You know, I really hate when wealthy people want to make fiscal decisions. Obama spoke in an interview with CNBC’s Maria Bartiromo on Monday and declared that he is in favor on increasing capital gains tax. Currently the tax is at 15%, but he spoke about increasing the tax nearly twice as much to the levels under the old Clinton. Those levels were 28%.
MoneyNews reported on this issue and already
critics intelligent people are speaking out. Barrack is also talking about getting rid of the Bush tax cuts that are set to expire in 2010.
If I could go off on a rant here… What in the current economic condition screams more taxation? I mean, the market has tumbled over the past 5 months, the mortgage industry has been crushed, and the ripple effect on financial companies and investors is still rocking our pockets.
Taxing a voluntary investment for retirement is counterintuitive. On one hand you have the powdered wigs talking about needing to improve individual savings and providing for retirement. On the other you have them pushing taxes upon taxes on top of these economy building and sustaining tactics. Like this won’t impact savings or the stock market. C’mon man, think about it. I’m already hesistant to buy/sell stocks because of the current rate. What do you think will happen to other concerned and everyday investors when these rates double?
Obama wants to take the money that would be earned from these tax increases and bail out the Federal Treasury. Wow, great idea. Push the buck onto a portion of society that has probably the least amount of use for most of the overspending that has occurred over the past 30 years. He’d also use the money to promote scientific research and green energy. Like there will be any money left after bailing out the Fed, aka bailing out the overspending Congress.
He then goes on to say that the money will be used to “give some relief to middle class and working class families who have been driving this economy as consumers but have been doing it through credit cards and home equity loans. They’re not going to be able to do that.” Hello! Nobody is forcing these people into overspending, buying useless items, and getting into oversized and overpriced homes. How come you want to bail out consumers in debt, but you aren’t looking to cut the fat that you and the rest of the political cronies injected into our society. I’m middle class, and these taxes are going to hurt me, not help. You (politicians) continually talk about making policies that help the middle class, but they never do – you just shift the lines of the middle.
Yeah, the war in Iraq et al cost money and raised our deficit but remember this – we owed money before this war, and if past US leaders had made a stand years ago, this situation may not have occurred.