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Originally Posted by Slingin Sammy 33
When you have the Fed implementing billions (will be over $ 1T) in taxes to cover a program that only benefits a small percentage of Americans, that is "speading the wealth around".
Here are a few of his policies:
- Consider the case of Americans who built up value in a home their entire lives and never made more than a modest annual income. They will be “rich” according to Obama in the one year they sell that home – and subject to a hefty tax hike with the new health care surtax on capital gains taking the tax above the exempt amount from 15 percent now to 23.8 percent next year.
- That hefty increase in capital gains and the even bigger, near tripling of the dividend tax from 15 percent to 43.3 will trigger a massive stock market sell-off that will wallop the retirement accounts of people of all income levels. Economist Don Luskin has estimated that allowing these provisions to expire as Obama today proposed will cause a 30 percent collapse in the stock market – bad news for every American hoping to retire or already living out of a retirement account.
- Bloomberg News recently reported: “President Barack Obama’s plan to raise tax rates for the top 2 percent of U.S. households would mean higher taxes on 53 percent of business income reported on individual returns, according to the Joint Committee on Taxation.”
Such a huge tax hike on small businesses – who comprise the overwhelmingly majority of upper-income individual tax filers – will negatively impact not just business owners but every worker on the margin of being hired or laid off.
- Obama didn’t mention it Monday, but one of the “tax hikes on the rich” he has favored, and presumably would include in his plan, is to allowing the death tax to jump from its current 35 percent rate above $5 million to a confiscatory 55 percent rate on everything above $1 million -- this will put a lot of family businesses and farms out of business.
All that being said, you're OK with the Fed expanding by taking more money from individuals/private sector and putting it under gov't control? You've got WAAAYYYY more faith in the Fed (no matter who sits in the WH) than I do, or historical fact shows is prudent.
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So basically we're going to swap links. Here's my link debunking pretty much everything you just said. particularly interesting are the steps the administration has taken to help owners facing foreclosure and refinance their homes. (though they've fallen short)
Read it though. Interesting.
Fact Check: Crossroads Ad Hits Obama for ‘Broken Promises’ - ABC News
It's weird that you would blame President Obama for monetary action taken by the Fed has taken to keep the economy going.