Friday, November 13, 2009

Video: Obama Was Against Health Insurance Mandates Before He Was for Them. Pelosi Plan would strangle the economy, 69% increase in capital-gains taxes

'Liar Liar' Obama is still loved by massive groups of idiots who think it's 'so cool' that he lies every time he opens his trap. That's the hope and change they wanted?

While Obama is busy destroying the freedoms we have and running up the debt, lying to the American people and pushing America past socialism into Marxism, the mentally disturbed Nancy Pelosi is doing even more terrible things to this country..

The 69% increase in capital-gains taxes..

The House plan for ObamaCare that passed on Saturday contained a plethora of new and increased taxes, which the Americans for Tax Reform listed in an effort to make Americans aware of the burdensome cost of the bill. The Wall Street Journal reports today on one aspect of the new taxes that ATR missed. The Pelosi Plan, if passed by the Senate, would increase capital-gains taxes 69% from their present level, making them higher than any time since the first Clinton term:

House Democrats are funding their new entitlement with a 5.4% surtax on incomes above $500,000 for individuals and above $1 million for joint filers. The surcharge is intended to snag the greatest number of taxpayers to raise some $460.5 billion, and so the House has written it to apply to modified adjusted gross income. That means it includes both capital gains and dividends.

That surtax takes effect on January 1, 2011, or the day the Bush tax rates of 2001 and 2003 expire. Today’s capital gains tax rate of 15% would bounce back to 20% because of the Bush repeal and then to 25.4% with the surtax. That’s a 69% increase, overnight. The last time investors were hit with anything comparable was 1986, when the capital gains rate jumped to 28% from 20%, a 40% increase, as part of the Reagan tax reform that lowered income tax rates.

How did that increase work out in 1986? Not so well, as it turns out: READ MORE...

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