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GOP Strategic Retreat?

mj01323 Wrote: Dec 08, 2012 11:28 AM
The biggest change will be taxing qualified dividends at the ordinary tax rate, not the current long-term capital gain rate of 15%. Increasing the 35% rate to 39.6% is not a big deal. Increasing the long-term capital gain rate to 20% in itself is not that bad. It's the rate on dividends, income that has already been taxed at a 35% corporate rate. Add the Obamacare tax of 3.8% and figure out how much of dividend income goes to the federal government. It looks to me like the federal government will get 78% of the corporate income used to pay dividends. Add state income tax and there is not much left. How do you spell redistribution?
Republicans are divided. President Obama won't budge. And more and more, it looks like the fiscal-cliff deadline of Dec. 31 will be missed.

It's now clear that Team Obama wants higher tax rates and revenue-raising tax-deduction caps to meet their $1.6 trillion revenue target. Spending cuts and entitlement reforms are vague to nonexistent. In fact, it could be that Obama not only rejects the across-the-board budget sequester, but that he actively seeks to raise spending, not cut it.

I guess it stands to reason that if you puff up his $800 billion revenue increase from last year, and double it to...