Obamanomics- Capital Gains Tax

As you will definitely have guessed by the end of this post, I have reversed my opinion on Barack Obama. Much as I hate to hurt the cause of our new president-elect, I think the American people need to know the kind of principles they voted for and petition their leader for real, positive change, not more of the same like Obama is actually offering. I repeat: this is not an attack on Obama--I think he is a decent person with the wrong ideas--this is only a source for people to become informed on what will really happen if President-Elect Barack Obama follows through on his campaign promises.

Throughout his campaigning, Obama couldn't seem to decide his position on several tax issues, and when he did make up his mind, it was the wrong decision. Here are a few.

Capital Gains Tax




As you can see in this video, Barack's plan for the capital gains tax is clearly faulty. The capital gains tax, which taxes income made on the buying of low-priced "capital" (stocks, property, etc.) and selling of it at a higher price, would be raised significantly under Obama's plan. Why? For fairness, that's why. Even though it will only bring down upper, middle, and lower class to the same level, a level below what everyone was at before, Obama believes it is the best thing to do.
His overarching purpose for raising the capital gains tax is to gain more revenue with which to finance healthcare, infrastructure, education. His way of doing so will raise the tax to gain more money. But that will actually, as seen before, decrease the revenue gained from the tax.

Also note that Charlie Gibson points out that 100 million Americans own stock. If Obama plans to raise this tax from 15 percent to 28 percent, that is 13 percent more money kept from a major source of income for almost a third of our nation's population, in which I include the numbers of minors and seniors.

Tax breaks? Not likely, at least for the capital gains tax.