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Politics : The Obama - Clinton Disaster
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To: Neeka who wrote (1717)11/19/2008 10:27:24 AM
From: DuckTapeSunroof  Read Replies (1) of 103300
 
Re: "I do believe I heard up to 39% capital gains tax at one point or another during the campaign."

You may have 'heard' that SOMEWHERE, but it sure wasn't from Obama's team.

(More likely from some disinformation SPIN-meisters somewhere, merely out to move votes. :-)

Obama had *already announced* (prior to the election) that he proposed KEEPING the Bush II cap. gains tax rates for the vast majority , (with just a few small tweaks, if memory serves). also believe they are still considering a new LOWEST rate of 10%.

Obama's official tax plan:

1) Eliminate all capital gains taxes for entrepreneurs and investors in small businesses.

2) Families with incomes below $250,000 will continue to pay the capital gains rates that they pay today (the current Bush II rates).

For those in the top two income tax brackets – likewise adjusted to affect only families over $250,000 – Obama will create a new top capital gains rate of 20 percent. Obama’s 20% rate is equal is the lowest rate that existed in the 1990s and the rate that President Bush proposed in 2001. It is almost a third lower than the rate that President Reagan signed into law in 1986.

3) Dividends: The top dividends rate for people making over $250,000 would be set at 20 percent. Dividends will not return to being taxed at ordinary income tax rates. Obama’s 20 percent rate on dividends will be 39 percent lower than the rate President Bush proposed in 2001, and would be lower than all but 5 of the last 92 years we have been taxing dividends.

4) Estate Tax: The estate tax would be effectively repealed for 99.7 percent of estates. For the remaining 0.3% of estates (over $7 million per couple), Obama will retain a rate of 45%. This policy would cut the number of estates covered by the tax by 84 percent relative to 2000.
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