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McCain DID IT! He really DID IT! He found a way!

techs

Lifer
Sep 26, 2000
28,561
3
0
http://www.washingtonpost.com/wp-
dyn/content/article/2008/10/12/AR2008101200662.html

WASHINGTON (Reuters) - Republican presidential candidate John McCain is considering rolling out a new comprehensive economic package to tackle the U.S. financial crisis, one of his closest supporters said on Sunday. "I think it goes along the lines that now is the time to lower tax rates for investors, capital gains tax, dividend tax rates, to make sure that we can get the economy jump-started," said Republican Sen. Lindsey Graham of South Carolina.




He found a way to give more tax cuts for the rich!!!
I didn't think it was possible, but I got to hand it to McCain, he found a way.
 

StageLeft

No Lifer
Sep 29, 2000
70,150
2
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Actually quite funny. How many people are going to be paying capital gains when the stock market just dropped 40%? Generally, people use a capital loss to offset their income taxes, so if they try that, wouldn't they thus end up being able to deduct LESS for their 2008 taxes, so in fact the net effect of this would actually be an increase in taxes?
 

rezinn

Platinum Member
Mar 30, 2004
2,418
0
0
So he wants to reduce the risk of investment in a time when people have very little confidence in it? Wow, he sure is stupid huh.
 

techs

Lifer
Sep 26, 2000
28,561
3
0
Originally posted by: Skoorb
Actually quite funny. How many people are going to be paying capital gains when the stock market just dropped 40%? Generally, people use a capital loss to offset their income taxes, so if they try that, wouldn't they thus end up being able to deduct LESS for their 2008 taxes, so in fact the net effect of this would actually be an increase in taxes?
I hadn't considered that.
The brilliance of Republicans who want to give tax cuts to the rich is astounding.
 

techs

Lifer
Sep 26, 2000
28,561
3
0
Originally posted by: rezinn
So he wants to reduce the risk of investment in a time when people have very little confidence in it? Wow, he sure is stupid huh.
At time when huge number of lower and middle class people are in danger of losing their homes because they can't pay their mortgages lets give tax cuts to the rich!
Trickle down! Trickle down!
 

StageLeft

No Lifer
Sep 29, 2000
70,150
2
0
Originally posted by: techs
Originally posted by: Skoorb
Actually quite funny. How many people are going to be paying capital gains when the stock market just dropped 40%? Generally, people use a capital loss to offset their income taxes, so if they try that, wouldn't they thus end up being able to deduct LESS for their 2008 taxes, so in fact the net effect of this would actually be an increase in taxes?
I hadn't considered that.
The brilliance of Republicans who want to give tax cuts to the rich is astounding.
I just want to know if that's right, it seems like it would be. If you reduce capital gains taxes you reduce the capital loss that you can write off in 2008 and thus if, for example, this was in place now people would be losing out not just on the value of their portfolio but on the silver-lining benefit of a big tax reduction in 2008.

I'd like somebody to confirm that before I partake in the lolocaust.

EDIT: if you did this, you'd want to do it when the market is "stable", so that people will not lose the predictability at least of their taxes. You'd certainly not want to do it in the same tax year of a major bear, I wouldn't think.
 

Engineer

Elite Member
Oct 9, 1999
39,234
699
126
Originally posted by: techs
Originally posted by: rezinn
So he wants to reduce the risk of investment in a time when people have very little confidence in it? Wow, he sure is stupid huh.
At time when huge number of lower and middle class people are in danger of losing their homes because they can't pay their mortgages lets give tax cuts to the rich!
Trickle down! Trickle down!
More like Piss down! Piss Down! becoming "Pissed on". He's wanting to set up the next wave of lower taxes for those that get the big gains the way up. Since 80% of stocks held by 20% at the top, it's pretty obvious who is going to benefit from this.
 

dahunan

Lifer
Jan 10, 2002
18,191
2
0
Originally posted by: rezinn
So he wants to reduce the risk of investment in a time when people have very little confidence in it? Wow, he sure is stupid huh.
I am sure they will just be TEMPORARY *rolls eyes

 

techs

Lifer
Sep 26, 2000
28,561
3
0
Do Republicans have any plan except to cut taxes for the rich and smear your opponents.
It is absolutely incredible that McCain would do this.
 

Xellos2099

Platinum Member
Mar 8, 2005
2,277
13
81
the lower and lower middle class don't even paid for taxes most of the time with all the deduction available.
 

dahunan

Lifer
Jan 10, 2002
18,191
2
0
Originally posted by: Xellos2099
the lower and lower middle class don't even paid for taxes most of the time with all the deduction available.
you are so lost
 

Thump553

Lifer
Jun 2, 2000
11,928
1,262
126
Speaking as an investor, tax rates are the least of my concern. Gains are a hypothetical concept to the vast majority of people in the market this year, unless they were wise enough to pull out at the GOP convention.
 

Descartes

Lifer
Oct 10, 1999
13,968
0
0
The capital gains tax decrease/increase argument has been going on ad nauseum at this point. Some revere it as a stimulus, others as a benefit to the "rich." I remember the Hillary v Obama debates (I think) where Hillary criticized Obama's consideration of a capital gains tax increase citing that lower capital gains taxes actually increases tax revenue, but does anyone have any actual evidence for or against?

This is the first thing I found, and it seems to suggest no real benefit to reducing capital gains taxes.

Anyone?
 

techs

Lifer
Sep 26, 2000
28,561
3
0
Originally posted by: Descartes
The capital gains tax decrease/increase argument has been going on ad nauseum at this point. Some revere it as a stimulus, others as a benefit to the "rich." I remember the Hillary v Obama debates (I think) where Hillary criticized Obama's consideration of a capital gains tax increase citing that lower capital gains taxes actually increases tax revenue, but does anyone have any actual evidence for or against?

This is the first thing I found, and it seems to suggest no real benefit to reducing capital gains taxes.

Anyone?

It's actually the relationship between dividend and capital gains as it affects taxable income.
America had favored tax plans that encouraged people to use the market for capital gains, hence the building up of American business. The change by Republicans in 2001 turned it around and favored businesses paying out dividends at the expense of long term company growth.
Which has severly hurt American business long term.
No matter how you look at it, the McCain plan has nothing in it to help us thru the current crisis, but is yet another excuse to redistribute wealth towards the richest.
 

BigDH01

Golden Member
Jul 8, 2005
1,627
73
91
Originally posted by: Xellos2099
the lower and lower middle class don't even paid for taxes most of the time with all the deduction available.
I'm middle class and I pay taxes. The vast majority of my friends are middle class too. They all pay taxes. My only write-off has been interest on student loans. I didn't buy a home in the frenzy so the government punishes me by giving homeowners the interest deduction as well as saving people who bought houses they couldn't afford. My money (debt really) is now going to help bankers that made loans they couldn't afford. I'm screwed through and through on this one.
 

Xellos2099

Platinum Member
Mar 8, 2005
2,277
13
81
You are the one who is lost. During tax season I seen plenty of people pay like hundreds in income tax but get like 2-3 grand in return because of EIC, child tax credit and additional child tax credit.
 

jman19

Lifer
Nov 3, 2000
11,183
610
126
Originally posted by: Xellos2099
the lower and lower middle class don't even paid for taxes most of the time with all the deduction available.
Get a clue.
 

Engineer

Elite Member
Oct 9, 1999
39,234
699
126
Originally posted by: Xellos2099
You are the one who is lost. During tax season I seen plenty of people pay like hundreds in income tax but get like 2-3 grand in return because of EIC, child tax credit and additional child tax credit.
Go start a thread about it then. This is about another attempt at piss down economics and capital gains tax cuts, not EIC's or other deductions. For the record, I think the EIC is a bunch of shit. Zero "Federal" taxes is one thing, but EIC is welfare. If people need the welfare and qualify, apply for it. Don't simply get it because it is on a tax form.

Tell me why this tax cut will help the majority of people in America, if you can?
 

nageov3t

Lifer
Feb 18, 2004
42,816
83
91
I'm not sure the Pelosi/Obama plan of throwing out more bread and ci... er, another surplus package is any better, though.
 

WHAMPOM

Diamond Member
Feb 28, 2006
7,628
181
106
Originally posted by: Xellos2099
You are the one who is lost. During tax season I seen plenty of people pay like hundreds in income tax but get like 2-3 grand in return because of EIC, child tax credit and additional child tax credit.
I believe you have the middle class confused with the working poor. People paying only "hundreds" in taxes are nowhere middle class. What we are discussing here is new tax breaks for people making millions.
 

quest55720

Golden Member
Nov 3, 2004
1,339
0
0
Sounds good to me lower the capital gains and other taxes to get money back into the market. Once money starts flowing back into the market we will see a recovery. To bad McCain has already lost. Obama will raise taxes at the worst possible time.
 

Fern

Elite Member
Super Moderator
Sep 30, 2003
26,907
173
106
Originally posted by: techs
-snip-
He found a way to give more tax cuts for the rich!!!
While I've little doubt, based on what I've seen so far, that McCian's plan will suck. Shouldn't we at least see the d@mn thing before running around complaining about it?

Your link doesn't work for me, but from the text you pasted (McCain is considering rolling out a new comprehensive economic package) the plan hasn't yet been announced. How the heck have you been able to analyize it? Or are you just running around spouting BS?

Fern
 

quest55720

Golden Member
Nov 3, 2004
1,339
0
0
Originally posted by: venkman
Maybe he should try another method, trickle up. ;)
Ya because so many poor and working class people create jobs and make investments or bother saving money.
 

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