I realize this is probably not going to be the most popular diary tonight, but if anyone cares to take a break from the results in NC and IN, I'd really appreciate the help.
I received the email below from my Uncle, who is a wealthy, republican buisness man. I really love my Uncle, but we disagree on many different issues.
I’m treading into dangerous territory by sending you this article as I know you like Barak but I thought you would like to consider various perspectives on some of the issues affecting you and your professional lives. I’m only sending you this to keep your thoughts "informed" and don’t take what I’m sending you as an attempt to criticize the candidate. A tax on a capital gain is a big deal to most working people. When the working person gets a little ahead of their economic daily needs, they typically investment in instruments that are subject to capital gains treatment like homes, stocks, bonds or anything that has a chance to go up in value. In my "humble" opinion, I would like working people to be encouraged to "save" by investing in our country’s goods and services with the hope they can achieve a return on their investment to better their lives. In addition, this type of investing ultimately benefits our economy and basically feeds into how our free market system operates. We need to work as a democratic society to try and get the working man ahead in the economic game and for me it doesn’t seem taxing the fruits of their labor is a good start.
Don't ya just love how he spelled Barack????
The above was sent with this link to an articel from the Wall Steet Jounal: http://online.wsj.com/...
Here is a brief piece from the article that I think sums it up nicely:
Either the young Illinois Senator is ignorant of this revenue data, or he doesn't really care because he's a true income redistributionist who prefers high tax rates as a matter of ideological dogma regardless of the revenue consequences. Neither one is a recommendation for President.
My Uncle knows that I am an Obama supporter and knows that I will more than likely try my best to defend the article, but I have to say that I do feel a bit naive on this subject. I think it might have something to do with the fact that I'm a teacher and don't have a lot of money(no complaints, I love what I do), my age, and have never had any strong urge to learn more about this issue until now.
So I'd like your help. Please educate me. I've read a little about the subject and I'm pretty sure the article in the WSJ is misleading and incomplete. If I remember correctly, didn't we have some of the best economic years during the Clinton years? I found these stats to back me up:
s&p 500 on 1/19/1993 - day before clinton took office: 435.13
s&p 500 on 1/19/2001 - day before Bush II took office: 1,342.54
s&p 500 on 3/04/2008 - yesterday afternoon 1,365.56
So if this happened during the so-called capitol gain tax increase of the Clinton years, shouldn't this show that it probably wasn't a bad idea?
I've also read that folks like my parents who will be retiring soon and cahing in on some investments they've built up for retirement could be hit hard by these capitol gain tax increases. Is this true?
This issue has obviously not affected my life very much, and therefore it has not played into my decision process of who the best candidate for president is, but I still would like to be more aware and able hang. I'd also liek to respond to my Uncle with more than what I understand now. Please help!