Comments on: McCain Unveils New Economic Stimulus Proposal: Tax Cut For Millionaires

By: Since2oo6

Since2oo6 — Tue, 31 Mar 2009 14:16:53 +0000

Ohh Thanks :)

By: smallcheese

smallcheese — Wed, 15 Oct 2008 01:26:20 +0000

Let’s see. Trillions of dollars lost in the stock market hitting people’s stock portfolios, 401ks and retirement funds. Billions of dollars in losses in the value of homes across the country. So where are the capital gains here? McCain’s plan to reduce capital gains only works if you have a capital gain. Impossible today for most Americans. But this works really well for the really rich people (top 5%).

McCain is so out of touch, it’s unbelievable! That’s why he proposed this capital gains tax reduction. Most Americans won’t benefit from it but people like himself will. Sounds more like Me First!, not Country First!

By: BaxterJ

BaxterJ — Wed, 15 Oct 2008 00:03:19 +0000

Do you think anything about this will change voters’ minds?

By: MrSquirrel

MrSquirrel — Tue, 14 Oct 2008 23:36:16 +0000

Could this guy be more transparent in his favoring of the extremely well-to-do?

By all rights, if people actually voted in their own economic self interest, he wouldn’t get more than ten percent of the vote.

By: DallasNE

DallasNE — Tue, 14 Oct 2008 18:53:23 +0000

Pretty much everything McCain suggests is targeted to Wall Street with nothing targeted to job creation for Main Street. The reason investment is weak right now is because demand is weak. Increased incentives for imvestment will not work at this time because we have over capacity and it makes no sense to increase capacity when we already have over capacity. The economy may need help in 2011 but it clearly needs lots of help right now. McCain offers nothing for the right now and 2011 is too late.

By: katy

katy — Tue, 14 Oct 2008 18:07:22 +0000

temporary tax cuts on capital gains

i heard paul begala on ed schultz say:

“WHAT capital gains?!?!”

By: Max-1

Max-1 — Tue, 14 Oct 2008 17:03:01 +0000

You know, I’m tired of these folks who insist on “trickling down” on my leg while selling me umbrellas.

By: Uncle Fester Lurks

Uncle Fester Lurks — Tue, 14 Oct 2008 16:55:57 +0000

Sorry for the O/T but this is too funny. FAUX News is aghast at what four protesters wore at a Palin appearance in Pennsylvania today. It seems they had green t-shirts on that said “Palin is a c@nt!”. Tammy Bruce and Martha MacCallum are downright flabbergasted by the audacity and blaming Obama (natch)and his campaign’s tone for what a few gutsy kids did at a Palin rally:
http://www.foxnews.com/story/0,2933,437622,00.html
“““““““““““““““““““““`
It wouldn’t surprise me if these “protestors” weren’t really republican plants to deflect criticism away from the hateful, racist McCain/Palin supporters.

By: RUCerious

RUCerious — Tue, 14 Oct 2008 16:55:45 +0000

We’ll see if Cindy ISN’T going to attend funeral services for her sister..

If she doesn’t. well, how Babsy of her.

By: markusmarkus

markusmarkus — Tue, 14 Oct 2008 16:37:18 +0000

paleolib Says:
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Uh John? What capital gains? With the markets down 30%+ over the past year only people who have been holding large blocks of stock for years wil. . .

Oh yeah, that’s right, Cindy gets a big payout from the A-B sale to the Belgians. Way to advocate a huge tax cut for yourself.

Maybe the Belgians can show the folks at A-B how to brew really good beer.

By: 5th Estate

5th Estate — Tue, 14 Oct 2008 16:23:28 +0000

Anonymouse Says: “…and since he [Obama]spent three years trying to help the working poor to improve their conditions — he gets what it’s like to worry about putting food on the table.”

Actually I think Obama already had that understanding.

One thing I found myself wondering while watching McCain wax “poetic” about what he calls the “fundamentals of the American economy” during the second debate — has this man ever had a real job? Has he ever sweated for a wage, watched his hands grow calloused? Has he ever shopped for work clothes in a second-hand store?

Quite.

By: 5th Estate

5th Estate — Tue, 14 Oct 2008 16:18:02 +0000

666lattes: “while our workers have somehow become more productive, they are making less in real wages“

That’s pretty much the way the work force becomes more productive.

The networking of PCs (thanks Al!) increased efficiency in data management, communications and data control (research, number crunching, modeling, machine control and so on).
But that increased productivity really occurred between 1995 and 2000, but with no really significant new technology since then the increase in “productivity” has been largely due ‘efficiencies’ in wages (for the majority).

By: Anonymouse

Anonymouse — Tue, 14 Oct 2008 16:17:20 +0000

This reveals a fundamental distinction between McCain and Obama.

McCain has spent so much time trying to ingratiate himself to the rich and the wealthy that he only sees their “pain.”

Obama has succeeded on skill and hard work — and since he spent three years trying to help the working poor to improve their conditions — he gets what it’s like to worry about putting food on the table.

One thing I found myself wondering while watching McCain wax “poetic” about what he calls the “fundamentals of the American economy” during the second debate — has this man ever had a real job? Has he ever sweated for a wage, watched his hands grow calloused? Has he ever shopped for work clothes in a second-hand store?

By: A Patriot Acting

A Patriot Acting — Tue, 14 Oct 2008 16:05:39 +0000

I know, linking to FOX made me feel a little dirty but it’s worth it for the sheer comedy of it all.
Tammy Bruce and Martha MacCallum…a couple of GOP water carrying hypocritical c@nts calling the kettle a scary black man! Keep chasing windmills FOX, just don’t dare look in a mirror.

By: shoeless

shoeless — Tue, 14 Oct 2008 16:04:18 +0000

What’s your point?

By: impeachcheneythenbush

impeachcheneythenbush — Tue, 14 Oct 2008 16:01:41 +0000

Many or most wealthy Americans who have investment portfolios which are not set up as IRA’s or 401K’s which depend on earned income and are limited in the amount of money that can be put in each year and deducted from taxable income. These investors, when selling stock even to put in their cash core accounts or T-Bills, pay capital gains on the difference between their initial investment cost and the sell price. If they withdraw cash from their core accounts at a later time, they pay no further taxes on that money. Whereas in an IRA or 401K, the proceeds from the stocks, etc. which are sold are put into the cash core account without capital gains taxes applying. However, if cash is pulled out of the core account, then the money is taxed as regular income. So the investor in an IRA or 401K receive a tax benefit until they withdraw cash. The only people that will benefit from McCain’s plan to cut capital gain and dividend taxes will be largely the wealthy…who are only now paying 15% on their gain. And he wants to cut what they pay in half, to 7.5%. Meanwhile the poor chumps (and I’m among them) who are forced to withdraw money from their actual retirement IRAs or 401Ks in order to survive get NO tax break.

By: 5th Estate

5th Estate — Tue, 14 Oct 2008 16:00:57 +0000

A reduction in capital gains tax affects only those who actually make capital gains.
For those who have the money to play the stock market, a reduction in capital gains tax would encourage short-term investment and profit-taking as least as much as it would encourage long-term investment.
In fact it is those in the lower income levels who need to make long term investments because they can’t afford to take a short term investment approach.
If a 5K investment from a 50K delivers 10% capital gain over 1 year it only yields a 1% increase in the year’s overall income, $500, whilst reducing that investors yearly operating income to 45K for the year until the profit for the investment is cashed-in.
The small investor has to rely on a long term investment to earn compound interest that will build a larger capital gain.
The large investor on the other hand has the freedom to choose between the long and the short term. Reducing capital gains tax will tempt the large investor to move his or her money to whichever stock provides the highest return whilst the capital gains tax is low, ergo creating a volatile stock trading market as stocks get bought and sold in the search for a faster profit before the capital gains tax is increased–and when that happens a sell-off will occur in advance of a proposed increase.

So, “durr”, as the kids like to say.

By: DaTruth

DaTruth — Tue, 14 Oct 2008 15:58:38 +0000

The spoiled decadent rich have ruined this country. Where’s all the money they have stashed these last 8 years? In Swiss bank accounts perhaps? In euros? 8 years of tax-cuts for the ‘have mores’ have not helped the economy at all! Things are so much worse than they were 8 years ago.

I’m so sick of having the rich splurge at the expense of the middle class. Middle class individuals have to work so hard just to barely scrape by while the rich get richer and the economy heads down the toilet. Like the idiot would say “that’s uniquely american!” IT’S A DAMN SHAME!

By: CageyCretin

CageyCretin — Tue, 14 Oct 2008 15:54:28 +0000

Fred Says: More than likely it is so the fat cats, after buying these properties for pennies on the dollare will be able to sell them for huge profits when things turn around and mccain wants to give them tax cuts on the capital gain. win/win for the fat cats who mccain represents.

Thanks for restating my question, as your comment is what I meant to imply (not that people losing their homes, or even regular people owning a home will get anything — the capital gains, again as I feebly understand it, includes real estate in some manner, though I am sure not on the “living there” front: I don’t think I get any kind of capital gains for the house I live in – never been sent anything to that effect).

But I still ask, as I am unclear, is that correct: did all these banks trading these loans (connected to the real estate) get capital gains assesed? If so, there are many of them who DID show profits for these trades, even if their stocks and assets are showing losses, and this offer by McBush is just another cherry on the fruitcake welfare offered these corporate criminals.

By: shoeless

shoeless — Tue, 14 Oct 2008 15:54:11 +0000

00mpp00 Says:
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How will he pay for these idiotic tax cuts, etc.?

Your grandchildren will pay for them. McCain’s grandchildren will live tax free after he eliminates capital, estate, and dividend taxes.