks will be amplified. McCain should pounce on this issue and correlate the current crisis with Obama’s position on capital gains. It would be a big winner.”
By getting specific about how high he would like to see the capital gains rate go for families making more than $250,000 per year, Obama is helping to inoculate himself against the charge that he is open to going almost as high as 28 percent.

[Brixtonbulldog]

Punish people for making money.. we know.

[Dos Equis]

Clarification.  lol.      Good that he realized how wrongheaded part of his proposed tax increase is, but he's still wrong. 

[youandme]

But if it were not true, then the liquidty in the United States markets would not have shored up as fast and as much as it did, this summer. True it does "go away in May", but not like this, ever before.
People with money have already taken their money to offshore investments.
People in the bond markets, are waiting for Osama to get in, they know he is going to need a shit load of money to finance, his welfare programs, and they will control, how highhe raises taxes, just like they did in the Clinton Era
Feel free to debate these points, but only if you know what your talking about, I'm not going to go back and forth on this with someone that has not even paid CGT.

[youandme]

On top of that, this is a rimjob if I have ever seen one. These are Obama's advisors speaking people that can be fired in a heartbeat once Obama decides to raise CGT, pointing them to blame for miscalculations. Obama said in his own words "it could go as high as 28%" end quote.

[w8tlftr]

So if you make more you pay more in taxes. Congratulations on your success. Typical socialist crap.

This is why I'm not voting for that socialist knob. I don't need to give more of the money that I work for to Nobama and his liberal fascist hacks.

That money can be better put to use for my family.

[Brixtonbulldog]

http://blogs.abcnews.com/politicalradar/2008/08/obama-clarifies.html

Obama Clarifies Scope of Capital Gains Tax Hike
ABC News' Teddy Davis, Arnab Datta, and Rigel Anderson Report: Sen. Barack Obama’s, D-Ill., top economic advisors announced on Thursday that he is seeking to raise the capital gains tax rate from 15 percent to 20 percent for those Americans making more than $250,000 per year.

“The top capital-gains rate for families making more than $250,000 would return to 20% -- the lowest rate that existed in the 1990s and the rate President Bush proposed in his 2001 tax cut. A 20% rate is almost a third lower than the rate President Reagan set in 1986,” wrote Obama advisors Jason Furman and Austan Goolsbee in Thursday’s Wall Street Journal.

Thursday’s Wall Street Journal op-ed is the first time that Obama’s campaign has pinpointed the scope of his capital gains tax hike on families making more than $250,000 per year, according to Obama spokesman Bill Burton.  The details on the capital gain tax hike are part of a broader economic platform that prioritizes tax relief for middle-class families over deficit reduction.

When asked about the capital gains rate back in March, Obama told CNBC’s Maria Bartiromo that he “certainly would not go above . . . 28 percent,” adding, “and my guess would be it would be significantly lower than that.”

He went on to say: “I think that we can have a capital gains rate that is higher than 15 percent [the current level]. If it – and if it, you know – when I talk to people like Warren Buffet or others and I ask them, you know, what’s – how much of a difference is it going to be if it’s 20 or 25 percent, they say, look, if it’s within that range, then it’s not going to distort, I think, economic-decision making.”

In the past, Fox News analyst Dick Morris has used Obama’s seeming openness to raising the capital gains rate as high as “28 percent” to argue that the presumptive Democratic nominee favors a “doubling” of the tax on capital gains.

On television, in op-eds, and in his new book, “Fleeced,” Morris has converted the Obama line into the false charge that the presumptive Democratic nominee “pledges to double the capital gains tax.”

“This misguided policy will drive capital off shore and turn a flow into a torrent,” wrote Morris. “The financial problems of American banks will be amplified. McCain should pounce on this issue and correlate the current crisis with Obama’s position on capital gains. It would be a big winner.”
By getting specific about how high he would like to see the capital gains rate go for families making more than $250,000 per year, Obama is helping to inoculate himself against the charge that he is open to going almost as high as 28 percent.

Oh, and thanks for clarifying that...  Now that I know the REAL story Obama looks like a MUCH better choice than McCain.

[Straw Man]

How much did all the tycoons on this board pay in Cap Gains tax last year?

[Brixtonbulldog]

How much did all the tycoons on this board pay in Cap Gains tax last year?

Irrelevant AND none of your business.

(two things libs really hate to hear)

[Straw Man]

Irrelevant AND none of your business.

(two things libs really hate to hear)

translation = zero

Any wage earner (i.e. paid on a W-2) with an AGI that is less than multiple six figures who is voting vote McCain soley for the reason that they think they will be better off financially with McCain will get exactly what they deserve.

full disclosure - I'm self employed and have had many years where I probably paid more in taxes than the avg. GB'r makes in annual income. 

[Brixtonbulldog]

translation = zero

Any wage earner (i.e. paid on a W-2) with an AGI that is less than multiple six figures who is voting vote McCain soley for the reason that they think they will be better off financially with McCain will get exactly what they deserve.

full disclosure - I'm self employed and have had many years where I probably paid more in taxes than the avg. GB'r makes in annual income. 

What does the earnings of the average getbigger have to do with the nations tax code?  Answer:

IT'S IRRELEVANT  Read it a few more times if you have to.

If you feel the need to pay more then go for it.  No ones stopping you.

But your socialist wealth redistribution tactics shouldn't be forced on anyone with the wherewithall to try and be prosperous. 

[Straw Man]

What does the earnings of the average getbigger have to do with the nations tax code?  Answer:

IT'S IRRELEVANT  Read it a few more times if you have to.

If you feel the need to pay more then go for it.  No ones stopping you.

But your socialist wealth redistribution tactics shouldn't be forced on anyone with the wherewithall to try and be prosperous. 

I mentioned it for the purpose of disclosure and perspective. 

I paid no capital gain tax last year and I'm pretty sure none the year before.   AMT is what get's me and it affects a lot more people from at all income levels than the CG issue

I consider the massive debt that Bush has racked up as the real redistribution of my wealth and that worries me more than Obama raising the CG tax by 5% (yes marginal increase of 5% and only if your AGI is > 250k or at least that's what has been said).   

BTW - I'd really like to see both candidates lay out the #'s in a format that is clear and understandable to the average person.   Maybe that's already out there somewhere but I can't find it.  I wish they would show me some side by side comparison of line item issues based various sample situations or even better yet just make a spreadsheet/website where everyone could plug in their own data and see what the result will be. 


 

[Dos Equis]

translation = zero

Any wage earner (i.e. paid on a W-2) with an AGI that is less than multiple six figures who is voting vote McCain soley for the reason that they think they will be better off financially with McCain will get exactly what they deserve.

full disclosure - I'm self employed and have had many years where I probably paid more in taxes than the avg. GB'r makes in annual income. 

lol.  Another getbig millionaire.  lol . . .

[Straw Man]

lol.  Another getbig millionaire.  lol . . .

where did I say I was a millionaire?

I rarely if ever talk about personal stuff on here unlike you who practically announces every bowel movement

[Brixtonbulldog]

I mentioned it for the purpose of disclosure and perspective. 

I paid no capital gain tax last year and I'm pretty sure none the year before.   AMT is what get's me and it affects a lot more people from at all income levels than the CG issue

I consider the massive debt that Bush has racked up as the real redistribution of my wealth and that worries me more than Obama raising the CG tax by 5% (yes marginal increase of 5% and only if your AGI is > 250k or at least that's what has been said).   

BTW - I'd really like to see both candidates lay out the #'s in a format that is clear and understandable to the average person.   Maybe that's already out there somewhere but I can't find it.  I wish they would show me some side by side comparison of line item issues based various sample situations or even better yet just make a spreadsheet/website where everyone could plug in their own data and see what the result will be. 

"Oh, it's not that bad.  It's just another 5%."

How many times do the American taxpayers have to hear this and get more money siphoned off before they even see it?  Taxes never get lifted permanently but we are always seeing new ones being pushed for, specifically from liberal democrats who have learned that more taxes are there for the taking as long as the populace can be duped.  We pay enough taxes.  It's time we start rolling them back and having some accountability.

People like you should just give the gov't that extra 5% if you want to pay it.  But stop forcing the rest of us who don't because having less and less direction over where our stolen income goes is NOT freedom and you don't have a right to force it upon us through legislation. 

[Dos Equis]

where did I say I was a millionaire?

I rarely if ever talk about personal stuff on here unlike you who practically announces every bowel movement

Whatever you say Donald Trump.  lol . . . 

 

[Straw Man]

"Oh, it's not that bad.  It's just another 5%."

How many times do the American taxpayers have to hear this and get more money siphoned off before they even see it?  Taxes never get lifted permanently but we are always seeing new ones being pushed for, specifically from liberal democrats who have learned that more taxes are there for the taking as long as the populace can be duped.  We pay enough taxes.  It's time we start rolling them back and having some accountability.

People like you should just give the gov't that extra 5% if you want to pay it.  But stop forcing the rest of us who don't because having less and less direction over where our stolen income goes is NOT freedom and you don't have a right to force it upon us through legislation. 

like I said, I'm MUCH more concerned about the debt that my govt is leaving me (and more important the debt service requirements) than the marginal increase in CG that I might have to pay someday.

The debt racked up will inevitably create more problems and the proposed tweak in the CG tax will be nothing more than the  deck chairs on the Titanic

[Straw Man]

Whatever you say Donald Trump.  lol . . . 

 

Here is what I wrote

full disclosure - I'm self employed and have had many years where I probably paid more in taxes than the avg. GB'r makes in annual income. 

how does this make me a millionaire i.e net assets of 1,000,000 or greater?

did I ever say that?

You're the one who talks about his business so of course you understand the difference between gross revenue, net profits, retained earning etc...

Somehow you can divine my net worth by a guess on what I paid in taxes and also imply that I'm making such a claim?

 

[Dos Equis]

Here is what I wrote

how does this make me a millionaire i.e net assets of 1,000,000 or greater?

did I ever say that?

You're the one who talks about his business so of course you understand the difference between gross revenue, net profits, retained earning etc...

Somehow you can divine my net worth by a guess on what I paid in taxes and also imply that I'm making such a claim?

 

How the heck do you know what the "avg. GB'r makes in annual income"?   

[Straw Man]

good point - let's throw out all the millionaires from the average and also all the kids who make < 3k a year  or even better let's use the national median income

if I pay more taxes than the national median income does that make me a millionaire? (again assuming your definition is net assets)

don't forget to show your work

[Dos Equis]

good point - let's throw out all the millionaires from the average and also all the kids who make < 3k a year  or even better let's use the national median income

if I pay more taxes than the national median income does that make me a millionaire? (again assuming your definition is net assets)

don't forget to show your work

Good grief.     Use of the word "millionaire" was a figure of speech that was intended to highlight how many people on this website claim to be wealthy and was designed to highlight how you were talking out of your rear end when you said you probably make more than average person who posts on this site.  You have no friggin clue how much the “average” person on this site makes.  The "average" person who posts on the politics board appears to be very educated.  For all we know, you bag groceries at Walmart (not that there's any wrong with that--there isn't).   

[Straw Man]

Good grief.     Use of the word "millionaire" was a figure of speech that was intended to highlight how many people on this website claim to be wealthy and was designed to highlight how you were talking out of your rear end when you said you probably make more than average person who posts on this site.  You have no friggin clue how much the “average” person on this site makes.  The "average" person who posts on the politics board appears to be very educated.  For all we know, you bag groceries at Walmart (not that there's any wrong with that--there isn't).   

you comment is the example of the very reason why I shared my perspective

your use of the word millionaire implied that I made such a claim, which I did not.

do you think the mean income of GB.com  is > than 100k?

how about the median?

the national median is ~ 50k but I know GB.com has a preponderance of super successful business types such as yourself so our mean is no doubt skewed

maybe you can just explain how you can derive an estimate of net worth from a guess about an annual income tax payment??

seriously, I mean you're the business man so I know you're not just talking out of your ass

 

[Dos Equis]

you comment is the example of the very reason why I shared my perspective

your use of the word millionaire implied that I made such a claim, which I did not.

do you think the mean income of GB.com  is > than 100k?

how about the median?

the national median is ~ 50k but I know GB.com has a preponderance of super successful business types such as yourself so our mean is no doubt skewed

maybe you can just explain how you can derive an estimate of net worth from a guess about an annual income tax payment??

seriously, I mean you're the business man so I know you're not just talking out of your ass

 

Listen, and this probably my last attempt, you have no earthly idea how much the average person on this site makes, so you were clearly talking out of turn.  Use all the large font, bold, etc. you want (lol . . .), it doesn't change the fact you didn't and don't know what the heck you're talking about. 

[Straw Man]

You've already admitted you're baffled by grade school math and it's pretty obvious that you also don't understand basic accounting or economics either.

In 2006, the median annual household income was $48,201.00 according to the Census Bureau.  We all know that Get Big is heavy on plastic surgeons and hedge fund managers and light on security guards and students so our number is probably much higher 

I know you like to get tangled up in minutiae and semantics(especially when you have nothing relevent to say) but the point of this thread (and my comment) was that I've paid a lot of money in taxes and Cap Gains tax has never been a big problem and I suspect that it's the same for a large portion of the US (and GB too).

How about you Beach Bunny?  You're the one on here who constantly mentions his business and bitches and moans about taxes.
How much did you pay in Capital Gains last year?

 

[Brixtonbulldog]

You've already admitted you're baffled by grade school math and it's pretty obvious that you also don't understand basic accounting or economics either.

In 2006, the median annual household income was $48,201.00 according to the Census Bureau.  We all know that Get Big is heavy on plastic surgeons and hedge fund managers and light on security guards and students so our number is probably much higher 

I know you like to get tangled up in minutiae and semantics(especially when you have nothing relevent to say) but the point of this thread (and my comment) was that I've paid a lot of money in taxes and Cap Gains tax has never been a big problem and I suspect that it's the same for a large portion of the US (and GB too).

How about you Beach Bunny?  You're the one on here who constantly mentions his business and bitches and moans about taxes.
How much did you pay in Capital Gains last year?

 

There seem to be quite a lot of professionals on getbig so I think your assumption is quite low, but typical of a liberal to assume he knows better than anyone else.

Stick to the issue.. Obama is another tax and spend liberal without a doubt.  Even if McCain ends up doing the same thing there's no way to know right now.  As for Obama it's pretty much guaranteed.