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Obama keeps saying he's going to eliminate capital gains taxes for small business?
Can anyone out there explain what the fuck he's talking about?
Can anyone out there explain what the fuck he's talking about?
posted by madtom at 10:51 PM
3 Comments:
Are you certain he didn't mean that he would 'eliminate capital gains'? I find that much more plausible. That would make any need for reduction in capital gains taxes unnecessary. Instead, we could qualify for his welfare... I mean tax credits... program.
No I am sure he said "cut the capital gains on small business". Had he just said the capital gain tax, I know what that is, its when you sell stocks for a profit, but I did not know there were different taxes on small business as compared to large. To tell you the truth I don't think he even knows what he's talking about, but maybe it's just me.
You would think that the media would have questioned him on this to clear up any confusion. He's repeated the claim at every speech I have heard. Last night Clinton was sitting right behind him, and I looked to see if I could read his facials, but I could not, he seemed to be noting approvingly??
The only thing that comes to my mind would be venture capital, is he saying he's going to cut the tax on venture capital investments in small business?
Capital gains are the increase in value of any asset. Upon sale, the difference in value at the time you bought the asset and its price you received upon selling is a capital gain subject to extra federal tax. What formula he would come up with to give a cut only to 'small business' and not big business or individuals is beyond me, but I'm sure it could be done with another couple of hundred pages or so added to the tax code. And I will guarantee you that the formation of shell 'small businesses' will explode if that will save on the stupidly high capital gains rate.
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