| Why the Bush tax cuts are good for the
middle class.
October 28, 2008
1. Lower average tax bracket from 28% to 25%. Less income
tax.
2. No capital gains on dividends. So no taxes on those
dividends we all get on stocks, mutual funds, and 401k.
3. Eliminated the marriage penalty. Tax tables were slanted
so married couples paid more taxes. The Bush tax cut
eliminated the marriage penalty.
4. No capital gains tax on sale of home. Prior to the Bush
tax cut, we had to pay capital gains tax on the sale of our
home. That tax made it very difficult for seniors to retire
where they wanted. Imagine if you had to give the government
25% of the sale of your home on top of whatever taxes your
state charges you. Do you think you would be able to retire
where you want?
5. Most of all, it eliminated the death tax. The death tax
was a shame. How could someone be taxed again just because
they died. This tax caused small family farmers to have to
sell their farms after the parents died. On paper farms were
well over the limit, however the farms aren't profitable.
Obama's spread the wealth is a very bad thing. I know
liberals hate the rich, (although many rich people are
liberals) but it is the rich that fund small companies.
Venture Capitalist take a chance and fund companies so they
can get started. Yes, they make money. But more often then
not, they loose money because a lot of companies don't make
it. Look at all those .com companies that died in 2000-2001.
All those Venture Capitalist lost money.
Obama says he won't raise taxes. He's a liar. He does say he
will eliminate the Bush tax cuts. As I showed above,
eliminating the tax cuts is raising our taxes. An
independent CNN study looked at 3 families. Family A made
$42,000. Family B made $86,000. Family C ran a small
business and made about $209,000. The only one that came out
ahead was family A because they don't pay taxes. It is wrong
for people who do NOT pay taxes to get a tax rebate. Why
should someone who doesn't contribute get money back. This
is the wealth distribution Obama is proclaiming.
We paid a huge amount of taxes last year not including
property, sales, electric, natural gas, phone, water, sewer,
cable TV, car rental, hotel rental, restaurant, gasoline,
automotive licensing, service fees, and many other taxes.
Obama will raise our taxes substantially. It may help those
people who do not pay tax, but do you really want a society
where people who don't contribute get money from the
government at my expense? I believe they call this form of
government Socialism.
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