How can you cut the Federal Deficit in half while simultaneously doubling it. Apparently Obama knows. Maybe he'll use some smoke and mirrors to show us how it can be done. He's also talking about increasing taxes on the "rich". This includes the capital gains tax which is paid by many people who are nowhere near rich. For those of you who don't know capital gains taxes are paid when you sell property, stocks, metals or bonds for more than you originally paid. So lets say you own a home which you paid $40,000 for a few decades ago and now you sell it for 125,000, you must pay taxes on the 85,000 more that you "earned". Obama wants to increase that tax by 5%. How many middle income families do you think would be affected when they try to sell their homes or cash in stocks and bonds for college, retirement and the like.
Don't Blame Me I Voted for McCain
No comments:
Post a Comment