OPINION:
When campaigning for re-election next year, President Obama can take credit for implementing a huge tax cut. His administration’s policies have resulted in a meltdown of Wall Street, wiping out most of this year’s stock-market gains (“Global stocks tumble amid recession fears,” Web, Friday). Therefore, investors will not have to pay taxes on capital gains.
Of course, with no capital gains, the government will not collect any capital gains taxes. Mr. Obama calls this a “balanced approach.”
Investor losses will be felt across all segments of society, from the union member and retired teacher with money in a pension plan to the executive with a 401(k) to entire states. Even the uncommon folk who paid $38,000 a plate to celebrate the president’s birthday will suffer. This is what Mr. Obama means by “shared sacrifice,” apparently.
Just think: He says he isn’t even halfway finished with his plans to transform America.
ROGER JOHNSON
Kensington
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