red states rule
07-15-2008, 06:53 AM
The messiah's record breaking tax increase is starting to get a closer look by the experts. As many of said, the messiah is nothing but a replay of the failed 4 years of Pres Peanut Carter
His econimic plan will cripple our economy, put many peole out of work, and destroy the incentive to invest
Obama Capital Gains Tax Hike Would Hit N.Y. Hard
City's 'Crop' Seen as Vulnerable
By JULIE SATOW, Staff Reporter of the Sun | July 15, 2008
snip
According to the Institute for Research on the Economics of Taxation, Mr. Obama's tax hike would knock off $2.5 trillion in capital formation over five years, or nearly 2% of gross domestic product.
"If we are only growing around 2% over the next five years, then we will have virtually zero growth for the period," the president of the institute, Stephen Entin, said. "This will create a permanent hit of 5% or greater to GDP."
The effect on New York will be even more acute: Wall Street accounts for nearly 9% of the city's tax revenues and up to 20% of the state's revenues; the city collected more than $3.3 billion in tax revenue from the securities industry in fiscal year 2007 and New York State collected $9.6 billion, according to New York State Comptroller Thomas DiNapoli. In addition, every job added on Wall Street results in the creation of two additional jobs in other industries in the city, and one additional job in the suburbs.
"New York does have a high fraction of its income earned from capital gains and dividends," a senior economist at the Tax Foundation, Gerald Prante, said. "New York would be one of the hardest hit areas; there is no doubt about that."
In recent weeks, the presumed Republican nominee, Senator McCain, and the likely Democratic nominee, Mr. Obama, have been disclosing more details of their tax proposals: Mr. McCain proposes extending the 2001 and 2003 tax cuts initiated by the Bush administration, including keeping the capital gains and dividend tax at 15%; he also proposes reducing the corporate tax rate 10 percentage points to 25%.
Mr. Obama is not only proposing raising the capital gains and dividend tax to 25% but will allow much of the Bush tax cuts to expire, including allowing the top individual income tax rate to return to 39.6%.
for the complete article
http://www.nysun.com/business/obama-capital-gains-tax-hike-would-hit-new-york/81902/
His econimic plan will cripple our economy, put many peole out of work, and destroy the incentive to invest
Obama Capital Gains Tax Hike Would Hit N.Y. Hard
City's 'Crop' Seen as Vulnerable
By JULIE SATOW, Staff Reporter of the Sun | July 15, 2008
snip
According to the Institute for Research on the Economics of Taxation, Mr. Obama's tax hike would knock off $2.5 trillion in capital formation over five years, or nearly 2% of gross domestic product.
"If we are only growing around 2% over the next five years, then we will have virtually zero growth for the period," the president of the institute, Stephen Entin, said. "This will create a permanent hit of 5% or greater to GDP."
The effect on New York will be even more acute: Wall Street accounts for nearly 9% of the city's tax revenues and up to 20% of the state's revenues; the city collected more than $3.3 billion in tax revenue from the securities industry in fiscal year 2007 and New York State collected $9.6 billion, according to New York State Comptroller Thomas DiNapoli. In addition, every job added on Wall Street results in the creation of two additional jobs in other industries in the city, and one additional job in the suburbs.
"New York does have a high fraction of its income earned from capital gains and dividends," a senior economist at the Tax Foundation, Gerald Prante, said. "New York would be one of the hardest hit areas; there is no doubt about that."
In recent weeks, the presumed Republican nominee, Senator McCain, and the likely Democratic nominee, Mr. Obama, have been disclosing more details of their tax proposals: Mr. McCain proposes extending the 2001 and 2003 tax cuts initiated by the Bush administration, including keeping the capital gains and dividend tax at 15%; he also proposes reducing the corporate tax rate 10 percentage points to 25%.
Mr. Obama is not only proposing raising the capital gains and dividend tax to 25% but will allow much of the Bush tax cuts to expire, including allowing the top individual income tax rate to return to 39.6%.
for the complete article
http://www.nysun.com/business/obama-capital-gains-tax-hike-would-hit-new-york/81902/