Capital Gains Taxes

Kentucky Senator Rand Paul’s Loony Budget Proposal: A “Clear And Present Danger”!

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One of the worst results of the midterm Congressional elections of 2010 was the election of Senator Rand Paul of Kentucky, the son of Texas Congressman and Presidential candidate Ron Paul.

Rand Paul, an optometrist who is not certified by the national organization in the field of optometry, but instead by his own self created association, and who was ranked as the worst Senator in oral discourse in Congress, with an average of only 8.0, eighth grade language, has been seeking to raise his libertarian image within the Republican Party, and is clearly looking to run for President in the future, based on his father’s reputation, and his own,. even more loony, ideas.

Like his father, Rand Paul is an isolationist and a small government man, and he has no concern about the effects of massive cuts in the federal budget.

So last week, he proposed a budget that would totally destroy the whole direction of the nation in an extremist way. absolutely nuts!

What did Paul propose?

A cut in the Social Security payments of 40 percent to all recipients.
End the Medicare program as we know it in two years.
Reduce defense spending by $100 billion below a level considered “devastating” by the Pentagon.
Eliminate the Education, Energy, Housing and Urban Development, and Commerce Departments.
Dramatically cut the Homeland Security Department.
Cut programs for the poor in a radical fashion.
Give tax cuts to the wealthy, lowering rates to 17 percent, and eliminate all taxes on capital gains and dividends.

The vote in the Senate was 83-16 against this radical, crazy plan of Rand Paul. The fact that fifteen Senators joined Paul in backing this most reckless plan is scary beyond belief.

It is clear that Rand Paul is a “clear and present danger” to our future, and must be resisted in every way possible to prevent any chance of him being a serious factor in future Congressional leadership battles and Presidential ambitions.

Paul makes other right wing Republicans look sane by comparison, which makes any intelligent person totally terrified of what this crazy libertarian stands for, sadly backed by many who have no concept of how dangerous this Kentucky Senator has the potential to be in the future!

Seven Republican Presidents Who Raised Taxes On The Wealthy

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We are in the season of Republican Presidential candidates and the Republicans in the Congress railing against any rise in taxes on the wealthy, no matter how minor. Instead, we have the reckless, irresponsible proposals of Herman Cain and Rick Perry in recent days, which would LOWER taxes further on the wealthy and starve the government from being able to do anything other than defend the nation and pay the interest on the national debt, a totally insane proposition!

They claim they are following Republican tradition, but they are defying the facts of history.

Seven Republican Presidents raised taxes on the wealthy, and understood the need to do so, and the fairness of it.

Abraham Lincoln created the first federal income tax to finance the Civil War.

William Howard Taft endorsed the 16th Amendment, the federal progressive income tax, which became part of the Constitution at the end of his term in early 1913.

Herbert Hoover raised the top income tax rate from 24 to 63 percent in 1932, in the worst moments of the Great Depression.

Dwight D. Eisenhower argued for and succeeded in a top income tax rate over 90 percent during the 1950s, in order to help promote a balancing of the budget.

Richard Nixon raised the capital gains tax rate from 25 to 35 percent in 1969, and supported the concept of a minimum tax.

Gerald Ford signed legislation raising the minimum tax on the wealthy, and getting rid of some loopholes used by the wealthy to evade taxes.

Ronald Reagan supported the idea of capital gains being taxed as ordinary income, and raising taxes on corporations.

So it is a lie to say that Republicans historically have supported lowering of taxes on the wealthy and corporations.

The only effect of what the GOP promotes today is the DESTRUCTION of the federal government in a time when it is more needed than ever since the worst days of the Great Depression!

Warren Buffett Calls Upon Wealthy To Pay More In Taxes: Absolutely Appropriate!

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Billionaire Warren Buffett has called upon the wealthy, like himself, to start paying their fair share of taxes, including capital gains taxes at a higher rate, as most of them do not work and do not pay federal income tax on a job, as we all do! Buffett says that he should pay a higher level of taxes than his secretary does, and he is ABSOLUTELY CORRECT!

It is about time that this occur, and yet, Rick Perry says that the half of the population who do not pay federal income taxes should start paying, conveniently forgetting that they do not make enough income to be able to survive as it is!

Plus, the poor DO actually pay many taxes, including state and local income and sales taxes, gasoline taxes, and payroll taxes on Social Security and Medicare!

Why should those who have stocks and bonds be able to avoid the rate of taxation that middle class working Americans pay on their employment income?

With 14 and a half months to go to the Presidential Election of 2012, the clear cut differences are drawn, for all who have any brains, intelligence, and sense of social justice, to see clearly!