A Rising Tide
I don't know how many trillions of dollars of personal wealth has been created as the Dow, the S&P 500, the Russell 2000, the Wilshire 5000 and every other measure of stock performance has cruised past previous highs, but I'm sure every American is benifitting. Thank you, President Bush.
If you are planning to vote for any national Democrat next year, I suggest you start transitioning your portfolio into cash. If Democrats gain in Congress or take the White House, capital gains tax rates are going to rise as Democrats think your money is their money so as they raise taxes, the market will fall.
And, if it looks like Democrats are going to gain in Congress or take the White House, trust me, professional investors are going to be moving out of stocks before the "little guy", I just hope the personal investor doesn't get left behind.
In other news, there is legislation working its way through Congress (controlled by Democrats, by the way) that will raise the tax on cigarettes by 156%. The proceeds earmarked for health care to uninsured children. If you are against the tax, you guessed it, you hate children.
Well, I'm against the tax increase for a few reasons:
First, what is the logical link between this tax and the beneficiaries? There is none. Simply, there is a mechanism in place to collect the tax so its easy for the gutless in Congress to just boost the rate. That's just silly, but we are talking about Democrats afterall.
Second, I'm not researching it but I'm sure this tax is hugely regressive. Does anyone doubt that the lower socio-economic classes smoke in greater percentage than higher socio-economic classes? Odd how the liberal media isn't coming to the defense of these taxpayers. Oh, the liberal media must love children.
Third, I drink beer. If Congress can so easily bump the Federal tax on a pack of smokes, how soon until they turn to my six pack? Yeah, I'm not to fond of that. Plus, I'm already paying heavy medical premiums to insure kids.
Fourth, if Congress needs $35 Billion (over 5 years) for insuring kids (whose parents in some cases could earn as much as $80,000 per year, boy, talk about sneaking in the backdoor to a National health care program), then how about cutting the National Endowment for the Arts?
Anyway, I smell a third Bush veto.
I don't know how many trillions of dollars of personal wealth has been created as the Dow, the S&P 500, the Russell 2000, the Wilshire 5000 and every other measure of stock performance has cruised past previous highs, but I'm sure every American is benifitting. Thank you, President Bush.
If you are planning to vote for any national Democrat next year, I suggest you start transitioning your portfolio into cash. If Democrats gain in Congress or take the White House, capital gains tax rates are going to rise as Democrats think your money is their money so as they raise taxes, the market will fall.
And, if it looks like Democrats are going to gain in Congress or take the White House, trust me, professional investors are going to be moving out of stocks before the "little guy", I just hope the personal investor doesn't get left behind.
In other news, there is legislation working its way through Congress (controlled by Democrats, by the way) that will raise the tax on cigarettes by 156%. The proceeds earmarked for health care to uninsured children. If you are against the tax, you guessed it, you hate children.
Well, I'm against the tax increase for a few reasons:
First, what is the logical link between this tax and the beneficiaries? There is none. Simply, there is a mechanism in place to collect the tax so its easy for the gutless in Congress to just boost the rate. That's just silly, but we are talking about Democrats afterall.
Second, I'm not researching it but I'm sure this tax is hugely regressive. Does anyone doubt that the lower socio-economic classes smoke in greater percentage than higher socio-economic classes? Odd how the liberal media isn't coming to the defense of these taxpayers. Oh, the liberal media must love children.
Third, I drink beer. If Congress can so easily bump the Federal tax on a pack of smokes, how soon until they turn to my six pack? Yeah, I'm not to fond of that. Plus, I'm already paying heavy medical premiums to insure kids.
Fourth, if Congress needs $35 Billion (over 5 years) for insuring kids (whose parents in some cases could earn as much as $80,000 per year, boy, talk about sneaking in the backdoor to a National health care program), then how about cutting the National Endowment for the Arts?
Anyway, I smell a third Bush veto.
posted by Zack at 9:02 AM
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