FYI: My ping lists have been lost and the above is a very old one. If you want on or off, please let me know. Freep on.
Posted on 03/19/2010 9:42:11 AM PDT by SmartInsight
1) Buy bonds or hold stock for less than one year and pay a 48% marginal tax rate on that income, or
2) Buy stock and hold if for at least a year, and ride out continued economic turmoil in the US and Europe, the mortgage foreclosure crisis, wild swings up and down in the stock market, and constant uncertainty about what kind of tax increases and onerous regulation congress and the administration will try to enact next. Then after riding out all those sources of risk for at least a year, investors still have to pay 29% of their investment gains in state and federal taxes.
These two options are not very attractive for high income people and so if this new 3.8% tax is enacted then we're likely to see less capital invested in high growth job-creating companies and even more capital hiding in safe low-tax investments like municipal bonds. The last time I read about Russian economic policy, if I recall correctly, the marginal income tax rate in Russia is now about 13%. Clearly the Russians learned the hard lessons about how socialism and communism destroy economic prosperity and they are determined to maintain policies that promote strong and lasting economic growth. We appear to have not learned the lessons from the old Soviet Union and old Europe, and we're moving in the opposite direction towards socialism, state control over our economy, and even higher marginal income tax rates. Or perhaps its just the democrat-controlled congress and administration that never learned these lessons. We'll find out in November when the people will speak, and I believe the American people know more about economics than congressional democrats.
I’m not paying shit. The IRS can KMA, they don’t scare me at all and I, not going to jail either. Stand up, tell them to GTFH!
There will be no incentive to prosper. Then who will be creating jobs?
The joke of “letter from IRS: How much money do you make? Send it in” will bccme reality.
I’m pretty sure that is more than what my company and I together pay for my health care, if so I doubt they will increase their subsidy for the extra features, nor do I want to have to pay more.
But I do want my health insurance, so I’m in a pickle, because the health care industry isn’t going to offer non-conforming insurance for those of us who want to protest or just get reasonable insurance for a reasonable price.
B U M P !!!
That includes many more than just high income families, CNBC.
We all know this will pass - we live in a dictatorship for now. What we need to make sure and do is financially and publically support law firms, groups and people who go into court to fight this administration.
Mark Levin Landmark Legal has his lawsuit ready to go within minutes of Obamanation sighning the bill. We can all start by helping him.
Also, as we learn of other lawsuits we need to get the word spread on FR so we can help them.
We are going to be financially poorer if this bill is allowed to stay in law - might as well give our money to groups trying to protect us before the Gov seizes it.
O N
It is an anti marriage tax and a marriage penalty tax.
Here is what I posted on this, on another thread earlier today:
http://www.freerepublic.com/focus/news/2474709/posts?page=25#25
This could bring about the end of legal marriages among our brightest and best income producers:
“For the first time, the Medicare payroll tax would be applied to investment income, beginning in 2013. A new 3.8 percent tax would be imposed on interest, dividends, capital gains and other investment income for individuals making more than $200,000 a year and couples making more than $250,000.
The bill also would increase the Medicare payroll tax by 0.9 percentage point to 2.35 percent on wages above $200,000 for individuals and $250,000 for married couples filing jointly.”
Good show!
LOL
A taste of Heaven, then straight to hell......worse than straight to hell ;-)
God hear our prayers.
The new tax on investment income is higher than the 2.9 percent tax proposed by Obama. House Democratic leaders increased it so they could reduce the impact of a new tax on high-cost health insurance plans strongly opposed by labor unions.Thanks SmartInsight. One quibble though:
Anyone who votes for this abomination must be defeated in November.Anyone who votes for this abomination should not even be in the running in November.
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