Obama threatened capital gains increase

MSOsr · 11-06-08, 06:22

Does anyone think the stock market isn't going to tank (900+ point drop in 2 days) if Obama doesn't come forward and state he is NOT going to increase capital gains taxes for the first year of his administration?

There were a lot of negatives in that statement....simplified, If Obama doesn't back off his proposed capital gains tax increases, do you think the market is going to continue to go down?

Mike

askjeffro · 11-06-08, 06:43

The stock market is future looking, the tax increases were priced in long ago when it became apparent that Obama was going to win.

So to answer your question directly, no.

Unfortunately the market is struggling for far more important reasons then any tax related issue. I wish it were that simple. Luckily, markets fare better under democrats, so hopefully that will provide some stability in the coming months, but I doubt it.

Slickery · 11-06-08, 06:45

Are you for real?

qwertydude · 11-06-08, 06:50

The problem is how can you simplify a 100+ page tax amendment into a single sentence? Just flat out saying he's gonna increase capital gains tax therefore the economy will spiral into the pits of hell.

A tax plan amendment that restores a progressive tax rate to help fund a withdrawal from unnecessary foreign conflict which is a multi billion dollar a year moneysink, will help balance the budget and that will do more to restore the country's economic confidence than a plain old tax cut. You can't just tax cut your way out of trouble. Obama is inheriting a giant turd of an economy and is being realistic, we need to pay our way out and not tax cut our way out.

Dave1 · 11-06-08, 06:55

Tough question.....

I don't like Obama's plan to raise CG to be honest......

As far as the market going down, with daily hundred point swings going both ways for several weeks now, how can you even begin to pin point factors with a market this volatile......?

askjeffro · 11-06-08, 06:56

Quote:

Originally Posted by Slickery

Are you for real?

Are you speaking to me? If so, I think I'm real, therefore I am?

Yeah, I'm serious.

Slickery · 11-06-08, 07:08

I wasn't speaking to you Jeff. Obama hasn't even taking office yet and we are blaming him already for the market crashing, lol. Newsflash, our market is already in the tank. I highly doubt too many people are in the position to worry about capital gains right now. Realstate is in the tank, along with the stock market.

askjeffro · 11-06-08, 07:11

Quote:

Originally Posted by Slickery

I wasn't speaking to you Jeff.

Darn, I was hoping for a fight.

Scottwax · 11-06-08, 07:13

Supposedly he has said in the past he will hold off on tax increases if the economy is in a recession.

Dave1 · 11-06-08, 07:21

Quote:

Originally Posted by Scottwax

Supposedly he has said in the past he will hold off on tax increases if the economy is in a recession.

With the massive bail out plan payment schedule still in question as to distribution at this point, I think that waiting a little bit might not be the worst "plan" to be honest.....

MuttGrunt · 11-07-08, 02:45

short answer: No.

the quick dips and spikes are based of speculation. so, thats basically all BS. the market is about long term results, not short term. so the question is: do you really think the market isn't going to steadily go up over the next four years?

to say no, you better have some really strong arguements, and be prepared to be wrong regardless

mobenzowner · 11-07-08, 05:29

I suppose capital gains tax hikes are part of his plan to "spread the wealth".