I was about to commend that quote as the most apt description of Barack Hussein yet. I agree 100% with it.
Thing about the initial interview with Hillary, and the Maria interview with Obama, I'm not convinced either even knows what a capital gains tax is. That is scary to me. They are the ones who sign or veto bills. I also get tired of hearing how people under certain incomes don't pay taxes. Well, I'm self employed in my other line of work, and I didn't get a tax break on my income, which was not very impressive last year. You only get the tax break under a certain level if you are not self employed. I'd like to see congress spend less time finding more ways to spend my money and redistribute wealth, and maybe donate some time to getting rid of the myriad of idiotic bills and laws they have managed to pass in the last century. Or can that be done? It would be nice to become more free, not less (personally and financially). But then what can one expect. All the big pundits (with a few acceptions) on the financial shows that are supposedly opposed to big guv and regs were crying the loudest for help when the shit hit the fan. Politicians gotta be licking their lips. All one has to do to see the current state is look at the race this year. There is no longer a choice in parties. The pubs have a moderate dem (if I remember correctly, he voted against the Bush tax cuts) on top of their ticket (proof the party is dead), and the dems have two of the most socialistic members of the senate on top of theirs. I didn't ask for a bailout when my new payments kicked in on my 30y arm. I went out and doubled my workload. It wasn't fun, but it got the job done. I have since been able to refi to a 15 fixed and cut back my hours to concentrate on trading. It's called personal accountability. Aint much of that left, is there? Is the guv going to reward me for that? Didn't think so (except for taking more of my money, maybe).
I share your frustration. Unfortunately the Bush so-called "tax cuts" were not tax cuts but simply a shifting of a portion of the tax burden from direct taxation to indirect. (see my post above.) It's true that we are saddled with a myriad of senseless laws and regulations which threaten to bury us with paper work. And the present administration has been the worst in history as far as trampling on our personal freedoms goes and also the worst in managing the economy. I am ready to give the democrats a chance to run things for a while. They can't possibly be worse than what we have suffered this past eight years.
1. If you are an Elite Trader, then you suffers from the bad treatment of short term gains, and hence vote for Obama. 2. If you are not an Elite Trader or you have a lot of asset in long term investment, then do not vote for Obama. If you belongs to case 2, then you are in the wrong forum.
Obama is good for short term gains? How is an increase in cap gains to 29% good for short term gains? I don't follow you.
short term gains are already taxed at the same rate as your other income. so short term traders will see no change in capital gains.
For traders, no change. For long term holders like most congressmen, they pay more for the pie. The end
If I understand, then there would be no increase in the short term gains (less then 1 year holds), only the long, which would be investments (over 1 year). Would the expiration of the Bush tax cuts cause an increase in the short term rate (as other tax rates will go back up)?