printMost Americans own shares in major American companies, often through pension funds. “According to the Investment Company Institute,” reports the WSJ, “about 51% of adults own stock directly or through mutual funds, which is more than 100 million shareholders.” However, come 2013, the malevolent freak who inhabits the White House intends to “triple the tax rate on corporate dividends,” hurting these Americans (most of us). The “new dividend tax rate in 2013 would be 44.8%—nearly three times today’s 15% rate.”
…retirees and near-retirees who depend on dividend income would be hit especially hard. Almost three of four dividend payments go to those over the age of 55, and more than half go to those older than 65, according to IRS data. But all American shareholders would lose. Higher dividend and capital gains taxes make stocks less valuable.
I am not surprised and neither should the rest of the petty bourgeoisie. After all from each according to his ability to each according to his need is the mantra of our current President. Dreams From My Father (William Ayers book) explains Barack Obama’s political philosophy.
How far we have strayed/been lead from facts found in our history. Gains/profits derived from activities of common occupations by embedded workers in the private sector fall outside the taxing scope of the central govt. The truth of the matter is hiding in plain view: the tax is a federal income tax: no federal income, probably no tax. See losthorizons.com for all the facts.
Tax fanatic Obama is likely to win – so I guess I can kiss retirement goodbye! Remember that the 44.8% rate comes after the corporation pays 35% – so if your invested capital makes $ 1000 profit, you can keep a whopping $ 358.80 provided you live in a state with no income tax! In Washington DC, you would keep around $ 300. Don’t be surprised to see Peter Thiel of Mitt Romney becoming residents of Belize or some other country – after all, what great “advantages” come with US Citizenship? So, ironically, it will be those who earn between $ 100,000 and $ 1,000,000 (generally professionals) who are somewhat trapped in the US who cannot expropriate themselves trivially who will get trapped with the high marginal rates. [Exactly; the backbone of the economy. Great points.]
But while Messiah Obama should be denounced for this anti-investment jihad, the Republicans who join their Democratic colleagues pumping up the spending (bridges to nowhere, troops in Italy, wars everywhere, leaving no children behind, and housing bailouts) are only marginally less guilty. When the Social Security Tax (“contribution” in Newspeak) got cut by Obama, the money had to be “made up somewhere – hence the confiscatory rates on dividends.
When they punish profits, they get less of it. The more they tax, the less is produced. The more they burden employers, the fewer employees are hired. This isn’t difficult to figure out.
Throw in zero percent interest rates, QE, stimulus, and bailouts, and you’ve got a recipe for long-term economic stagnation, crushing debt, and the specter of hyperinflation.
These people are positively insane. When does the madness end?
Now we can assume he intends to be a one-term president. Or does he believe the retiree voting bloc won’t hear about this?
Unlikely.
If you are not already doing so, start watching DOOMSDAY PREPPERS on National Geographic Channel.
Read: http://mises.org/daily/5892/The-Skeptics-Case
Note all the revolts in the Mideast and who is getting slaughtered, i.e. those without guns! Same in Darfur and other areas, i.e. South Africa.
http://www.youtube.com/watch?v=eUD4y74YDik
GOOD BYE AMERICA…
Soak the rich. Empty headed, stupid and short sighted political ploy for empty headed, stupid and short sighted people.
Blood is boiling! Not having any success with a rational response…