Re: That's it! I'm voting for McCain

"Governor Swill" <governor.swill@[EMAIL PROTECTED]
> wrote in message 
news:pebs64haj6gd28m9rtqoclkek37f7mahud@[EMAIL PROTECTED]
> This is John Galt's brain on drugs:
>>It's all triangulation at this point. Obama's not as much "tacking" to
the
>>center as he has spun the wheel around and floored it, heading back to 
>>this
>>"political center." Part of it's to get elected, I'm sure, but part of
it
>>must be as you have said -- he's gotten the equivalent of three or four 
>>new
>>bachelor's degrees in various government disciplines over he last 18 
>>monts,
>>and really, REALLY smart people have been telling him -- "look, dude,
that
>>stuff plays in Berekely and Madison, but it won't get you elected, and
>>besides (and more im****tantly) that **** won't work in practice,
anyway.")
>
> "look, dude . . ."   Lol!  Very cleverly put!
>
>>He doesn't get my vote until he backs off the infernal 28% capital gains
>>threat, but he's definitely moving to the center.
>
> I suspect we may have found a point of basic disagreement.  Imo, ALL
> income should be treated the same way for taxation.  The travesty of
> cap gains tax rates is the reason why, as a percentage of income, so
> many of the wealthy actually pay less taxes than working people.

That's correct, but there's a big "BUT" associated with that fact. In
fact, 
more than one:

1) The capital gains tax also smacks people who aren't rich, but are doing

their best to invest wisely for their retirement. High capital gains 
taxation virtually insures that middle america will rely more heavily on 
their Social Security than they otherwise would.

2) The tax distorts the markets negatively. When stocks and funds are
going 
up, all is good. When stocks and funds are going down, after an increase, 
tax consideration lead people to hold onto their equities longer than they

should, incurring greater losses.

3) The market went on a 20% tear after cap gains taxes were reduced. That 
will likely be reversed if they are increased, with dire impact on pension

funds, retirement accounts, and the like.

Isn't it enough that the government has diluted our currency to the point 
where we are prisoners in our own country? A drop in equity markets of
that 
scope wipes out the ability to people to retire, to buy homes, and simply 
decreases disposable income. None of this is good, just to keep Warren 
Buffet from being outtaxed by his administrative assistant.

A smarter man might suggest that the cap gains tax rates be indexed. If an

individual has capital gains over some amount, take him or her to the 28% 
level. For everyone else, at least leave them at 15, preferably eliminate 
them altogether.

  The
> US could probably do away with progressive income tax or at least
> greatly flatten the rates if the code wasn't stuffed with all sorts of
> loopholes and exceptions.

What loopholes? Mortgage interest deductions?

JG