Posted by
RepublicanEvangelist on Wednesday, March 04, 2009 3:27:00 PM
Here is what I know about Obama's tax plan: 1.) he is going let the tax
cuts expire which raises the federal marginal rate to nearly 40% 2.) he
is going to do away with the capital gains tax 3.) he is going to blow
the caps on social security meaning every dollar will be taxed at
nearly 8% (16% if you count your employer's contribution or if you are
self employed), 4.) if you live California or NY, you face income taxes
around 10-11%. 5.) he plans on increasing the marginal rate on the
"rich" to pay for his health care for the poor. Add it all up you are
looking at marginal rates of around 65% or 2/3 of income. So why would
an investor get into the market now when they could lose their entire
investment on the downside and on the upside they can only keep a 1/3
of of their profits? Answer is they won't and largely explains a down
DOW several thousand points since his election. Now Obama cared about the market decline, he could back off on the capital gains tax, commit to keeping the Bush tax cuts in place beyond 2010 and stop talking about removal of charity and mortgage interest deductions. If he cared about the wealth of the American people being destroyed before our eyes he would do this. If he cared about our retirement funds and college funds he would do this. He doesn't. He wants the government in control of everything and he at the helm. This is not about America. This is about Obama and his ego and ambition.