This guy is just a political weather-vain on just about everything. Too bad this is the direction I want to see him traveling in.
This is a pretty big change for Obamanomics. Economic advisers Austan Goolsbee and Jason Furman, in today's Wall Street Journal, now say that Barack Obama's tax plan will do the following:
1) It will increase capital gains and dividend tax rates, to 20 percent, only for families making over $250,000. Before, Obama was hinting at rates as high as 28 percent for everyone.
2) On the issue of the Social Security income cap, he's now considering a plan that would make folks earning over $250,000 pay in the range of 2 to 4 percentage points more in total (combined employer and employee) payroll taxes. Previously, there were hints at increases of from 6 percent to 12 percentage points.
On issue 1 (that is if Obama doesn't flip-flop and oppose it next week) was the major sticking point on voting for him. If he doesn't raise my capital gains taxes then I am all for his economic plan. Issue 2 doesn't concern me because I am currently not making even close to $250K a year and probably won't have to worry about making that much until Jenna Bush is President.
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