Friday, August 15, 2008

Video: Obama = Taxes

New ad from Team Maverick:

UPDATE: Republicans have called for the elimination of capital-gains taxes, which have the effect of punishing investment, especially in real estate. Instead, Obama wants to increase the capital-gains tax on families earning more than $250,000.

Supposedly, people earning more than $250,000 a year are rich. But since income is annualized, and the sale of a home is income, then the year that you sell your house -- for which you paid $150,000 in 1995, but which is now worth $400,000 -- guess what? You're "rich" that year, and Obama's raising your taxes.

Capital-gains taxes, like estate taxes, are a moldy leftover of the New Deal era, originally conceived as a means of taxing inherited wealth accumulated before the income tax was instituted. But today's investors have accumulated their capital while paying tax on their incomes -- it's already been taxed once. To force them to pay another tax when they sell their assets or leave an estate to their children is an unfair double-taxation that discourages investment without producing significant revenue for the government.

The main beneficiaries of these idiotic tax policies are (a) tax lawyers and investment counselors who help guide rich people through the loopholes, and (b) the Democratic politicians who dishonestly demagogue these measures as taxing "the rich." Anybody stupid enough to fall for Obama's tax-the-rich nonsense deserves to be screwed over.

No comments:

Post a Comment