Obama's Repeal Of The Bush Tax Cuts

He is speaking today on this, and one of the things he wants to do, is tax capital gains at the earned income rate.

This would be a good way to further stagnate the economy. Suppose you were a millionaire and your stock portfolio had done very well, if you sold one million dollars worth of stock profits under the old rules, you would have to pay $150K before you can put any money into buying a new custom home. Instead, Obama wants to make it 25% or more. So now you would be paying $250K before you provide a crew of people with employment.

Might make you decide to hold on your plans until the capital gains rate goes back down to 15%. And although the POTUS say this plan is to increase tax receipts, does the goverment earn more with 150K, or nothing if the rate goes up to 25%.

So by increasing taxes,
Unemployment stays the same, and tax receipts go down. Brilliant!

It would be cool if Obama was honest enough to explain the difference between capital gains and income taxes when he uses the "Buffet secretary" example he loves to use. It would also be nice if he would acknowledge that increasing revenues does not just mean increasing taxes....but since he doesn't seem to understand that lowering the unemployment rate will do more to increase revenues than will tax increases on job creators, we'll get to listen to this same campaign speech over and over for 14 months.

Doesn't really matter since there is no way the House will pass this.

Of course Obama knows that. It is purely politics, with no concern for the economy or jobs creation.

Right. He has no concern for the economy or new jobs.. or getting re-elected. <sarcasm off>

Politicians are always creating bills that they know have no chance of passing, like national abortion bans, or tax increase bills like Obama.

Why don't they just do it the Democrat way - Pass it so we can find out what's in it.

A decade of tax cuts for the wealthy has produced how many jobs, SS109? I'll wait while you get your calculator.

(btw - re: your signature: from a Conservative PoV it would read: 2001-2008 Dissent = Treason, 2009-2012 Dissent = Patriotism - just depends on which side of the aisle you're from, doesn't it?)

I find it a little scary that the wealthy in this country are becoming a protected class. We can't ask them to contribute their fair share in taxes because they won't invest, or won't create jobs, or will take their company overseas, or will hide their assets in foreign accounts, or won't buy any more expensive goods. Really?

Talk about a great sales job, somehow the conservatives have convinced not only the politicians, but apparently many Americans, that it's hands off the wealthy......or there will be dire consequences. And they will laugh all the way to the bank about what big suckers we are.......

We should also note that while repealing tax cuts for the millionaires and billionaires is a great start, what has been severely lacking from both the American Jobs Act and the Buffett Tax is raising tariffs on imported goods to prevent it from being cost effective to take American Jobs away from Americans and give them to people in countries where $5/day are great wages. NO American could afford to support themselves or their families on those types of wages.