Friday, March 26, 2010

60% Increase in Capital Gains!!

From Bloomberg:
Obama’s budget proposes to allow the existing 15 percent tax rate on dividends and capital gains to rise to 20 percent in 2011 for the same high-earners. Layering a 3.8 percent Medicare tax on top of that would mean a new top rate on dividends and capital gains of 23.8 percent. The top tax rates on interest and rental income would rise to as high as about 44 percent, assuming other Obama tax increases on high-earners are enacted.

Taking capital gains from 15% to 23.8% represents a 58.7% INCREASE.  How's that hopey change thing workin' for ya now?  Would someone please remind these socialist income redistributors that they create no wealth whatsoever.  All they do is redistribute the hard work.

1 comment:

Liberty1776 said...

There goes the last source of income generation for many retirees. This assault on every aspect of our lives has one purpose -- total control of every aspect of our lives. It will [among other things] reduce the number of people who are being controlled. How many old folks will see their savings evaporate and then die sooner than expected because of the sub-par medical care they will receive? Look at Cuba. That's our future. How long will it take to wipe out the middle class's modest savings and investments? By 2014 I would imagine. We won't need "death panels" we're getting it handed to us in increments. Thanks for the info and don't stop fighting. Keep up the great work!