Today, Obama gave a speech in which he said:
"Over the course of this campaign, I've laid out a set of policies that will grow our middle-class and strengthen our economy in the long-term. I'll reform our tax code so that 95% of workers and their families get a tax cut, and eliminate income taxes for seniors making under $50,000. I'll bring down the cost of health care for families and businesses by investing in preventative care, new technology, and giving every American the chance to get the same kind of health insurance that members of Congress give themselves. We'll ensure every child can compete in the global economy by recruiting an army of new teachers and making college affordable for anyone who wants to go. We'll create five million new, high-wage jobs by investing in the renewable sources of energy that will eliminate the oil we currently import from the Middle East in ten years, and we'll create two million jobs by rebuilding our crumbling roads, schools and bridges."
and also:
"To fuel the real engine of job creation in this country, I've also proposed eliminating all capital gains taxes on investments in small businesses and start-up companies, and I've proposed an additional tax incentive through next year to encourage new small business investment. It is time to protect the jobs we have and to create the jobs of tomorrow by unlocking the drive, and ingenuity, and innovation of the American people. And we should fast track the loan guarantees we passed for our auto industry and provide more as needed so that they can build the energy-efficient cars America needs to end our dependence on foreign oil."
I have lots of thoughts here. We have just spent $700 billion in a bail-out plan. We spent over $600 billion in a budget. There is talk about giving the families who can't pay their home loans money to do that. Now, Obama says he will give 95% of American's a tax cut. He will eliminate taxes on seniors that make under $50,000. (Remember, seniors are growing in number every day since the baby boomers are arriving.) The comment on health care is rather vague but it appears that he is going to bring down the cost of health care? How does that work? Dictate what doctors are allowed to charge? The government is going to invest in preventive care...how much is that going to cost? We will have the chance to get the same health care that Congress has? I assume that means free since theirs is free. An army of new teachers, at a cost of what? How do you make college affordable? I thought that is what grants and scholarships were for along with student loans. Is he proposing something new? Another cost? We're going to rebuild our roads. How many of these things do you really think will occur?
The second paragraph is where it gets really weird. Since when did small businesses and start up companies have capital gains? Can anyone explain this one? Does Obama know what a capital gain is and how that works on tax forms?
-Lady Colonel
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