With the torrid pace of the financial crisis looming, and the real estate market continuing to depreciate who are we better off with running the country when it comes to our economy? I do believe that the war, health care, foreign policy, and other issues are important, but for me this has to be our #1 priority.
Everyone likes to jump on the bandwagon when it comes to regulating the financial system. I do not believe that the financial system failed. It is the people running the large financial institiutions that failed us. Many of them as recently as December of 2007 received end of the year bonuses of 3 and 4 million when they were losing billions of dollars. I thought you receive bonuses based on performance not based on just being employed. How do we fix this? I am not sure, but I know that banks, insurance companies have to not be regulated, but be accountable. They or their employees are not held accountable. Their should be guidelines, but I would not want our government to run our banks indefinitely. It looks as though they may do so for a little while, but indefinitely this would not be good for our economy. I do favor McCain's plan on boosting the economy. McCain is cutting the revenue to the country while passing that savings on to you so you, and businesses can go ahead and spend more. He is also increasing the revenue to more then make up the difference of lost revenue by being able to tax the extra revenue that businesses receive.
In business there are 2 ways to increase your net income. One is to cut expenses, and the other is to increase your revenue. I would prefer to increase my revenue then to cut expenses. I do this in my real estate career, and it works. Look at who actually is making the money in this market. It is those people who are spending the money that is making the money.
I absolutely love Obama's appearance of intelligence and charisma, but I do not like the way Obama wants to eliminate the capital gains exemption for primary residences and the inheritance tax exemption which provides currently for tax only after 2 million. We need to increase jobs, and increase revenue by lowering taxes so that we can spend more so that the businesses will start to thrive to employ more people, and make more money. It does not make sense to me to lower taxes on the middle class, while raising taxes to people who make over $250,000, investors and businesses. What kind of effect is that going to have on our normal consumer. A huge one. Like ROnald Reagan's trickle down economy. It will trickle down to the everyday consumer in the form of higher costs for food, and consumer products. You will also see a decrease in customer service becauase businesses will be forced to reduce their employees, and their wages.
What do you think? Please shed some light on this.
David Serle
Vice President/Managing Broker
RE/MAX Services
561-912-3500 Office
561-912-3502 Direct
561-756-3104 Mobile
I want the government to step aside so that I can build a company with many many employees. The more the government takes on the top end, the less I am able to do so.
David - Obama wants to increase, not eliminate, capital gains, estate (death tax) and corporate tax rates. One thing to consider, Franklin Raines, yes the same F. Raines that ran Fannie Mae into requiring a bailout, is one of Obama's chief economic and housing advisors.
Your quote: "but I do not like the way Obama wants to eliminate the capital gains and inheritance taxes." I presume you mean he wants to INCREASE them? He DOESN'T want to. That is another bogus claim circulated by the Republicans.
Another quote: "We need to increase jobs, and increase revenue by lowering taxes so that we can spend more so that the businesses will start to thrive to employ more people, and make more money. It does not make sense to me to lower taxes on the middle class, while raising taxes to people who make over $250,000, investors and businesses. What kind of effect is that going to have on our normal consumer. A huge one."
You say we need to lower taxes so we can spend more. Who is WE? Trickle down economics is exactly what McCain will perpetuate. The idea is to give tax breaks to the rich and that that will somehow trickle down enough to keep the middle class and poor people going. The trouble is, it doesn't trickle. AS a "normal consumer" Obama's proposals would benefit me.
Just an observation but the pictures that you used it looks like you stretched out Obama lengthwise to make him look more lean and healthy and you seem to have stretched McCain widthwise to look fatter. Intentional?
Thank you for your comments.
Amanda I very much agree with you. I believe in private business not government regulation.
Mike sorry I miswrote I was referring to eliminating the capital gains exemptions on primary residences. Thanks for pointing that out. I guess it helps to proofread.
Leslie, thank you for your comment, I am sorry again I meant eliminating the capital gains exemptions which would significantly increase taxes to the average homeowner. When you are talking about giving tax breaks to the rich that is not toally the case. You are giving tax breaks to private businesses as well which does benefit the middle class. The more money into our retail and business the more benefit to the "normal consumer"
Ellie, it definitely was not intentional
"but I do not like the way Obama wants to eliminate the capital gains and inheritance taxes." I presume you mean he wants to INCREASE them? He DOESN'T want to. That is another bogus claim circulated by the Republicans.
I guess Obama is a Republican now. In his own words, multiple times he has stated he wants to make an increase in the capital gains tax rate. He just hasn't decided where from 20% to 28% he wants it to be. Just last week on O'Reilly he stated that, just to be "fair". And, Obama does want the inheritance tax rate raised from what it will be in 2010.
Mike, Obama did say he wants to eliminate the capital gains exemption for primary residences that was what I was referring to. He also wants to eliminate the inheritace exemption which currently is anything over 2 million is taxed on. I believe in 2010 there will be no inheritance tax the way the law is written now.