Originally posted by: Vic
Originally posted by: winnar111
Originally posted by: Deeko
I am so tired of morons comparing Obama to "true socialists". His plans are no more socialist than Clinton's, and we didn't turn commie under his watch. It's getting old. You're wrong. Give it up.
He plans to roll back many tax rates to higher than they were under Clinton.
Which isn't socialism.
And forgetting that this statement isn't entirely true (as high, not higher), those rates will still be historically quite low. In fact, they'll be considerably less than under Nixon, and less than half of what they were under Eisenhower (then with a Republican congress no less).
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It is true. To give specific examples, Obama has talked about removing the FICA cap (a cap that existed under Clinton, and raising capital gains/dividends to as much as 28% (also higher than Clinton, and he's repeatedly fudged the exact number over the past year).
http://www.cnbc.com/id/23832520
BARTIROMO: How do you plan to change the tax code when it comes to capital gains? How high will that 15 percent rate go?
Sen. OBAMA: Well, you know, I haven't given a firm number. Here's my belief, that we can't go back to some of the, you know, confiscatory rates that existed in the past that distorted sound economics. And I certainly would not go above what existed under Bill Clinton, which was the 28 percent. I would--and my guess would be it would be significantly lower than that. I think that we can have a capital gains rate that is higher than 15 percent. If it--and if it, you know--when I talk to people like Warren Buffet or others and I ask them, you know, what's--how much of a difference is it going to be if it's 20 or 25 percent, they say, look, if it's within that range then it's not going to distort, I think, economic decision making. On the other hand, what it will also do is first of all help out the federal treasury, which is running a credit card up with the bank of China and other countries. What it will also do, I think, is allow us to make investments in basic scientific research, in infrastructure, in broadband lines, in green energy and will allow us to give us--give some relief to middle class and working class families who have been driving this economy as consumers but have been doing it through credit cards and home equity loans. They're not going to be able to do that. And if we want the economy to continue to go strong, then we've got to make sure that they're getting a little relief as well.
And that's not even mentioning NAFTA.