Quote:
Originally Posted by 12clicks
wow, there actually WAS someone dopey enough to challenge me on this.
much like yourself, 13% of US workers already pay zero taxes. 95%+13%= a lie.
also, obama wants to raise the capital gains tax his exact words are,"I certainly would not go above what existed under Bill Clinton, which was 28%"
ok, so raising the capital gains rate from 15% to "under 28%" sounds like almost doubling it to me.
if 95% of US workers have zero investments, well then I guess we're ok.
get it? I'll bet you don't.
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I don't want to get in the mud with you on this, but if we're talking facts, then let's talk facts.
Those 13% don't pay federal income taxes, they do pay payroll taxes (FICA). Obama is proposing a tax credit for those people to offset some of their payroll tax.
The 95% number is a little pie in the sky, the actual statement should be "95% of families", and even then you have to look at the numbers in the best possible light...but to call it a lie is a bit much.
28% was the capital gains rate Bill Clinton inherited from George HW Bush, which he inherited from your hero Ronald Reagan.
Clinton cut that rate twice, once to 23%, and again to 20%.
The 20% rate that was in place when Clinton left office is what Obama is proposing to go back to. My understanding is also that the higher rate will only apply to capital gains for those making over 250K per year.
All of Obama's tax proposals will have you paying less taxes than you did under Ronald Reagan, so while tomorrow's taxes might be higher than today's taxes, these are hardly onerous proposals that would hurt the economy.