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A little bit from the associated Press

Published:

McCain proposed lowering the tax rate on Individual Retirement Accounts and 401(k) plans to the lowest rate, 10 percent, on the first $50,000 withdrawn. The McCain campaign estimated it would affect 9 million people over the age of 60, but the biggest benefit would go to the highest income seniors.

"Sen. McCain also shows how little he understands the economy by offering lower capital gains rates in a year in which people don't have an awful lot of capital gains," Obama campaign spokesman Bill Burton responded. "His trickle-down, ideological recipes won't strengthen our economy and grow our middle-class." Burton added that the McCain plan provides "no tax relief at all to 101 million hardworking families, including 97 percent of senior citizens, and it does nothing to cut taxes for small businesses or give them access to credit."

Obama's economic plan announced Monday called for suspending the tax on unemployment benefits as well as extending benefits. The Democrat also for a 90-day moratorium on home foreclosures at some banks, a two-year tax break for businesses that create new jobs and for allowing people to withdraw up to $10,000 from their retirement accounts without any penalty this year and next. McCain called the withdrawal provision "an invitation to capital flight."

This is the SAME kind of economics that George Bush has pandered for the past 8 years.  Trickle down economics does NOT work.  It was a carry over from the Reagan Days.  Reagan figured that when the wealthy made their money first, some of it would trickle down to the bottom..Tain't So.

Entry #58

Comments

1.
jarasanComment by jarasan - October 14, 2008, 6:30 pm
Bill Burton is a shill.

Obama doesn't define capital gains taxes, and neither does Billy Burton. This is the most pathetic two sentence rebuttal I've seen in along time, bashing Reagan is a common dem/leftist tactic, I heard Billy Burton reply live.

This BarryO plan is a "RED HERRING" (look it up).

Billy's reply and Obamas "PLAN" doesn't disclose what they really have in store for everybody including you, "spreading of the wealth" and it's your "patriotic duty to pay more taxes" the "PLAN" is socialism. Let me explain socialism to you: the more money you make the more of it you give to others that didn't make as much or didn't even try. I choose not to give more than I already do, that is why everyone should vote McCain/Palin.
2.
jarasanComment by jarasan - October 14, 2008, 6:32 pm
Here are Barrys friends in New York.

http://www.youtube.com/watch?v=nQalRPQ8stI
3.
LittleoldladyComment by Littleoldlady - October 14, 2008, 7:38 pm
To jarasan, that is bull crap and you know it. Obama doesn't have to define capital gains taxes. I already know what they are. I will never have enough in my mutual fund account to realize any big gain. But so far, I have had a loss so McCain's 10% for me will be pennies, not dollars. Capital gains is the 15% you pay every year on your investments such as I pay on my mutual fund account. Unless I have over a million dollars, 10% means nothing. He is giving that "tax cut" to the wealthy, not to the working people like me. Every year, I pay my fair share of taxes and if I need to give the government a few more dollars so that my grandchild can have a future, I am not going to cry. Right now with the economy shaky and rocky that future is on the line. I am tired of the rich getting all of the breaks and the "middle class" being taxed to death. You see my taxes are a larger portion of my income compared to someone who makes $250,00 per year. I only make 1/5 of that so of course I have to pay more of my income because I don't have enough to realize the deductions that the republicans have put there for anyone who makes more money than me.
4.
jarasanComment by jarasan - October 14, 2008, 8:15 pm
You only pay capital gains taxes on dividends paid to you during the tax year and the selling of mutual funds only if there is a profit when the sale is complete. Hope that your grandchild has a job when you retire, because they will pay the SOCIAL SECURITY administration to pay you back for what you invested into SOCIAL SECURITY, you aren't helping your grandchildren, you are paying for all the retired people NOW that are collecting SOCIAL SECURITY and welfare. If you are making 50K a year your effective tax rate should be around 10-12%, some one making 250K pays an average 28%-30%...................

If you want to give to your grandchildren, give it to them from a trust fund or some instrument when they turn 21. Lets say you are 50 and you reitre at 67 that is 17 years you can save a few dollars a month to make sure they get it and not the govt..
5.
jarasanComment by jarasan - October 14, 2008, 8:21 pm
People other than retirees collect SS, there is also Supplemental Social Security. I haven't mentioned medicare and medicaid, that is another issue.

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