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POPS The Myths Of Clintonomics The media assume the Clinton tax hikes somehow stimulated the economy, and are cheering on Obama's plan. Obama would raise the top rate "back to where Bill Clinton had it at the time of the greatest bull market, the greatest economic growth in the history of the country," Best Life editor Jack Otter told CNN. "Bill Clinton's tax rate was not a punitive tax rate. It didn't harm the economy." In fact, the economy grew in spite of, not because of , the Clinton tax hikes. The bull market took off precisely when then-Fed Chairman Alan Greenspan took his foot off the brakes and hit the gas in 1995. It was also then that Republicans took control of Congress — further blunting the effects of the Clinton tax torpedo that had taken effect the previous year. Their "deficit-reduction plan" didn't create the surpluses at all. They were a direct result of a tidal wave of capital-gains revenues generated by the GOP-led stock boom.
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POPS Reasons Not to Vote for Barack Obama, In His Own Words . . . . . . . . Obama’s now infamous “Spread the wealth.” And in an interview with ABC News, anchor Charlie Gibson asked, “ n each instance, when the rate dropped, revenues from the tax increased; the government took in more money. And in the 1980s, when the tax was increased to 28 percent, the revenues went down. So why raise it given the fact that 100 million people in this country own stock and would be affected? “ Obama says: “Well, Charlie, what I've said is that I would look at raising the capital gains tax for purposes of fairness.” Obama’s view of the First Amendment? Threats of criminal libel prosecutions, Justice Department intimidation, and no promise to veto the “Fairness Doctrine” if Congress passes it. Obama’s view of Iran, currently building nuclear reactors? “Iran … tiny … pose a serious threat to us. Michelle Obama’s views about her husband running for President? “It’s way too soon. He hasn’t done anything yet
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POPSEconomic Justice, Income Redistribution, Reparations! it is good for everyone. — A bombshell was released this weekend when a copy of an interview by Obama on WBEZ-FM, Chicago Public Radio, from 2001 was found (bold italics added): "The Supreme Court never ventured into the issues of redistribution of wealth, and of more basic issues such as political and economic justice in society ... and one of the, I think, tragedies of the civil rights movement was, um, because the civil rights movement became so court focused, I think there was a tendency to lose track of the political and community organizing and activities on the ground that are able to put together the actual coalition of powers through which you bring about redistributive change. In some ways we still suffer from that. ... I think that you can craft legal theoretical justifications for it legally, any three of us here could come up with a rational for bringing about economic change through the courts."
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POPSFive GREAT Reasons To Vote Against Barack Obama
Let’s think about this one for a moment. FICA, the social security and medicare taxes, are set at 15% of the first $102,000 and then they go away. The employer pays half, unless you happened to be self-employed. In that case, you pay the whole thing. So, if the democrats erase the cap, that is an automatic 15% tax increase on all money earned over $102,000. There will also be the tax increase from allowing the Bush tax cuts to expire. And there will be the tax increase on the “rich”, defined somewhere between $120,000 and 250,000. So, how big will these tax increases actually be? More than 15%, less than 30%? Maybe. Maybe more. Nobody knows because Congress writes the laws. And that means Pelosi and Reid. He has four other terrific and amusing reasons. The courts, the snottiness of the Obamabots, etc. Read it all. 5 Great Reasons To Vote Against Obama ~ by Howie Carr http://www.bostonherald.com/news/columnists/view/2008_11_02_Five_reasons_to_vote_against_Obama/
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POPSHow's Obama Going To Pay For An Extra $430 Billion A Year? How's Obama Going to Raise $4.3 Trillion? The Democrat's tax and spending plans deserve closer examination Excluding the Obama health plan, the NTUF estimates that Mr. Obama would raise spending by $611.5 billion over the next five years; the 10-year total (aside from health) would surely exceed $1.4 trillion, because spending typically grows at least as quickly as nominal GDP. Altogether, Mr. Obama is promising at least $4.3 trillion of increased spending and reduced tax revenue from 2009 to 2018 -- roughly an extra $430 billion a year by 2012-2013. How is he going to pay for it? Raising the tax rates on the salaries, dividends and capital gains of those making more than $200,000-$250,000, and phasing out their exemptions and deductions, can raise only a small fraction of the amount. Even if we have a strong economy, Mr. Obama's proposed tax hikes on the dwindling ranks of high earners would be unlikely to raise much more than $30 billion-$35 billion a year by 2012
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POPSObama's Firsat 100 Days - Woe is us America - you know not what you do... -- Universal health insurance will be enacted, covering legal and illegal immigrants, providing another powerful magnet for the world to come to America, if necessary by breaching her borders. -- A federal bailout of states and municipalities to keep state and local governments spending up could come in December or early next year. -- The first trillion-dollar deficit will be run in the first year of an Obama presidency. It will be the first of many. Welcome to Obamaland! The Obamanation.
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POPSObama Economics Explained And that's why the Captain is waiting to see if Barack Obama and the democrats take a supermajority in Washington before he invests his money in the stock market.
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POPSIt Depends On What The Meaning Of 'Tax Cut' Is As a skilled rhetorical magician, Obama presents himself as a tax-cutter. Even though he’s voted dozens of times to raise taxes, he assures Americans that 95% of us will have our taxes slashed under his plan. Gibson asks Obama why he insists on raising capital gains taxes (which affect millions of American investors) even after history has proven that raising said taxes actually decreases government revenues from the taxes, and cutting capital gains taxes actually brings more revenue into federal coffers. Obama has no answer, other than to blow off all the evidence, and say that raising taxes is the fair thing to do —practical consequences be damned.
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POPSA good idea indeed I think in today's tax system not taxing all labor earnings and capital is good because to tax things such as employer- provided health care would seem very unfair to the middle class who struggle to have the health care in the first place.
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POPSObama,Pelosi,Reid plan to suck American Economy Dry Revealed by Conressman Frank They will stunt or destroy the very corporations and small businesses that provide Americans jobs and capital so that they(regular people) in turn cannot invest and become entrepreneurs or wealthy by investment due to capital gains taxes doubling(nearly).Upward societal advancement will become stagnant with their idiotic policies as the inculcation of socialistic policies always results in.
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POPS "Obama's 95% Illusion" Given that he wasn't clear on the actual rate changes involved, I asked, "but which type of tax would go down?" He insisted that under Obama's plan, income taxes would be lower, as well as capital gains taxes on start up businesses and small entrepreneurs (though the capital gains tax would otherwise increase). SHORTLY AFTER my exchange with Plouffe, I was listening to David Axelrod, Obama's senior strategist, and I decided to put the question to him slightly differently: "Let's say you're making $50,000 a year," I posited. "What taxes would you see go lower under the Obama plan?" I queried as to whether that money would come in the form of a check, or a lower rate. "You would see a reduction in your taxes, in the taxes that you pay," he insisted. After further questioning, he added, "The mechanism for it has to do with deferring part of the withholding taxes, but you should talk to our budget folks on that."
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POPS Why Obamanomics Isn't Clintonomics But that is not the path President Clinton ultimately followed. Along with congressional Republicans, he focused on balancing the budget, knocking down trade barriers, even signing a capital gains tax cut. Now I have talked to Obama economic advisers and they are signaling no intention to scrap his investment and tax agenda in order to focus on the budget deficit, $700 billion Paulson Plan or not. Obama himself is still talking it up in the debates, that's for sure. In fact, one Obama adviser told me the economy would have been better in the 1990s had Clinton focused on his "investment' campaign agenda rather than the "bond market strategy" that was more pleasing to Alan Greenspan.
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POPS"Joe The Plumber" Meets "Senator Government" Pittsburgh Tribune-Review: “ he One-Third Of All American Working Families Who Pay No Income Taxes Now Will Receive A Government Check Under The Obama Plan. And That Number Could Rise To About 44 Percent Under Obama’s Proposal.” The Wall Street Journal Calls Obama’s Numerous Refundable Tax Credits “Tens Of Billions Of Dollars In Government Handouts.” New York Post: “ bama’s ‘Tax Cuts’ Really Amount To A Sizable Expansion Of Welfare.” Barack Obama Has Called For Higher Income Taxes, Social Security Taxes, Capital Gains And Dividend Taxes, And Corporate Taxes, As Well As “Massive New Domestic Spending.” . . . s that what most Americans want, someone who will fulfill a Democratic policy wish list?” U.S. News & World Report’s “Capital Commerce” Blog: http://www.usnews.com/blogs/capital-commerce/2008/02/13/barack-hussein-reagan-ronald-wilson-obama.html
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POPSATR 401 k Calculator go to atr.org to see what happens to your 401k under the different tax plans from Obama, McCain Stark differences. Forget the only taxing those making more than 250K. Look what Obama will do to your 401K regardless of what your income is.
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POPSCapital Gains tax issues Obama is on the right track but any rise in capital gains taxes should be targeted to people like me who "churn" stocks instead of invest. He's on the wrong track in high capital gains tax on all investment. We should tax consumption instead of investment. Hopefully, Obama, when elected, will listen to guys like Davis, who understand the difference. McCain, respectfully, is clueless (remember "I don't really understand economics") and listening to the rich and the elite on this issue. Lowering capital gains tax will cause more people to CHURN, rather than invest. P.S. I do both.
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POPSMcCain's new economy plan: cut rich people's taxes LOL! Ever-fecund with fresh ideas, M offers cut in capital gains tax "aimed straight at the middle class." Never mind that households earning less than $50,000 earn only 2.5% of capital gains. And in this market, how much capital gains tax will even be paid for this year? I imagine Obama quietly praying, "Thank you, God."
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POPSIs This Why The Sales Of FairTax Book Has Spiked? There is absolutely no doubt that enactment of the FairTax would be the greatest boost to the American economy in our lifetimes. As I've said, the problem here is that (1) The FairTax act was introduced by a Republican; and, (2) it would constitute the most massive transfer of power from the government back to the people in the history of our Republic. The thinking in Washington is that our economic problems can only be solved through the enhancement of government power.
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POPSSenator DeMint Has Outlined A Plan For Economic Growth EXPAND ENERGY EXPLORATION • Permanently Repeal Bans on Energy Exploration and Expedite Production: Expedite offshore and oil shale exploration, ensure states share in energy revenues, and prevent endless litigation from frivolous environmental lawsuits. REFORM FAILED GOVERNMENT INSTITUTIONS • Schedule the GSEs for Privatization: Transition Fannie Mae and Freddie Mac over a reasonable time period to truly private companies without special government privileges and expose them to real market competition. • Stabilize the Dollar: Repeal the Humphrey-Hawkins Full Employment Act, which diverts the Federal Reserve’s attention from long-term price stability to short-term economic growth. In an effort to fuel the economy, this additional mandate has encouraged the Fed to keep rates artificially low, leading to economic booms and busts, a rise in inflation and the decline of the dollar.
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POPSCaribbean tax haven for the rich The scandal with Rep. Charles Rangel, D.-N.Y., chairman of the tax-writing Ways and Means Committee, reminded me of a report about tax havens for the rich in the Caribbean.
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POPSWhat is more important the stock market or the economy? The premise here is daytrading (which I do for a living), naked short selling, and other forms of speculation among the wall streeters have created a drag on the economy and the real stock market. I wonder if raising the capital gains tax would shut down some of the unhealthy speculation which helped cause the current mess we're in.
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POPSObama's Depressing Tax Plan He has opposed the Columbian Free Trade Agreement, even though it primarily removes tariffs on American exports to that country, with barriers to Columbian exports to America already almost all removed under the Andean Trade Preferences Act. In sharp contrast, McCain has promised tax cuts to promote economic growth and strengthen the U.S. dollar. The federal corporate tax rate today is 35 percent, and McCain suggests cutting it to 25 percent. This would mirror rates elsewhere: The average corporate tax rate in the European Union was slashed from 38 percent in 1996 to 24 percent by 2007. The rates in India and China are lower as well. American companies are not going to produce more jobs and higher wages with this crippling competitive disadvantage.
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POPSObama's Fair Tax Mr. Warren, a man of the cloth, has done us a great service by asking the candidates to answer a pretty secular question: What kind of income makes an American "rich"? Maybe in the more secular setting of an upcoming debate, one of our nonpastor moderators could ask the candidates the moral question: What specific rate of individual taxation would it take for the rich to be paying their fair share?
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POPSLYING FORWARDS FROM THE RIGHTWING My niece sent me this email and asked me the following... Hey Aunt C, Somebody sent this to me and I know you are fantastic at finding the truth, so is this true or some republican trying to change peoples votes. Thanks, (Niece) LINK HERE: http://www.snopes.com/politics/obama/taxes.asp Hi, (Niece). it is completely false... Thanks for asking... I wish that others would question this baloney the republican rightwing sends around to the naive, who mindlessly accept these stupid forwards as the truth... A sad America, where the rich get richer and the poor get poorer, (and the middle class continues to disappear) is the result of such irrationality... The very ones who get hurt by these forwards are the ones who would probably be helped if the wealthy, whether they be individuals or corporations were forced to pay their share of taxes, instead of getting tax breaks that the republican party keep giving them. http://thinkingblue.blogspot.com
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