March 08, 2012 10:52 AM UTC
(Updated: March 08, 2012 12:27 PM UTC)
Obama Dividend Tax Would Devastate Retirees
The article begins:
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Buried within President Barack Obama’s 2013 budget is a proposal to triple the tax rate on corporate dividends which now stands at 15 percent, a move that would have a severe effect on retirees, The Wall Street Journal notes in an editorial.
Obama is proposing to raise the dividend tax rate to the higher personal income tax rate of 39.6 percent, according to the Journal. The rate jumps to 41 percent with the planned phase-out of deductions and exemptions and then hits 44.8 percent with the 3.8 percent investment tax surcharge in Obamacare.
“Of course, the White House wants everyone to know that this new rate would apply only to those filthy rich individuals who make $200,000 a year, or $250,000 if you're a greedy couple. We're all supposed to believe that no one would be hurt other than rich folks who can afford it,†the Journal wrote.
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It ends with:
The Journal concluded that “all American shareholders would lose†as the taxes would make stocks less valuable and prices would fall, causing a sell-off and noting that 51 percent of adults hold shares of stock today either directly or through mutual funds.
“Tens of millions more own stocks through pension funds. Why would the White House endorse a policy that will make these households poorer? Seldom has there been a clearer example of a policy that is supposed to soak the rich but will drench almost all American families.â€
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We don't need anyone's taxes raised until and unless our federal government is reduced and until and unless fraud is eliminated in entitlement programs. We need fiscally responsible people in Washington, not tax and spend, spend, spenders.
The article in the Wall Street Journal says, "“Tens of millions more own stocks through pension funds. Why would the White House endorse a policy that will make these households poorer?"
Why would Team Obama endorse a policy that makes tens of millions of households poorer? Because that's part of the agenda to bring America down.
The better question is "when will Americans wake up?!?"
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Comments: 6
exactly what bo wants - then government can take them over ........,