Anybody still buying the Gibson capital gains tax bullshit?

[eridani]

Here's all you need to know--

http://www.doctorhousingbubble.com/sheep-back-to-the-slaughter-lessons-from-the-great-depression-part-viii-all-the-change-and-bear-market-rallies/

The percentage of Americans who owned stocks, either directly or through a mutual fund, fell by 3.3 percentage points to 48.6 percent in 2004, down from 51.9 percent in 2001.

Stock ownership rates were highest in 2004 among families with higher incomes and families aged 55 to 64. Overall median stock holdings fell to $24,300 in 2004, down from $36,700 in 2001.

With baby boomers turning 60 this year and nearing retirement, the survey found that the percentage of families with some type of tax-deferred retirement account, such as a 401k, fell by 2.5 percentage points to 49.7 percent of all families.

However, those who had retirement accounts saw their holdings increase. The median for holdings in retirement accounts rose by 13.9 percent to $35,200.”

Of course Charlie Gibson in his liberal elite silo of friends and influence keeps forgetting that he asks questions that normally pertain to only 10 percent of the United States population:

“…So the rules in Washington — the tax code has been written on behalf of the well connected. Our trade laws have — same thing has happened. And part of how we’re going to be able to deliver on middle-class tax relief is to change how business is done in Washington. And that’s been a central focus of our campaign.

“MR. GIBSON: Senator Obama, you both have now just taken this pledge on people under $250,000 and 200-and-what, 250,000.

SENATOR OBAMA: Well, it depends on how you calculate it. But it would be between 200 and 250,000.

MR. GIBSON: All right.

You have however said you would favor an increase in the capital gains tax. As a matter of fact, you said on CNBC, and I quote, “I certainly would not go above what existed under Bill Clinton, which was 28 percent.”

It’s now 15 percent. That’s almost a doubling if you went to 28 percent. But actually Bill Clinton in 1997 signed legislation that dropped the capital gains tax to 20 percent.”

Did we not just look at the median stock holdings for most Americans? Let us say you kicked royal butt on that $24,300 stock holdings and gained 10 percent over the year. So now you decide to cash out and sell all your $26,730 of stock holdings. You are taxed on the gains of course and you made $2,430. The difference between 15 percent and 28 percent is a whopping $315! People are paying that in one month by:

1. Lost earning power and stagnant wages

2. U.S. Dollar going south to Cabo in Baja California

3. Higher fuel costs

4. Higher food costs

Yet the media again fails to look at the damn facts. In fact, most Americans have their wealth stored in the equity in their home. That is why the housing bubble bursting is so painful and why it is so utterly frustrating to hear the economically devoid media from digging deeper into the data. During the debate housing came up for about one minute! Yelling no more taxes is a pathetic rally cry that no longer holds water. Folks are wising up that inflation is a shadow tax that penalizes main street U.S.A and caters to those on Wall Street.

[Warren Stupidity]

1. Gibson is not a liberal. nt.

[eridani]

2. True, but there was some post yesterday (can't find it) that insisted--

--that Dems ought to understand how important reducing the capital gains tax is to "middle class" people.