Obama Clarifies Scope of Capital Gains Tax Hike

Obama is just reading from Teleprompter.
Give him credit for reading

Thank God that “obama is just reading from teleprompter”, at least we will have a president that can read.
What of mcsame, what does he read from?
He reads from karl rove’s and corsi’s distortions.
A Vote for mcsame is a vote for mcbush, both are one and the same! Birds of the same faethers!

The reality is that Obama needs to tell us how he is going to CUT spending. Is he going to go after earmarks and other special interest legislation? I’ll listen when he talks about that. Otherwise, the only way for us to continue on the wasteful path we are on now is to raise EVERYONE’S taxes, not just the bogeymen who make more than $250K. Also, I don’t like the class warefare thing he is trying to ignite. Really dumb Obama. I don’t make more than $250K, but I don’t hate people who do (as long as they do it honestly). Most people I know feel the same way,

Speaking of earmarks, do you know that McCain has ZERO earmarks? You can look it up if you want. And Obama has requested $1B of earmarks for every day that he’s been in the Senate (including earmarks for that pastor friend of his and for his wife’s employer?)

The apple doesn’t fall far from the tree. Obama’s mother was a whore that slept with anything that moved. Obama is a media whore saying whatever comes to mind that will get him votes. A mind is a terrible thing to waste, but you’ve got to have one to start with. Obama’s lucky he’s got enough cells in that head to run his core body functions. This walnut brain should go run Kenya. The idiots there would think he’s a genius. Those backwards morons deserve him.

This is crap. Why should people who earn more than 250,000.00 a year pay higher capital gains- just because I work very hard I should be penalized. To hell with that. I don’t drag my butt out of bed at 5:00 in the morning and go to the gym and work a 10 hour day to give my family a life I didn’t have and I should be penalized. I had the same oppurtunities as other people who had the same situtation growing up as I did. I really dislike this man.

if the O supporters can distort an American hero John McCain’s name to “mcsame and exxon john” then those opposed to Obama are well within their right to call the O – Osama Obama
McCain 08
Hillary 12

The economy is going to tank if socialist Obama is elected. If he is elected, everyone will sell off their portfolios (at the old rate) before BHO is inaugurated and the stock market will crash. Scary times.

ha, yeah, great advice Morris. No one is more admired in this country thsn rich people who live off their investments. think of how it will affect the yacht industry!
holy heck is the GOP out of touch. they should be thanking the lord-ah that we nominated a friendly centrist–if I’d had my way, the next president would have spent half his time raising taxes and half his time sending Bush regime war criminals to pound-you-in-the-butt prison. they’re calling Obama a socialist and his mother a whore? conservatives won’t be satisfied until the gov’t is a wholy owned subsidiary…
save america, vote for liberals

citizen voter – “why would we want this kind of person who admits lack of economic knowledge into the WH with all our financial troubles?” because he is still better than a junior senator (Obama) who’s economic ideas will destroy this country. Folk’s there’s a name for Obama economics – DEPRESSION.
He is clueless and we will pay for it…

Jeffrey, McCain said he would not vote for HIS OWN BILL!!!!! He was opposed to offshore drilling, too, before he changed his mind. He was opposed to the Bush tax cuts before he changed his mind. Quit with the BS. You have not done research. You’re just going by the talking points. How’s it feel to be a puppet?

With gas at over four dollars a gallon and unemployment going up I am glad that McCain appears to have a little common sense about the economy and has changed his mind about drilling offshore, is for new refineries and new nuclear power plants. Obama is still pretty much against any new significant drilling, against new refineries and against nuclear power. McCain has promised not to raise capital gains tax which would only hurt the small business owner who are responsible for most of the jobs in the US. Obama is calling for raising Capital gains taxes which will hurt the small business owner and cause a lot of people to be laid off. I just hope people come to their senses and understand that Obama is not thinking about what is in the best interest of the average American. Obama actually is happy gas prices are higher and seems to be ignorant about the fact that a rise in capital gains taxes will hurt the small business owner and cause loss ofa lot of jobs.
Here are some figures about how Obama’s tax hikes on small business will destroy the US economy:
If you are self employed and you have $500,000 in income per year, your federal taxes will go up by about $60,000 under Obama’s tax plans. I calculate this as follows: First, Obama is going to undo the FICA wage base cap, meaning that you will have to pay 12.4% on on all of your income in excess of the FICA wage base cap of $104,000 (12.4%x ($500,000-$104,000), or $49,104). Your federal income taxes will go up by 4.6% x $250,000, or $11,500. In sum, your federal income taxes will go up by $60,000.
I know, there are many of you in the crowd who think, “Good. You deserve it, you rich rotten bugger.”
But let’s think with our heads and not our guts. These “self employed” people are the people who own the small businesses which creates the bulk of the new jobs in this economy.
If you own a small business and just learned you are going to have to pay $60,000 more in taxes next year, just on your income, are you inclined to hire a new worker, pay bonuses to your existing employees?
But it gets worse. You are an employer. If you have employees who earn more than $250,000 per year, you have to pay an additional 6.2% on everything they earn over $250,000 (or less, depending on how the phase outs work). So, your business is going to have to pay more in taxes too.
In short, Obama’s tax hikes are gong to be a disaster for the economy.

Gary, you are just a slime ball trying to scare the American voters. You are just thinking of yourself but not the generality of other Americans. First your idea of Economics is zero from any economical point of view. The truth is there is no way you can stimulate the economy now without stimulating the buying power of the middle-class and other low income earners. They are the ones that spur growth and not the other way round. The problem with the economy is low patronage. People are not buying houses, medications are not being picked up in Pharmacies, People can no longer afford a cup of coffee in Starbucks, a lot more people now shop in Wal-mart than in other stores. I can go on and on. Inflation has eaten deep into the pockets of an average American family that their take home pay can no longer take them home. As a result, there is a decline in an average standard of living. As a result to stimulate any meaningful growth, there are basically two main ways of doing this. Increase in wages from the employers which i know a person like you will never give and secondly, increase tax benefits from the Government which Barack intends in doing. The $1000 tax breaks gives you a little more money for groceries, a little more money for gas and other utilities. I can go on and on. And as a result of this, there will be more patronage for businesses like yours, more money for banking industries, more money for Government in form of taxes, more money for the oil companies, more money for people that want to set-up businesses like yours as a result of more money for the banking industries. I can go on and on. Now I understand why Republicans make education difficult in this country. In that way, people will never know the truth. In economics, you reason both ways and not one-sided. Weigh the risks and benefits and always make your choice in a scale of preference. That is when we talk of Real cost and Opportunity cost. The only draw back is taxing the profits of oil companies but then eveything ends up having a null effect. They may have their profits taxed but at the same time, they will end up earning more from increased patronage.

Messiah
And it came to pass, in the eighth year of the reign of the evil Bush the Younger (The Ignorant), when the whole land from the Arabian Desert to the shores of the Great Lakes had been laid barren, that a Child appeared in the wilderness.
The Child was blessed in looks and intellect. Scion of a simple family, offspring of a miraculous union, grandson of a typical white person and an African peasant. And yea, as he grew, the Child walked in the path of righteousness, with only the occasional detour into the odd weed and a little blow.
When he was twelve years old, they found him in the temple in the City of Chicago, arguing the finer points of community organisation with the Prophet Jeremiah and the Elders. And the Elders were astonished at what they heard and said among themselves: “Verily, who is this Child that he opens our hearts and minds to the audacity of hope?”
In the great Battles of Caucus and Primary he smote the conniving Hillary, wife of the deposed King Bill the Priapic and their barbarian hordes of Working Class Whites.
And so it was, in the fullness of time, before the harvest month of the appointed year, the Child ventured forth – for the first time – to bring the light unto all the world.
He travelled fleet of foot and light of camel, with a small retinue that consisted only of his loyal disciples from the tribe of the Media. He ventured first to the land of the Hindu Kush, where the Taliban had harbored the viper of al-Qaeda in their bosom, raining terror on all the world.
And the Child spake and the tribes of NATO immediately loosed the Caveats that had previously bound them. And in the great battle that ensued the forces of the light were triumphant. For as long as the Child stood with his arms raised aloft, the enemy suffered great blows and the threat of terror was no more.
From there he went forth to Mesopotamia where he was received by the great ruler al-Maliki, and al-Maliki spake unto him and blessed his Sixteen Month Troop Withdrawal Plan even as the imperial warrior Petraeus tried to destroy it.
And lo, in Mesopotamia, a miracle occurred. Even though the Great Surge of Armour that the evil Bush had ordered had been a terrible mistake, a waste of vital military resources and doomed to end in disaster, the Child’s very presence suddenly brought forth a great victory for the forces of the light.
And the Persians, who saw all this and were greatly fearful, longed to speak with the Child and saw that the Child was the bringer of peace. At the mention of his name they quickly laid aside their intrigues and beat their uranium swords into civil nuclear energy ploughshares.
From there the Child went up to the city of Jerusalem, and entered through the gate seated on an ass. The crowds of network anchors who had followed him from afar cheered “Hosanna” and waved great palm fronds and strewed them at his feet.
In Jerusalem and in surrounding Palestine, the Child spake to the Hebrews and the Arabs, as the Scripture had foretold. And in an instant, the lion lay down with the lamb, and the Israelites and Ishmaelites ended their long enmity and lived for ever after in peace.
As word spread throughout the land about the Child’s wondrous works, peoples from all over flocked to hear him; Hittites and Abbasids; Obamacons and McCainiacs; Cameroonians and Blairites.
And they told of strange and wondrous things that greeted the news of the Child’s journey. Around the world, global temperatures began to decline, and the ocean levels fell and the great warming was over.
The Great Prophet Algore of Nobel and Oscar, who many had believed was the anointed one, smiled and told his followers that the Child was the one generations had been waiting for.
And there were other wonderful signs. In the city of the Street at the Wall, spreads on interbank interest rates dropped like manna from Heaven and rates on credit default swaps fell to the ground as dead birds from the almond tree, and the people who had lived in foreclosure were able to borrow again.
Black gold gushed from the ground at prices well below $140 per barrel. In hospitals across the land the sick were cured even though they were uninsured. And all because the Child had pronounced it.
And this is the testimony of one who speaks the truth and bears witness to the truth so that you might believe. And he knows it is the truth for he saw it all on CNN and the BBC and in the pages of The New York Times.
Then the Child ventured forth from Israel and Palestine and stepped onto the shores of the Old Continent. In the land of Queen Angela of Merkel, vast multitudes gathered to hear his voice, and he preached to them at length.
But when he had finished speaking his disciples told him the crowd was hungry, for they had had nothing to eat all the hours they had waited for him.
And so the Child told his disciples to fetch some food but all they had was five loaves and a couple of frankfurters. So he took the bread and the frankfurters and blessed them and told his disciples to feed the multitudes. And when all had eaten their fill, the scraps filled twelve baskets.
Thence he travelled west to Mount Sarkozy. Even the beauteous Princess Carla of the tribe of the Bruni was struck by awe and she was great in love with the Child, but he was tempted not.
On the Seventh Day he walked across the Channel of the Angles to the ancient land of the hooligans. There he was welcomed with open arms by the once great prophet Blair and his successor, Gordon the Leper, and his successor, David the Golden One.
And suddenly, with the men appeared the archangel Gabriel and the whole host of the heavenly choir, ranks of cherubim and seraphim, all praising God and singing: “Yes, We can.”

I’m glad to see the Obama campaign fighting back, the Democrats can’t let the GOP continue spreading their lies.
Obama/Biden 2008 and 2012

I am small business owner and know 5% increase does not make big diffrecnce for lgitimate people as long as my tax pays for helping americans not for dumb wars that Bush started and MCBush wants to continue or start. MCBush is totally out of mind and out of touch when is continuing failed Bush policy while ignoring that 81% of
the nation says America has pretty seriously gotten off-track.

I think there’s alot more hate here than knowledge about tax cuts.
Bush cut taxes as we all know, and told America to feel good about it. So now you all think that Obama is going to stick it to you.
George Bush didn’t manage the American coffers wisely at all. He just handed the bill to all of our kids and grand kids. Kinda like paying that credit card bill forever.
Pay as you go was never a republican strong suit. They just pass it off to the next generation, like the landfill one town over.
You think McCain knows any better?
Think about it, people!

Obama “shifts” I love it when the MSM says McCain flip flops while Obama “shifts”..he’s shifty alright

Just reading these comments scares me!i AM NOT WORRIED ABOUT FOREIGN TERRORISTS! YOU ARE RIGHT HERE! The Republicans have divided our Country! The mess we are in now is a Republican mess and no matter who gets in the White House they will not be able to clean it up in 4 years! Whoever gets in needs our united support. Lets get some accountability here and now for the crooks and criminals in our White House! WHY DID BUSH PURCHASE 100,000 ACRES IN PARAGUAY? Not for a vacation spot! Wake up people and if you happen to be one of the racists bigots in some of the above comments I feel sorry for you, you are the ones who probably voted for this administration! The worst in the history of Our Country! I just hope to God there are not too many of you out there! I DONT NEED THE SUPREME COURT TO PICK MY PRESIDENT (FOR ONE TIME ONLY) REMEMBER THAT? I AM A PATRIOTIC AMERICAN WHO NEVER APPROVED OF THIS WAR, JUST LIKE THE DIXIE CHICKS AND LOOK WHAT YOU DID TO THEM, ONLY NOW THEY ARE BACK ON TOP! YEAH

All of you people need to do a little more research if you ask me.
http://econ4obama.blogspot.com/2008/01/obama-economic-policy.html
http://news.yahoo.com/s/cq/20080905/pl_cq_politics/politics2944622
http://www.factchecker.org
Seems to me like McCain and that ridiculous piece of cr@p he calls a running mate are the ones that are going to force this country to hit economic rock bottom. Stop listening to the talking heads and get a clue!

I’ve been out of work for 5 years and had a few job offers in other cities, but just can’t afford to pay $100K in capital gains tax on my house just to take a job in another city where
the job pays $100K. I would have to work 10 years to save up from that $100K capital gains tax just to move. So, I stay in
my house and draw down on my savings. THe headhunter said he
can’t find people with 20 years job experience to be managers who can move and
so his company is moving the whole department offshore including 20 jobs for younger workers.
So I call the home tax, the “outsourcing tax”.
Another friend drives
2 hours in the morning and 2 hours at night because he can’t
afford to move an give the government $100K in capital gains.
Remember, when you sell a home, you need the same amount
of money to buy another home. Better to just
waste gasoline than lose life savings.

Oh, brother. Miguel, you seem to be labeling everyone a racist if they support McCain. That is nonsense of the highest sort.
FACTCHECK proved a little something to me: Obama the “follow the crowd man” has voted along his party lines 96% of the time. 96%! However, McCain has voted along HIS party lines, as well. 79% of the time, mind you– not 96%
So, who is the FREE-THINKER? Obama simply follows the crowd. McCain LEADS.
WHY is Obama friends with William Ayers, a known terrorist, and Rev. “I HATE AMERICA” Wright?
OPEN YOUR EYES. Bigots don’t look at the facts and make their decisions. They are blind fools. And Yeshua ben Yosef said it best: “Can a blind man lead a blind man? Will not both fall into a pit?”
Another note, also verified by factcheck. McCain saw Freddie/Fannie problems two years ago. He warned about it. Nobody listened. And what is the result? The demoncrats refused to listen. The “doom-sayer” McCain was RIGHT.
Obama is just a puppet. He’ll be controlled easily. Watch your wallet, buddy.

NOOOOBAMA !! HIS PLANS ARE NOTHING SHORT OF SOCIALISM. A MISTAKE THIS COUNTRY WILL VEVER FORGET.

you guys are killing me– it says only for families making over 250 k. this DOES NOT EFFECT SMALL BUSINESS OWNERS…get it straight

That’s 1/4 mil a year in NET PROFIT. Small businesses are only taxed on their PROFIT – NOT REVENUE. And Obama’s actually giving tax credits to small businsses to make sure those that are teetering on the edge of $250,000 are farther away from that.

So happy to hear a few intelligent comments. It seems as though most who post couldn’t possibly be old enough to vote by the way they are acting.

Guys:
If you think either of these political
parties/people are on your side, you are
terribly wrong.
They are two sides of the same bad political coin. . . Wholly owned by private interests, and kept in prosperity by our tax dollars.
K.

I don’t know anyone who is going to have any capital gains this year so this tax could be 100% for all I care.

Being here for the first time, I’d call this a lynching by many. The problem for many Americans is they don’t see themselves as a part of the world and rightfully so. The negativity here shows me that those people only think of thier own wellbeing and could careless about what other individuals are going through to get by. It’s time to think of the greater good of this country and the U.S. as a global player and not a global bully. Afterall “globalization” was a nice big term Mr. Bush spoke of, or misspronounced, quite a bit. I’d think that his voters would want to try and be more upstanding and cooperative, globally. Oh but wait all you guys care about is yourselves and not the rest of the world youre a part of. Silly me.

to K: You said you can’t move because you would have to pay $100k in capital gains tax on selling your house.
The first $500k of gains on a primary residence sale are tax free. After that it’s taxed at 15%. To pay $100k means a taxable gain of $667k. So the total taxable gain (not price) of the sold house is $1.167 million – eg the house was bought for $1m and sold for $2.167m. It’s a good problem to have, many people would like to retire with $2m. I’m impressed that you could buy such a house with a $100k salary!
May I suggest renting a place at the new job, so as to avoid having the $1.167m capital gain? And rent out the current place. It would net to zero assuming comparable rents. Plus then you can convert your place to rental, depreciate it, and do an exchange at some point in the future.

I bet more than half of these comments made by mcsame supporters came from white trash families from the south midwest; families that never got a college education and are so stupid and ignorant and know nothing about the economy. White people from the south and midwest are really probably the dumbest people in the world

obama is a socialist, with a lot of potential for a leftist radical like his mentors and buddies. His election will destroy the american way of life. Everyone will suffer, the poor, especially the african-americans will suffer the most even if they get all the frebiees at the expense of the middle class. Like all socialist he and his democrats will destroy the middle class and the rich including the idiot of Buffett. Omaba’s election will be a day that will live in shame, in disgrace, in humilliation for Americsa. God Bless and Save us from this idiot.

To Tom above. Tom are you African? or American?. You sound like an educated African. One that is normally an elitist; one who hates all his co-nationals of color.

The top capital gains tax is currently 15% Obama wants to raise it to 20%. The top federal income tax rate under ronald reagan was 28%. THe only thing the top federal income tax and capital gains tax have in common is they are both taxes much like chocolate icecream and vanilla icecream are both icecream.

Why is it that the Republicans and their supporters on this site and others can’t see past their own noses. I am almost as surprised at the fact that even the Democrats on this site can’t seem to point out the truth in the big picture here (for the most part).
The Republican party has positioned this country and all it’s sectors so that we can not survive, wealthy or not.
Wars are expensive, someone has to pay. Redistribution of wealth is what America’s tax system is about… We take, supposedly fair, taxes from our citizens to pay for the government programs that grow our country and make us a contender in the world… This is not socialism, it is America, it is our democracy.
We absolutely must invest in our military, we must invest in education, we must invest in programs that the private sector either fails at or can not provide that are vital to our survival as a nation and above all we must, from time to time, adjust the tax policies for the betterment of our economic condition.
You can not argue this. If you do then you can’t see past your own nose, in which case you will probably huff and puff and not read the rest of this post. Bye.
The Republican agenda has removed trade tariffs, (Clinton signed the Bush written NAFTA with added balance restrictions that Bush Jr. removed when Bush Jr. pushed CAFTA and the other free trade agreements).
The Republican deregulated sectors of our financial system that resulted in our economic meltdown. Even Bush Senior deregulated the Mortgage industry thus allowing Fannie Mae and Freddie Mac to hand out NINJA loans during the 90s. Of course some Dems as well as the mortgage industry in general are going to take advantage of the situation presented to them by deregulation.
Barack Obama wants to increase Capital Gains taxes from 15% to 20% which is still much lower than what they were when the great Republican, Ronald Reagan was in office. What was Reagan’s tax policy called? Trickle down economics? Or was it Socialism?
How are the bulk of this nation’s citizens going to afford the products that the companies make over seas if they can’t get a paying job?
Barack Obama wants to invest in our own energy policy so that we move towards being self sufficient, why is that socialism? The Enron’s have failed us!
Drill? Why? So we invest millions in drilling for a Band-Aid on the real problem? Ignorance, simple and clear to see.
The Republican’s have destroyed our civil liberties and made it so that anyone can be monitored, anyone can be searched without warrant, anyone and everyone is guilty until proven innocent if and when the powers that be want to treat you that way.
Who is going to pay for the war? We all are! We are all going to be required to redistribute our wealth to the government to pay for Bush Jr. acting as a Terrorist (by our own definition) and attacking a country with no legitimate reason… oh that’s right, we attacked them not because of the WMD but because Sadam had killed tens of thousands of Kurds and Iranians with chemical weapons… Guess what, those chemical weapons had a little stamp on them that said, “Made In The U.S.A.” and Ronald Dumbsfeld negotiated the sale with Sadam of those very weapons in the Reagan administration.
Talk, about flip flops. Factor in the Iran Contra affair and you have the very basis of the Republican foreign policy and the reason there are terrorist that hate us to begin with! So it is patriotic to vote a party in that plays both sides of foreign cultural diversity until we can bomb one or the other? IS that why you vote for Republicans?
Guns? All the Democrats want to do is keep machine guns out of the hands of minors, Dems never wanted to take guns away from citizens! However, those that ran to the pawn shop to buy a gun before November 4th probably shouldn’t own a gun with such a level of ignorance that they thought they wouldn’t be able to buy a gun on November 5th! Beside the point, we already have gun control, we already won this battle, yet you idiots still think this is an issue. Actually Barack Obama wants to invest in educational programs that helps the Sportman sector of our nation grow with gun education and hunting education, protection of and rights to federal hunting land as well as increased lands in these programs.
The Republican agenda has destroyed our education system. No child left behind was a joke. The Republicans always win office by making every issue a Candy Bar commercial and then the idiots that follow them try to spin it into something valuable. No child left behind is the direct reason children are now graduating high school without the basic ability to read. I guess it is easy to pass illusions on a stupid nation.
Some say that basic health care, education and other basic fundamentals of our nation and our nations position in the global community are not rights but something you must earn. While I am all for someone fighting their way out of the trailer park and into a real estate empire (I am on my way to that very scenario) or some other way to success without me having to hold their hands, I completely understand that an investment is just that, an investment… if we do not grant certain rights to our citizens and invest in the general future of all our citizens then arguing over Republican or Democratic agendas will become a moot point when we are all so stupid that we can’t tie our own shoes much less understand what happens when you screw at 12 years old and toss new borns into this country with no way for our economy to support them.
The war in Iraq is a joke. We haven’t caught Osama Bin Laden… are you kidding me? It can only be because the Bush family has direct ties to the Bin Laden family. If scam artists in another country can steal identities of American citizens then God knows the power of our military and cia can find Osama. I know this is an assumption but if not, then maybe we all need to move to a country with more capable intelligence agencies.
Bigger Government? Our government grew larger in the Bush Jr. eight year mistake than it did with any former president. Besides, having a bigger government in areas that we must invest in for the safety and future of our country is not a bad thing, it is a great thing, it is a patriotic position that everyone needs to get with. It is not socialism if we protect our nation with government investments!
So we borrow 38% of our nation’s value from China and then we spend it at a rate of $700 billion a year to nations selling us oil! Are you really so stupid that you think a government program to invest in our own future to give us energy independence until such time that it can be handed over to the private sector is socialism? Have you ever heard of a little government program called “THE INTERNET”? It was funded and created by the government and was passed on to the private sector once it became a viable, profitable sector of our economy.
Here is another odd ball fact in my personal life… I have worked hard, very hard, to build up a little life for myself and I am fast approaching the level of income that would, on the surface – in the candy bar commercial, place me in a more beneficial, albeit extremely selfish, position to vote for McCain’s continued Bush economics. However, I personally feel that every dollar I put in my community and every dollar I give to my country is something called Patriotism and is something called a long term investment in my future as well as all those that love this country as much as I do.
The Republican agenda has destroyed what was once a well oiled machine.
I agree in the checks and balances that we have and always will have in place to protect us from the extreme positions of any particular political party.
It is the very checks and balances that are built into our government that allow the people to stand up from time to time and say “We Want Change” and when one side has gone to far, that is when the nation stands up and screams for change. It has done so and the Republicans need to go back to the drawing board, study what the original Republican’s stood for and realign themselves with the country so that when the Democrats start taking us in the wrong direction, the Republican’s can save us.
Just remember it is the current Republican agenda that has all but destroyed this nation. You give me a more responsible Republican party and you will get my vote!

Actually they can. You do not have to have encome to file a 1040. Only a 1040 is needed, not income in order to receive a rebate. There will be plenty of community organizers out there to help file 1040′s with no income.
Smart one aren’t you?