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Politics : Formerly About Advanced Micro Devices

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To: michael97123 who wrote (461030)	3/4/2009 1:44:09 PM
From: longnshort	Read Replies (1) of 1576325

WAR ON INVESTORS "President Lyndon Johnson's administration was known for his War on Poverty. President Obama's will become notable for his War on Prosperity," Dick Morris and Eileen McGann write in the New York Post. "We're speaking, of course, of Obama's plans to hike income taxes on the most wealthy 2 or 3 percent of the nation. He's not just raising the top rate to 39.6 percent; he's also disallowing about one-third of top earners' deductions, whether for state and local taxes, charitable contributions or mortgage interest. This is an effective hike in their taxes by an average of about 20 percent," the writers said. "And soon the next shoe will drop - he'll announce that he's keeping yet another of his campaign promises: to apply the full payroll tax to all income over $250,000 a year. (Right now, the 15.3 percent Social Security tax only applies to the first $106,800 of income - you neither pay the tax on income above that, nor accumulate added benefit.) For many taxpayers in this bracket, this hike will raise their total taxes by about half. "Finally, he's declaring war on investors by raising the capital-gains-tax rate to 20 percent."

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