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Re: Jesse Jackson wants to cut Obama's nuts off
Originally Posted by Lyle
His great experience told him it would be a good idea to invade Iraq, and the US then invaded and got its arse handed to it by the Iranians. Obama thought invading Iraq would be a bad idea. So probably better to go for the guy with limited experience but a habit of getting the big decisions right.
McCain and the GOP will indeed tax the crap out of you. They've been increasing middle/low income people's share of the overall tax burden every year they've been in power since Reagan in 1980. Clinton reversed this a little but Bush reversed the reverse, leaving low/middle incomes with their biggest-ever share of the total tax burden in modern history. McCain will ramp up Bush's rob-the-poor-to-give-to-the-rich policies. Clinton's economic growth was done by balancing the budget which created the biggest investment boom in history,a boom that saw 22 million jobs created and the biggest-ever (Reagan/Bush 41) deficit turned into a huge surplus. Bush's boom was with borrowed money and failed disastrously, ruining the economy and creating less than five million jobs, record inflation, negligible investment. All while turning a surplus of hundreds of billions of dollars a year into record deficits. Clinton's boom produced tangible economic growth, far bigger GDP growth than under Bush41/43/Reagan all while cutting the deficits they'd built up and turning them into a surplus. The dotcom bubble only affected a small number of people with capital to invest and was not of Clinton's making. The Bush housing bubble is screwing Middle America, everybody who owns a home and was of Bush's making. Obama will actually cut taxes on low/middle income earners and rightly so. It's the only way the US economy can get going in the long term.
Capital gains tax is paid by people with actual investments, the top-earning couple of percent of the country. Cutting the tax only increases their income, has no bearing on the actual economy. It's a tax the elite pay a lot of because their income is inherited and not earned, so cutting it is a regressive step, a step away from rewarding hard work and enterprise and a step towards more handouts for moneyed elites and inherited wealth.
Only a small number of super-rich GOP people want capital gains to be cut and get the journalists that work for media outlets they own to push for cuts. Where did you read stuff about cutting capital gains being a good idea? Did you know that if you're really wealthy and can afford tax lawyers to deal with the IRS for you you can get all your income declared long-term capital gains and pay only 15% tax? That's only slightly more than you pay in payroll taxes, another tax that falls mainly on low/middle income earners. Payroll tax falls on the first $95000 of yearly income only, so if you earn ten million you still only pay the same payroll taxes as somebody who earns $95k. Why does no GOP politician ever call for a cut in payroll taxes, hmmm?
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