Obama, Edwards Craft Tax Hike Plan to Destroy Wealth and Savings

Building wealth is to save your money and invest them wisely, raising tax on dividends and capital gains is not going to help.

 

9/11 changed everything

Rocket River
seems to work for the republicans

 

i'm not quite sure you understand what it is to have a lower middle income or lower class lifestyle. I don't have first hand experience either, but I've seen it.

Save money and invest wisely takes a back seat to putting food on the table, clothes on the back, roof over the head, etc.

 

maybe one of you economics people can answer these...

isnt the dollar getting killed right now? is it bad for the dollar when you cut interest rates like they just did? and is it bad for the dollar when you artificially pump more currency into the market like they just did?

and oil is at its highest price (over $80/barrel)?

http://www.americanresearchgroup.com/economy/

only 29% of americans approve of bush's handling of the economy. i guess that makes the other 71% of us "liberals", huh?

furthermore...
"A total of 8% of Americans say that the national economy is getting better, 29% say it is staying the same, and 59% say the national economy is getting worse."

so for tj, 70% of the country are a bunch of "liberals". anyone opposed to the iraq war is a "liberal", right? - so that makes about 70% of us. and anyone who thinks the economy is not going great is a liberal, right? again, that makes about 70% of us. face it, you are in the minority on virtually ALL issues. the majority of the country does not stand with you or your precious.

 

I sometimes wonder how you liberals manage to balance a checkbook when you don't understand even the simplest economic models. Allow thadeus_economist to provide you with a lesson;

what's good for me = what's good for everyone.

 

BS, I grew up in one of the lower income families. We still saved quite a bit. You just have to learn to not max out credit cards, no big screen TVs or latest Air Jordans.

 

Saving and investing are two very different things.

Yesterday's rate cute lowers the returns on savings in an attempt to raise the returns on investing. Short of a few CD's who do you know that actually puts money away in a bank? If you don't get in the game, enriching your brokerage firm and the CEO's who make performace bonuses on their stock price you actually lose money to the inflation rate and taxes. Why is interest fully taxable and capital gains taxed at limited rates?

The shysters will get their vig.

Forex - Canadian dollar edges closer to parity vs US dollar after Fed rate cut
09.19.07, 5:51 AM ET
http://www.forbes.com/markets/feeds/afx/2007/09/19/afx4133395.html

 

Unable to present "any" data to challenge the old "stale" data demonstrating the Bush Administration's fiscal abuse on the average family tj slinks from economic battle field before he suffers further humiliation.

UT educated English major- 1

Rice educated MBA (or whatever)- 0

 

A lower dollar increases exports and decreases imports (read China) So theoretically it's good for American Business (what do we export?) and stock prices, but will increase the price of goods most bought by low income consumers. China manipulates the price of Yuan , so they could still keep the exchange rate at the current level if they want.

Oil (currently) is priced in dollars so it doesn't hurt as much as it should. That's why Iran and others want the oil markets priced in Euro's

 

ill post the rest of the article you referenced...

analysts say that the surprise windfall could shrink the deficit this year to $300 billion from $318 billion in 2005 and from an all-time high of $412 billion in 2004.

The increase in tax receipts looks good because the past five years looked so bad. Revenues are up, but they have lagged well behind economic growth.

The surge could also evaporate as quickly as it appeared. Over the past decade, tax revenues have become much more volatile, alternately soaring and plunging in the wake of swings in the stock market and repeatedly defying government projections. Budget analysts, supporters and critics of President George W. Bush alike, cautioned that the current windfall would do little to improve the government's long-term budget woes. Government spending continued to climb rapidly this year, more than twice as fast as the economy.

Spending on the war in Iraq alone was about $120 billion this year, and military outlays in Iraq and Afghanistan have totaled more than $300 billion since 2003. The Bush administration has not included any war costs in its budget estimates beyond next year. The federal debt has ballooned to $8.3 trillion from $5.6 trillion when Bush took office. Republicans are trying to raise the authorized debt ceiling to $9.6 trillion.

Far more ominous, the oldest American baby boomers will be eligible for Social Security retirement benefits in just two years. Conservatives and liberals both predict a huge escalation in costs of Social Security and Medicare old-age health insurance over the next several decades.

"The long-term outlook is such a deep well of sorrow that I can't get much happiness out of this year," said Douglas Holtz-Eakin, a former director of the Congressional Budget Office and a former White House economist under Bush.



you almost pulled a "bill oreilly" on me! nice try...

yes the government lucked into a surplus and the deficit this year will "only" be 300 billion... but, A DEFICIT IS STILL A DEFICIT. when it comes to finances, i dont like counting on luck.

im also shocked that bush has increased the debit 2.7 TRILLION dollars during his time in office. "OH YEAH!!! WE LUCKED INTO A 200 BILLION SURPLUS!!!

and to respond to part b, youre right maybe i should have followed up. but do you honestly think the irs would have given me that money? come on its the irs...

 

edit-Total US debt is over 9 trillion not including derivitives.
You better believe the bankers will be demanding higher taxes.

I guarantee you the next president will be a democrat.

You can take that prediction to the federal reserve bank.

Deficit number means nothing- the only numbers that matter are the amount spent and the amount borrowed. Federal Economics 101

 

TJ, if you are going to reference an article to prove a point, you might wanna make sure that it does so...

after reading the entire article, i found that it went a long way in proving my point.

 

so back to my original point...

BUSH, STOP SPENDING MONEY THAT YOU DONT HAVE!!!

 

and when they do switch to the euro and china and japan start dumping the dollar what is going to happen?

it seems like the fact that oil is tied to the dollar is a pretty big factor in keeping it propped up and valuable on the global market.

 

He does that to conserve bandwidth.

 

because they have worked so well so far

 

I think lowering the capital gains tax is a smart thing to do, but increasing income tax for the wealthy is good way to fund a cut there.

We need to spur business investment big time considering the weakness in the economy right now. Higher income taxes will increase people's desire to invest their money (particularly small business owners) back into their businesses.

It will also encourage people to invest versus accumulate credit card debt.

 

Considering that those with household income > $100K makes up about ~8% of the country, I don't see how this is hurting all Americans. The plan seemed to give a tax break to everyone else.

http://pubdb3.census.gov/macro/032007/hhinc/new02_001.htm