Seems like Obama is trying to get back to center regarding his economic policy in his latest speech. He’s now saying he thinks 20% cap gain is enough instead of 28%. He then say he wants to completely remove cap gain tax for small businesses. He says he’ll reduce tax for the lower 95% of Americans and raise taxes on the top 5% to cover the cost. He also say that he won’t make these tax changes until the economy is better and booming again.
Here’s my take on these issues. I like 15% over 20%, but I’ll settle for 20% over 28%. Regarding removing cap gain for small businesses and start-ups, does that mean we all can create a small business to take advantage of the tax free cap gain?
In regards to the top 5% comment, based on 2005 data, which is the most recent I can find, top 5% is anyone making ~$150k or more(linky). That would put many double income families in big cities in that range since, including people like cops/teachers/nurses/firefighters who we’d consider middle class jobs. At first, I thought it was supposed to be the top 1%, which is well over $250k since >$250k is top 1.5%. But now, it seems like the bar of what he considered rich got lowered to the level where most of us will be consider rich if we have double white collar income.
Regarding the last statement, if the economy continue to get worse like a lot of us on here believe it will, especially with the next wave of reset coming, will we not even see any change in the tax code during his first term? His first term ends in 2012 and most of us think it won’t get any better until the who reset fiasco clears the system, which is around 2012.
What do you piggies think with this new development?
Obama’s plan wrt income tax is to return 33% and 35% brackets to pre-Bush 36% and 39.6%. A married couple would pay extra 3% of tax on any income in excess of 200K taxable income (maybe 220-230K gros), and extra 4.6% of tax on any income in excess of 360K. I’d call that fairly centrist.
Obama’s plan wrt income tax is to return 33% and 35% brackets to pre-Bush 36% and 39.6%. A married couple would pay extra 3% of tax on any income in excess of 200K taxable income (maybe 220-230K gros), and extra 4.6% of tax on any income in excess of 360K. I’d call that fairly centrist.
Obama’s plan wrt income tax is to return 33% and 35% brackets to pre-Bush 36% and 39.6%. A married couple would pay extra 3% of tax on any income in excess of 200K taxable income (maybe 220-230K gros), and extra 4.6% of tax on any income in excess of 360K. I’d call that fairly centrist.
Obama’s plan wrt income tax is to return 33% and 35% brackets to pre-Bush 36% and 39.6%. A married couple would pay extra 3% of tax on any income in excess of 200K taxable income (maybe 220-230K gros), and extra 4.6% of tax on any income in excess of 360K. I’d call that fairly centrist.
Obama’s plan wrt income tax is to return 33% and 35% brackets to pre-Bush 36% and 39.6%. A married couple would pay extra 3% of tax on any income in excess of 200K taxable income (maybe 220-230K gros), and extra 4.6% of tax on any income in excess of 360K. I’d call that fairly centrist.
