A taxpayer voting Barack Obama is like a chicken voting for Colonel Sanders

oh Beaumont.... You've done me proud again.

But seriously, who cares?

 

probably Obama's biggest idiotic thought: "hey, let's raise taxes while we recover from a period of slower economic growth". F'ing r****ded

 

the lowering of taxes did a great job getting us here

 

FIXED

 

^^^
No understanding of economics = no cred.

 

nice substance on the retort as usual, curious you started posting again with your big brother, what's up with that?

 

There are probably like 2 people in beaumont that make enough money to be in the tax bracket that will see increases under Obama.

 

I would rather have tax money be spent on the invasion of other countries. sorry, i meant on democracy not invasion. =/
I hear that Switzerland has hostile intentions, maybe we can liberate them from the federal republic.

 

How could anyone not understand that joke?

 

I guess he could have said "like a cow voting for Burger King", but he is already a King and not subject to the electoral process.

 

is this true?

 

Up to a point. I believe if you net less than $500,000 you don't have to claim it providing you used the house as your primary residence at least 2 of the previous 5 years before it is sold.

 

actually obama isn't proposing to hike taxes but to move the tax burden from the middle class to the rich. that's because folks like me take the money i have and stick it into foreign investments and gold - which doesn't help our economy at all.

rather put the money into the hands of the middle class, and that will drive spending.

also, by ending the iraq war and balancing the budget, the gov't will be in better position to increase spending and help get us out of recession. So i have to question your understanding of economics to make such an attack.

it seems to me that you are more interested in being partisan than objective.

 

So you believe the slow economy / recession is going to last into 2010? If so, that doesn't speak well at all about the Bush economic policies. Basically, it will be one of the biggest 8-10 year economic failures in history in that scenario.

 

but the guy sounded like there is no capital gains tax on all property sales at all and Obama is going to introduce capital gains tax on property sales.. based on the article, Obam is only going to increase the current rate of existing capital gains tax

and to the twins, do you think a realtor is an expert on economics?

 

I should have clarified - US History, of course. I believe the only worse period that long might be the Great Depression.

 

Only rich people pay capital gains tax?

 

I think that is an Obama "myth" with respect to home sales. I believe I read where Obama would keep the sales of home as is. That being said, if he raises capital gains, then you would pay more after the $500,000 ($250,000 if single) limit is reached.

Here are the current IRS guidelines (link - http://www.irs.gov/publications/p523/ar02.html#d0e2017):

Maximum Exclusion
You can exclude up to $250,000 of the gain on the sale of your main home if all of the following are true.

You meet the ownership test.

You meet the use test.

During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home.

If you and another person owned the home jointly but file separate returns, each of you can exclude up to $250,000 of gain from the sale of your interest in the home if each of you meets the three conditions just listed.

You may be able to exclude up to $500,000 of the gain on the sale of your main home if you are married and file a joint return and meet the requirements listed in the discussion of the special rules for joint returns, later, under Married Persons.

Ownership and Use Tests
To claim the exclusion, you must meet the ownership and use tests. This means that during the 5-year period ending on the date of the sale, you must have:

Owned the home for at least 2 years (the ownership test), and

Lived in the home as your main home for at least 2 years (the use test).

 

Only rich people and people cashing out their retirement accounts pay any significant portion of their total tax burden as cap gains tax. If you have an increase in a cap gains rate and other deductions/decreases, then chances are, the wealthy will pay more taxes and the poor/middle class will pay less tax.