What do you think of Obama raising the capital gains tax?

Question

Senator Obama is in favor of raising the capital gains tax to 28%.

Answer 1

I think it stinks.  I am by no means wealthy, by the way.

Think about it like this:

If you buy a piece of property for $10,000 and later sell it for $20,000, you have a capital gain of $10,000.  At the current 15% rate, you give our government $1,500.  If Obama has his way, you would give the government $2,800.  What has the government done to earn that money?  NOTHING.

Don't be swayed by the rhetoric from the left that says this would only affect the rich.  I know a lot of people living paycheck to paycheck who meagerly invest who would be unfairly punished by a hike in the capital gains tax.  Actually, it's the working and middle class that would be affected most, as the rich would not feel the pinch as badly.

Answer 2

I think if someone wanted to create a bear market, they would double the capital gains tax.

And everyone needs to read this before they vote in November:  (Yes, it's Dave Ramsey's rant about butt-scratching and bass-fishing, but don't judge an article by its title.)

http://www.daveramsey.com/etc/cms/butt_s...

Answer 3

I guess increaing capital gains tax will also increase loss deductions.  So it won't be too bad.  We would all be in the same sinking boat.

Answer 4

He can't do it.  Only congress can do it.

Answer 5

Watch out if he wins the Presidency for ALL taxes will go sky high.  Pollosi and her liberals are already getting ready to push for MORE Government controls.  We should all wright our Congressmen and ask the to vote YES on the new Oil bill.  Take a look at our Educational system.  Take a look at all the inane questions that young people ask on this medium we are on.  I feel sorry for those youngsters who are getting nothing out of their education.  It used to be one went to school toe LEARN that is NOT the case anymore.  Teachers can NOT FORCE children to learn so we are loosing another freedom..... The Liberals will make sure for they want us to be tottally dependent on Government, thusly THEY CAN CONTROL US easier.  GOD HELP US!!!!!!!!!!!!!

Answer 6

I have rarely ever made any captal gains...so I say RAISE it!!!

But seriously....only people who have any real kind of money already  are the ones who pay this tax and in some cases it already is 28%.

this income for many is just extra gravy...so why not tax it at a consistantly higher rate.

What i really wish though is that corruption was kept to a minimum...then we would not have to pay as much in taxes.

Answer 7

Typical of liberal Democrats, Obama wants to punish achievement and give the money people work to earn to those who are too lazy to work. It's a good thing that most of the peopel who would benefit from Obama's theft from working peopel are too lazy to vote. This will save America from the damage Obama would do if given power.