In response to:

Obama Administration Misleads the Country on Tax "Cuts"

Birdman III Wrote: Nov 19, 2012 2:11 PM
In reality, everyone is going to se an increase in the taxes he/she pays.
Roger116 Wrote: Nov 19, 2012 3:01 PM
In reality, the change in Capital Gains taxes is going to hit those who are retired harder than the rich, by far. Most retirement accounts depend on Capital Gains, be they IRAs, Roths or 401 Ks. It was bad enough to have SS rob us of money we could have put into retirement accounts where it would have grown.

The company I worked for had what is called a Capital Accumulation Program, or CAP that they contributed 3% and you could contribute up to 15% for a total of 18% per year. Side by side, in just a few year the CPA was worth far, far more than my SS would ever pay out. Now the big government types are trying (have been trying for some time) to take over private retirement accounts. They are waiting for the economy/market to tank,
Roger116 Wrote: Nov 19, 2012 3:06 PM
Once the market tanks they will offer to give you a life payout (just like SS) for your retirement accounts. This will be a first. Later it will become mandatory. Thing is, you no longer own that account, so you have nothing to leave to your heirs. Once you are gone the government inherits it. It takes little searching to find the proposals and the congress critters behind it.

The White House is promoting the extension of the Bush Tax Cuts for the middle class (which should really be called the Obama-Bush Tax cuts, since Obama extended them in 2010) as exactly that, tax cuts. But the truth is, an extension of the tax cuts wouldn't be a cut at all, but would keep tax rates at the current rate. The Obama admnistration is implying on the official website that a tax cut is coming for the middle class when in reality if a deal is made by January 1, middle class families won't see a tax...