Obama wants to Raise Taxes, Good or Bad for the Economy?

[beenthere]

"President Obama called Monday for extending tax cuts for middle class Americans while allowing a rise in taxes for what he said was the 2 per cent of the population earning more than $250,000 a year. Romney supports extending the federal tax cuts, first signed by former President George W. Bush, for all income earners.

The White House is again raising the tax issue with full knowledge that the Republican-controlled House of Representatives will not accept such a move unless it also includes extending tax cuts for high-income earners."

He also wants to raise the capital gains and dividend tax rate from 15% to 30%!
What will this do to the stock market and more importantly, to our already struggling economy?

Along with the rich, there are millions of middle class Americans that have money invested in the stock market, so here's a question I have.
If you had a good portion of your money invested in stocks, mutual funds etc. at the current 15% tax rate and Obama got his way, would you pull your money out before the rate increased to 30%, and do you think thousands if not millions would do the same?

I believe this would be disaster.

 

[UncleBuck]

oh noes! a 4.6% top marginal tax rate increase! the sky is falling! socialism! mitt romney will have to pay as much taxes as the guy training his dressage horse or the illegals landscaping his house! oh noes!

 

[FlyLikeAnEagle]

Nice trolling title.

 

[ChesusRice]

oh noes! a 4.6% top marginal tax rate increase! the sky is falling! socialism! mitt romney will have to pay as much taxes as the guy training his dressage horse or the illegals landscaping his house! oh noes!

Guys like Mitt Romney have suffered enough
One time in college he was so poor him and his wife considered selling stocks from their portfolio

 

[beenthere]

oh noes! a 4.6% top marginal tax rate increase! the sky is falling! socialism! mitt romney will have to pay as much taxes as the guy training his dressage horse or the illegals landscaping his house! oh noes!

Not worried so much about the marginal tax rate increase, it's the capital gains and dividend tax I'm concerned about, could have sworn I emphasized that in the OP?

 

[beenthere]

Nice trolling title.

Debating taxes is now considered trolling? LOL

 

[beenthere]

Guys like Mitt Romney have suffered enough
One time in college he was so poor him and his wife considered selling stocks from their portfolio

I see, you must not have that much knowledge of investments or the effect of taxes on economies!
Back to the Trayvon Martin thread for you Cheesy

 

[FlyLikeAnEagle]

Debating taxes is now considered trolling? LOL

No, saying "Obama wants to raise taxes" is trolling when he wants to extend tax cuts for 98% of taxpayers, against the republicans wishes. Your title should actually read "Republicans want to raise taxes".

 

[beenthere]

No, saying "Obama wants to raise taxes" is trolling when he wants to extend tax cuts for 98% of taxpayers, against the republicans wishes. Your title should actually read "Republicans want to raise taxes".

Then I'd be FOS like you, republicans want to extend the tax cuts for every American bro, where ya been, under an MSNBC rock?

 

[UncleBuck]

Not worried so much about the marginal tax rate increase, it's the capital gains and dividend tax I'm concerned about, could have sworn I emphasized that in the OP?

how will mitt rmoney ever survive if he is taxed at the same rate as his dressage horse trainer or illegal immigrant landscapers?

 

[beenthere]

how will mitt rmoney ever survive if he is taxed at the same rate as his dressage horse trainer or illegal immigrant landscapers?

Hell, and I thought you had at least a little smarts on investments, obviously not if you don't understand the OP.

 

[UncleBuck]

Hell, and I thought you had at least a little smarts on investments, obviously not if you don't understand the OP.

if people making $20 million a year are taxed like the rest of us, how will they ever afford to pioneer zebra dressage?

 

[UncleBuck]

moar trikel doun plz it werkz soh wehl

 

[Rob Roy]

Taxation does not stimulate growth. Free trade exchanges between willing parties stimulate growth and increase sales.

 

[Canna Sylvan]

Taxation does not stimulate growth. Free trade exchanges between willing parties stimulate growth and increase sales.

Not quite. When our capital flows to other countries faster than our goods, is what caused this mess.

 

[Rob Roy]

Not quite. When our capital flows to other countries faster than our goods, is what caused this mess.

"Our capital" ? Protectionism holds unintended consequences, for instance it stifles innovation.

 

[Canna Sylvan]

"Our capital" ? Protectionism holds unintended consequences, for instance it stifles innovation.

Sorry, you're wrong. We import more than we export or sell to our own people. This can't go on forever, and we're already feeling the consequences. Our capital is also being diverted by illegals who work here without paying taxes and then ship those USD back to their own country. This has led us to debt financing and the continuing national debt. This in turn led to our bond rating getting lowered. No amount of regulation free buying is going to save us. We actually need to produce something like we used to be known for. Made in the USA used to mean quality. Now all it means is over-priced stupid buy.

Innovation is being stiffled because we prefer diversity over the most qualified.

Is your new HDTV made by an American company? Do you know any friends who do? Look at how many own one. I actually own a DWIN, American HDTV. I own a Romney owned Denon Blu-ray player. I own a Lumagen video processor made by an Oregon based company. How many people can say that?

 

[Rob Roy]

Sorry, you're wrong. We import more than we export or sell to our own people. This can't go on forever, and we're already feeling the consequences. Our capital is also being diverted by illegals who work here without paying taxes and then ship those USD back to their own country. This has led us to debt financing and the continuing national debt. This in turn led to our bond rating getting lowered. No amount of regulation free buying is going to save us. We actually need to produce something like we used to be known for. Made in the USA used to mean quality. Now all it means is over-priced stupid buy.

Innovation is being stiffled because we prefer diversity over the most qualified.

Is your new HDTV made by an American company? Do you know any friends who do? Look at how many own one. I actually own a DWIN, American HDTV. I own a Romney owned Denon Blu-ray player. I own a Lumagen video processor made by an Oregon based company. How many people can say that?

Perhaps we are not discussing the same thing. You may see the flow of money and exchange of goods as something that can stop at an imaginary line / border, that seems rather limiting. As far as "saving us" there is no "us", that is an artificial construct to further convince you to do the bidding of others and accept nationalistic and isolation type methods.

I don't have a tv and like it that way.

As far as producing something good in the USA, protectionism can lead to inferior products. I think Harley Davidson motorcycles suffered in the 1970s 80s? because the U.S. government added tariff expense to technologically superior japanese bikes.

Blaming "illegals" for the problems in this country misses the mark I think. What has lead to debt financing is politicians with their heads up their asses and their hand in your wallet.

 

[ChesusRice]

Harley Floundered in the 80s and 70s due to poor management and a inferior product
The television manufacturing ceased in the USA after the Japanese dumped Their TV sets into our market for 25 years
by dump i mean
They sold us Televisions for less than than it cost them to make them
China is doing the same thing for example
Solar panels
Next time someone brings up Solyndra
You should think about that

 

[Canna Sylvan]

Blaming "illegals" for the problems in this country misses the mark I think. What has lead to debt financing is politicians with their heads up their asses and their hand in your wallet.

Not producing ourselves, which includes not providing our own labor. The only thing keeping us afloat is their hand, but it won't last if we don't start producing again. It's only a bandaid when they interfere. If the government stopped interfering, where would we get the means to buy?