I heard McCain announced a new economic plan today. I went to read about it. The LOLz began.... http://www.thestreet.com/story/1044...ooglefi&cm_ven=GOOGLEFI&cm_cat=FREE&cm_ite=NA Yet under the plan he announced today he wants to give a tax cut to seniors on their withdrawals from their IRAs and savings. Cliff notes: John McCain blasted Obama for proposing ideas that would cause an exodus of cash from the market, and in the same speech proposed tax breaks so that people can... all together now..... take cash out of the market. Something became very clear to me tonight...... John McCain is such a MAVERICK that not only does he get on stage and just read whatever the hell he's told will save his campaign, but he doesn't even read it beforehand to make sure it even makes any sense!! This was nothing more than a ploy (are we surprised at this point?) to make Florida seniors think he was out to help them out.
He also wants to cut capital gains tax..... Yay a tax cut right?.... Wait a minute... wtf is a capital gains tax? Well if you read that link you are probably realizing (if you didn't already know) that capital gains tax cuts are targeted at helping rich (often multi-millionaire) traders on the stock market. Yes you read that correctly.... that was a really slick way of giving a tax cut to wall street. Don't worry though, he'll offer a radically different plan by this weekend if not tomorrow.
In a bear market,Capital gains tax cut would not help anybody Instead of addressing the root cause of the problem (stock market heading southwards) he is proposing some other thing..
This whole bail out the banks plan is starting to seam ridiculous to me. I was just thinking about this and what is so crazy about this is: The fact that it is all the exotic loans, Liar loans, ARM's and the made up or over inflated high valued prices of things. In which case, people have to borrow money just to even have anything. So what do they (leaders) do? They bail out (give money to) all the big banks so they can continue to loan out more money. The very thing that got us in this problem to begin with! Hum, I am no brain surgeon, but it does not take one either to figure out the bail out plan will likely just compound the crisis problem. They should bail out the main street people, or make thing all across the board more affordable. Boulder
The 'stockmarket heading southwards' is not the root cause of the problem. The problem is investment malfeseance in real estate caused by government tax breaks, incentives, programs and government involment. What we have now is a bubble deflating. Continue to loan out more money ... to people that can't afford to pay it back.
50% of people in the United States own stocks in some form (i.e 401K, employee stock, IRA). I guess your saying 50% of the people in the united states are multimillionaires.
Let's put aside for a sec that you just quite literally and thoroughly proved you have no clue what capital gains taxes are and what they are designed to target.... just put that aside. I'll just ask you to re-read my post and tell me where I said only millionaires own stocks? Capital gains taxes are designed to benefit people who'm the majority of their income comes from stock trade. That is the one and only point I made.
It is the very fact in US. I agree with you. I wonder how many (the ration) people in US share the same opinion with you ?
How are capital gains taxes supposed to benefit anyone? It's a tax that is assessed on the sale of any non-inventory asset. Also, according to your link, cuts in cap gains taxs boost economic growth. Here's the text in case you missed it
Capital gains taxes aren't intended to help anyone. You are right. My wording should have instead been capital gains tax CUTS which are what McCain proposes are intended to help more than any other group, rich stock market traders whom the majority or all of their income comes from stocks. Capital gains tax boosts economic growth IF you believe in trickle down economics. And you see where that has gotten us.
Let's put aside for a sec that you just quite literally and thoroughly proved you have no clue what capital gains taxes are since the people who trade stocks for a living are are not taxed at capital gain rates. Since most traders are in and out of a stock in day. In order to qualify for a capital gains tax rate you need to hold a stock for a year and one day. Short term trades those that are less then a year are taxed at the federal rate which increases up to 35 %. Try again.
Gladly Saying "most traders are in and out of a stock in day" proves that you know what day traders are and somehow within your brain they became professional stock portfolio managers. Whom FYI, do not build multi-million dollar portfolios out of stocks they trade out of in a day. Keep going, you've almost reached an epiphany.