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capital gains
almoney7777 09-06-2008, 12:26 PM | Post #2558647 |  4 Replies
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Under the Obama plan will my capital gains rate go up ? I only make 100,000 on long term. He stated no one under 250,000 will have an increase. Should I trust Him? Except for Social Security This is my only income
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Re: capital gains vs. ordinary income tax
leelee 09-06-2008, 11:24 PM | Post #2558849
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Ask his grandmother whether you should trust him or not. She raised him and when he found it politically expedient, he called her a typical white person racist.

Yes, he will raise the capital gains tax, probably to be at ordinary income tax levels. The no one under 250k was for ordinary income tax, not capital gains.

Re: capital gains vs. ordinary income tax
Aalan88 09-07-2008, 12:10 AM | Post #2558872
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Neither Obama nor McCain can raise your taxes; that's Congress's job.

Regardless of who is president, the country's in a serious economic mess, and everyone is going to have to tighter their belts. You can be sure, though, that the more influence the Republicans have, the less the rich will pay--and consequently, the more it will hurt the poor and middle class. It sounds like you're not rich, so you should fear McCain more than you fear Obama.

But that's politics--and a question for your congressman/woman.  This is an investment forum.  :-/

Re: capital gains vs. ordinary income tax
almoney7777 09-07-2008, 8:56 AM | Post #2558951
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However, The President has politival power in the Senate & house.   If we get a dem pres and dems in both houses we could be taxed to the hilt at all levels
Re: capital gains vs. ordinary income tax
leelee 09-07-2008, 9:04 AM | Post #2558956
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almoney7777:
However, The President has politival power in the Senate & house.   If we get a dem pres and dems in both houses we could be taxed to the hilt at all levels
Exactly.  And the president has veto power so he can veto an extention of the GWB tax cuts, which automatically expire unless Congress extends them.
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