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Obamanomics
Posted by: McQ on Tuesday, October 14, 2008

I thought it was John McCain who wasn't that astute economically. Commenting on McCain's proposal to cut capital gains taxes, Barack Obama said today:
"I haven't looked at all the details of his capital gains proposal. I will tell you that nobody one really has capital gains right now – so if the idea is the cut capital gains taxes, when I don’t know anybody, even the smartest investors who right now are going to be experiencing a lot of capital gains. That probably is not going to be particularly useful in solving the financial crisis."
Really? Tell me, Mr. Obama, what would be a great way to encourage investors to take the risk of buying into a depressed market?
 
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Comments
Given The Annointed One’s recent statements about "spreading the wealth around", I can’t imagine anybody wanting to try to make ANY money, at least "officially". Best to hide your money as well as you can so long as The Annointed One and that band of thieves called the democrat (spit) party are on the prowl.
 
Written By: docjim505
URL: http://
Why should "capital gains" be taxed any differently from other gains?
 
Written By: TheDude
URL: http://
Why should "capital gains" be taxed any differently from other gains?
They actually aren’t unless they’re from an investment of more than a year. The reason for taxing long-term investment at a lower rate is that doing so encourages investment (i.e. savings) which in turn spurs business opportunities and jobs. In short, it’s the foundation of capitalism — putting money to productive use instead of hiding it under a mattress.
 
Written By: MichaelW
URL: http://qando.net
Why should "capital gains" be taxed any differently from other gains?
You raise a fair question. I am sympathetic to MichaelW’s reply to you, but another huge elephant in the room is present value of investments after inflation. If an investor bought $10,000 of stock in 1992 and sold it in 2008 for $13,000, that investor in reality lost his ass, assuming even 2% or 3% annual inflation, yet that investor would be forced to pay taxes on those "gains".. even though he actually lost money considering the effects of inflation. How unfair is that? Until the tax-raisers are willing to index gains to inflation, a lower capital gains rate is the only partial offset to those losses incurred by inflation.
 
Written By: Darrell
URL: http://
Yea, that bothered me. Barack’s generosity in waiving capital gains for a year is about as meaningful in giving first class upgrade vouchers to the homeless.

And what’s with his big promise now to keep people in their homes by "freezing foreclosure efforts for 90 days." WTF? Is that just to give people a little more time to pack up their belongings and find a mover?

Seriously, who makes this sockmonkey talk? Can’t they give him better lines?
 
Written By: redherkey
URL: http://
I would not be so interested in cutting capital gains taxes if the normal rates were not so high. If you earn 100k a year, but sell a house and make an additional
150k, then if it were just treated as regular income that year you have to pay a much higher rate. To tack additional capital gains onto that is obscene.
 
Written By: kyleN
URL: http://impudent.blognation.us/blog
And what’s with his big promise now to keep people in their homes by "freezing foreclosure efforts for 90 days." WTF? Is that just to give people a little more time to pack up their belongings and find a mover?
And strip the copper, remove the plumbing fixtures . . . you know, just generally spruce up for the foreclosure auction.
If you earn 100k a year, but sell a house and make an additional 150k, then if it were just treated as regular income that year you have to pay a much higher rate. To tack additional capital gains onto that is obscene.
You can exclude any gains from sale of the house you live in most of the time if you’ve lived in it most of the time for 2 of the last 5 years. Up to $250k in gains, anyway (half a million, if filing married). As of 2007, that is. Who knows what the 2008 taxes will look like.

Disclaimer: Past performance is not indicative of future results. Seek legal representation. All rites reserved.
 
Written By: Arcs
URL: http://
Basically you have a choice between McCain, who hasn’t a clue about economics, versus a Obama who has only bad clues about economics.
 
Written By: Bilwick
URL: http://
So, has anyone asked the Big O how his plan to raise capital gains is any better, seeing as he awkwardly says "when I don’t know anybody, even the smartest investors who right now are going to be experiencing a lot of capital gains."

I know, wishful thinking that a reporter would ask a follow up question that might trip him up.
 
Written By: Keith_Indy
URL: http://asecondhandconjecture.com
Obama show just what an idiot he really is.
 
Written By: Neo
URL: http://
Basically you have a choice between McCain, who hasn’t a clue about economics, versus a Obama who has only bad clues about economics.
It’s more of a choice between McCain, who knows enough he doesn’t fully grasp economics, versus Obama, who has only bad clues about economics.
 
Written By: Neo
URL: http://
"Nobody really has capital gains right now..."

If Bush or McCain had said something like this, Obama would call them out of touch, and the media would say that they were imbeciles who don’t care about people.

But Obama can say something so breathtakingly stupid, yet his robots in the media continue to fawn all over him.

But wait: there might be breaking news in the Palin investigation in Alaska!
 
Written By: James Marsden
URL: http://
"It’s more of a choice between McCain, who knows enough he doesn’t fully grasp economics,"

Unfortunately, even when he does understand something, like the first amendment, he still makes bad choices.
 
Written By: timactual
URL: http://
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Written By: sfgljcupa
URL: http://izmvuhbrypkw.com/

 
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