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

"Hugh Gibbons" <hugh_gibbons@[EMAIL PROTECTED]
> wrote in message 
news:vp6dnUZiwuHJF_PVnZ2dnUVZ_g6dnZ2d@[EMAIL PROTECTED]
> In article <P0rbk.224163$Tj3.115500@[EMAIL PROTECTED]
>,
> "John Galt" <kady101@[EMAIL PROTECTED]
> wrote:
>
>>
>> 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.
>
> The obvious way to fix that is progressive taxation of capital gains.
>
>> 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.
>
> If I lost money on an investment, what good does a lower capital gains
> tax rate do me?  There's no profit to tax!
>
>> 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.
>
> So do it in stages.  You know it's the right thing to do.

It would be better at zero, but the current American mindset can't seem to

stomach wealthy people these days.

JG