Quote:
Originally Posted by cobra bill
and if that means that top 5 percent of hard working Americans have to pay more, they have benefited more! Over the last 30 years that we have been lowering taxes for them.
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Wrong! The taxes on the top earners have been a lot lower than they are now. Just how have the top 5% benefited more? By paying more tax dollars than the bottom 50% of all wage earners? How is that a benefit?
Love your economics ... must be the new math they teach in school, because I have absolutely no idea how the top 5% of the taxpayers have benefited by paying a much higher percent of their income as compared to the other 95% of the population.
Of course, the will benefit even higher % of their income under Obama. No class warfare for him. Attack the rich and all the nasty corporations in the country. Get them all. Round them up and make them benefit by paying higher taxes. Oh, wait a minute ... US corporations pay the second highest tax rate in the world. But when Obama gets elected, we will be #1 in the world! OK, everybody chant. USA, We're #1, USA, USA. But what will the companies do? They will send more jobs overseas because the stupid tax policy favors the company doing business overseas as compared to doing everything here in the USA.
Remember, paying taxes is the patriotic thing to do.
Of course, it might help him get elected by instilling hate in the lower 95%, but it will just make a bad economic situation worse. Most of the stock declines we are seeing now in the last month or so are due to investors not knowing what is going to happen in the future if Obama is elected.
If anyone has any investment that has made a lot of "capital gains", prepare to sell it no matter who is elected. Obama will be raising the cap gains tax rate so you will want to sell it before the increase. But if McCain is elected, he has talked about maybe decreasing the cap gain tax by 50% for a year or so. Again, it would be a perfect time to sell with the lower tax rate.