Yes. That’s my point. Gates donates wealth to offset any income he may otherwise have. He does not draw much salary (in fact, I’m not sure he draws any at this point), so payroll taxes are not a problem for him, and certainly the bulk of the “tax on the rich” proposed by Obama is the payroll tax increase that only applies to “earned income” (not investment income or capital gains) over $250K. I am all for Gates donating his money. I think it’s terrific, and that he can do a much better job spending it than would the government.
And, yes “Wall Street” makes their money through investment (e.g., hedge fund managers), and also will not be subject to the new payroll taxes. Even Obama is not proposing taxing investment income at ordinary income levels, just raising it to 28% instead of 15%. In fact, I would support Obama but for the payroll tax proposal. And, no doubt he will win. McCain has shown how little he cares about experience with this absurd IMO selection of Palin. Blatant pandering by Obama to class envy more than offset by blatant pandering to Christian right-wingers by McCain. McCain has lost all credibility he may have had in the “experience matters” issue. He is wrinkled, shriveled toast. His only chance to win is the closet racist voters in swing states, who will lie to pollsters about who they are voting for.
Obama is a great role model for young black America, and as one of the earlier posters commented, will probably make a fine president, but for whatever damage his tax policies may achieve. And, as the earlier posters have also pointed out, he cannot raise taxes by himself. It takes both houses to pass the increases. He just signs them.
“Wake up and smell the coffee” – huh? Do you think I am a supporter/defender of the republican party? Except on taxes (sort of – they are still too high) and maybe immigration (I am for open borders for true workers, but we already have an abundant supply of native-born slackers), GW has been one of the worst presidents in a long time, maybe ever, certainly since Jimmy Carter. I am a registered Libertarian (for more than 20 years, now). We have all manner of nut jobs run as candidates, but at least they don’t want in my wallet like the Dems (except for campaign contributions), or in my bedroom or my wife’s uterus like the Republicans.
OK, done ranting. Back to work. There’s still four more months to keep 55 cents of each incremental earned dollar. Plenty of time for slacking starting in January!
