Obama says he won't raise your taxes (for 95%)

[TripletDaddy]

Originally Posted by Tex

Give this man a gun!

Nice post.

As usual, you take up a lot of space yet manage to say almost nothing.

[ChinoCoug]

Originally Posted by hyrum

First of all I don't believe him. The 95% figure is utter BS. Maybe only 5% have earned income over $250k, but there are a lot of people who earn less than $250k but pay capital gains tax (though maybe no longer in these markets - stocks, commodities, real estate all declining) or who have a small business who will have their taxes increased.

Cap gains increase is only for those making $250K+. It'll be eliminated if you're starting a business or investing in small businesses. 98% of small business don't make $250K plus. Estate tax will only go up on properties over $7M (?). Corporate taxes will be reduced and loopholes closed.

[creekster]

Originally Posted by ChinoCoug

Cap gains increase is only for those making $250K+. It'll be eliminated if you're starting a business or investing in small businesses. 98% of small business don't make $250K plus. Estate tax will only go up on properties over $7M (?). Corporate taxes will be reduced and loopholes closed.

What does "loopholes closed" mean, exactly? One man's loophole is another man's lifeline. I would like to know what is considered aloophole.

[ChinoCoug]

Originally Posted by creekster

What does "loopholes closed" mean, exactly? One man's loophole is another man's lifeline. I would like to know what is considered aloophole.

http://www.washingtonpost.com/wp-dyn...102601860.html

The US's corporate tax rate is 35%, highest among industrialized countries. But the effective rate is much much lower because of deductions. Lowering the rate and closing distortions will allow businesses to quit wasting time looking for loopholes and focus on productive activities.

[Tex]