Thursday, July 24, 2008

Barack Obama will break the back of our economy.

The economy is not doing well right now. It is yet to be determined if we are actually in a recession, but I am sure that the Dems and MSM are crossing their fingers so they will finally be able to talk about "The Bush Recession."

It will also give Barack Obama more opportunity talk about his plans for "change" in the economy. The corner stone of this change will be a raise in taxes. Obama asserts that he will not tax us middle and lower class Americans only those who are "rich" or even "super-rich."

He will accomplish this by raising the tax rate on those in the upper income tax brackets, but also by increasing capital gains tax rate. Barack's assumption is that trading stocks and selling commodities (such as real estate) is only the playground of the American blue-bloods. This mindset is naive and stupid.

Most Americans today trade in stocks and bonds through 401k and IRA retirement plans. With Obama raising taxes on capital gains it will damage your prospects for retirement. With Obama's tax increases you will get less of the profits when you sell your house for another one. He is not attacking the rich, he is attacking you and me.

What is the point of Obama's proposed tax increases? It can't be for increased revenue to the government. The Bush tax CUTS of 2003 vastly increased the whole amount of revenue that the US Treasury took in from the rich.

So why is Obama sticking to these tax increases? I wish I knew.

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