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View Full Version : Time to Slam Obama's Tax Plan



FinFatale
09-24-2008, 11:33 AM
http://www.newsmax.com/morris/obama_tax_plan/2008/09/23/133511.html



During the Great Depression, Congress raised taxes sharply in the Revenue Act of 1932. The top rate went from 25 percent to 63 percent. As a result, the real GDP dropped by 13.3 percent, and unemployment rose from 15.9 percent to 23.6 percent.

In 1990, Bush-41 famously broke his "Read my lips no new taxes" pledge of the 1988 campaign and raised the federal gasoline tax, federal excise taxes, and imposed 10 percent surtax on the top income bracket, raising its taxes to 31 percent. The recession that followed in 1991-1992 cost him re-election.

It is obvious that increasing capital gains taxes by a minimum of one-third and possibly doubling them, both of which Obama has proposed during his campaign, would send a clear signal to investors to keep their money under the mattress.

phinfan3411
09-24-2008, 11:45 AM
This is something McCain should really hit on. How in the world with the economy in its current state can Obama stand by his capital gains tax increase?? It is beyond me, that is the literal LAST thing we need. Way to go Barack!

WSE
09-24-2008, 11:55 AM
Obama needs to keep talking about tax breaks McCain is proposing for big oil, and keep up with the facts that if your family make less than 250,000, your taxes are not going up one cent.

we are in a recession now, with Bush and Republican policies. Hell, they are even forced for a socialist style bailout. We need something different,and thats what Obama needs to keep pushing.

LouPhinFan
09-24-2008, 12:37 PM
Obama needs to keep talking about tax breaks McCain is proposing for big oil, and keep up with the facts that if your family make less than 250,000, your taxes are not going up one cent.

we are in a recession now, with Bush and Republican policies. Hell, they are even forced for a socialist style bailout. We need something different,and thats what Obama needs to keep pushing.

Even if that "something different" has been proven by history to be detrimental to economic recovery?

Mark my words, if Obama gets elected and is able to raise taxes on that $250K bracket, small business creation will slow to a crawl as will any economic recovery there might be. He'll be voted out on his ear in 2012 after one term just like good 'ol Jimmy Carter. If you want to raise taxes on someone making, say, $5 million a year...meh...who cares, but raising taxes on the bracket that makes $250K to $1 million is hitting small business owners hard and they're the backbone of this economy.

Dolphan7
09-24-2008, 06:57 PM
There are two primary reasons politicians like to go after the Rich.

1. Economic growth

2. Increase tax revenues

I have yet to see anywhere in history where taxing the rich achieved either one of these.

In fact lowering taxes on the rich increases tax revenues and has a tendency to help improve the economy.

http://online.wsj.com/article/SB121659695380368965.html

Ferretsquig
09-24-2008, 07:11 PM
There are two primary reasons politicians like to go after the Rich.

1. Economic growth

2. Increase tax revenues

I have yet to see anywhere in history where taxing the rich achieved either one of these.

Perhaps you should pay closer attention to history? Make a chart from 1950 to today of taxes on the upper 1% of society and superimpose it on one of real economic growth.