Taxes under Barack Obama for futures

Hi,

Barack will actually raise capital gains rate from 15 to 20(not 28%)

Says so herehttp://www.barackobama.com/pdf/taxes/Factsheet_Tax_Plan_FINAL.pdf

I just want to make sure what the tax treatmen will be like.

Currently the blend rate is 23%,

But assuming he raised it to 28%(15-28)

.6*.28=.168
.4*.35(wtv ur rate is)=.14

.168+.14=.308=30.8%.

But is he only raises it to 20%, like his webiste says

.6*.2=.12
.4*.35=.14

.12+.14=.26=26% much better.

Assuming 100% income is from futures only, under Barack Obama, I would then be paying 26% up from 23% right?

I just want to make sure I have it down.

He only plans to raise the 15% rate. There is no mention about the short term rate. I don't think he plans to do anything about that, because there is no mention. unless there is a surprise.

Anyone with a better answer?

 

Promises subject to change.

 

anyone with any serious responses

 

Well, for over 250k a year (household, less for single from what I remember), he wants to raise that .35 to around .40 (which causes a big problem for most of ET'ers of course), so I think you should build that into your expectation as follows:

.20*.60=.12
.40*.40=.16

so net is 28% if he only raises LT capital gains to 20%. I he raises the cap gains to 30% like he's promised in the past, then you're looking at a blended rate in the mid 30's. In other words, 10% higher than it is now.


It's funny, I was watching some argument between an Obama and McCain supporter on one of the cable news shows last night, and the Obama supporter kept sidestepping the raising taxes on an actual majority of "small businesses" question, trying to make it sound like small businesses were actually going to benefit under Obama, but he kept getting pushed on the devilish details until finally he got flustered and blurted out: "well someone has to pay for the war in Iraq." Yep, the truth finally came out, Obama wants to raise taxes on you, not just the other guy.

 

Fight the Future pretty much nailed it.
Biden Can't Count

 

i hope he doesn't raise the LT rate.

 

Hope you guys like the "change" Obama is promising.

Grease up your brown eye and grab your ankles.

This country is going to be so f-cked

 

brown eye? ewwwwwwwwww

 

I think Obama has over promised to such an extent, that he will be lucky to get a 2nd term, in my opinion.

His math just doesn't add up. He will have to do one or more of the following:

1) Not deliver on many of his social spending promises
2
) Raise taxes significantly on ALL NET TAX PAYERS.

3) Create deficits that would make Bush blush.

I don't believe with a nice majority in congress that #1 will be an option for him, so raising taxes and deficits seem likely.