if you think that democrats have not raised taxes historically then you are naive. Not only income tax but capital gains tax under clinton was 28% when now it is 15% and Obama has said he WILL raise it up to 28% but no higher b/c thats what Clinton had it at. I'm not arguing that the auto companies need to deal with their own issues. Thats what i think should happen but you are supporting the democrats when they are the ones who drafted up this bill for the 25 billion to go to GM NOT the republicans who have opposed it. If you're going to contradict yourself at least admit to it b/c i didnt see you defend yourself for supporting the party that wants to bail out the big 3. And people wonder why the American education system looks bad, it's b/c of people that dont understand plain facts and contradict themselves.
In the United States, individuals and corporations pay income tax on the net total of all their capital gains just as they do on other sorts of income, but the tax rate for individuals is lower on "long-term capital gains," which are gains on assets that had been held for over one year before being sold. The tax rate on long-term gains was reduced in 2003 to 15%, or to 5% for individuals in the lowest two income tax brackets. Short-term capital gains are taxed at a higher rate: the ordinary income tax rate. The reduced 15% tax rate on eligible dividends and capital gains, previously scheduled to expire in 2008, has been extended through 2010 as a result of the Tax Increase Prevention and Reconciliation Act signed into law by President Bush on May 17, 2006 (P.L. 109-222). In 2011 these reduced tax rates will "sunset," or revert to the rates in effect before 2003, which were generally 20%.
Back to the point I made earlier. Obama will not raise taxes he will allow the current tax laws to expire.
Now I spent a little time this evening watching the auto industry pitch why THEY needed 25 billion dollars. At no time during the hearing did I see any republican or democrat say they had drawn up the plan or even supported it. Sen Robert Casey, D-PA was the only one who expressed any interest in giving the money. Even more importantly both Carl Levin and Debbie Stabenow (both from Michigan) are against the bailout. I strongly feel that they need to fail. They need to file bankruptcy and start all over. But I also know that to let them fail would mean millions of jobs losts. So if asked to vote on this issue I would vote no for the bailout. I am all for taking the 25 billion and extending unemployement benifits for those who have lost jobs.
To the point of me contradicting myself. Yes I am a Democrat. No I do not believe in all they do. I do not believe it to be a contradiction to not agree with all issues my party is in favor of. I think it creates an environment in which real issues can be solved. If everyone agrees then what is the point in voting. . .
Edited by JadedSoul, 19 November 2008 - 04:19 AM.
I am whoever you think I am.