Tuesday, April 22, 2008

Dem in White House = Higher Taxes

SmartMoney magazine's online edition examines recent promises by the Democratic presidential contenders to raise taxes.

From the article by Paulette Miniter:
Sen. Barack Obama (D-Ill.) said during the Pennsylvania debate that he will consider raising the capital gains tax to as high as 28%. Sen. Hillary Clinton (D- N.Y.) says she could raise it to a maximum of 20%, "if I raised it at all." Republican frontrunner Sen. John McCain (R-Ariz.) has said he'd keep the cap-gains and dividend tax rates at 15%, but he'll have to convince Congress first.
Democrats always say they're going to tax the "rich" but you know they don't mean that.

Capital gains and dividend taxes especially affect investors in mutual funds, which is how most Americans invest in stocks, Miniter says. It's not just a tax on the rich. It's a tax on everyone who is trying to put some money away for the future.

So it doesn't really matter who you voted for today in the Pennsylvania primary. If you cast a vote in the Democratic primary, you voted to raise your taxes (and everyone else's). Thanks.

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