Geithner: Yes, taxes are going up, yes that includes cap gains and dividends
Update: Several well respected prognosticators are positively giddy at the notion of a 20/20 cap on cap gains/dividend rates. They take this from the Geithner interview below.
Again the DENIAL is astounding! The 20/20 is the FLOOR not the ceiling! Let’s say Tim is forthright with his statement that 20/20 is what Obama will propose on cap gains/dividends (which is s 5% hike from where we are now). Recall the Deficit Commission report is due December. I fully expect it to propose SS Medicare taxes on investment income. So start with 20/20, then add what 10? 15% for SS Medicare, then add the Obamacare taxes on investment income.
Get a Grip! No moderation in economic policy is forthcoming. This is Obama and Pelosi. Taxes are going up across the board, Obama will not stop. VOTE.
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Larry Kudlow has THE interview with Geithner. After this there is absolutely no excuse for delusions that Obama will suddenly find his inner capitalist and embrace pro growth economic policies. All of our taxes are going up across the board.
It is my opinion that Obama believes the US is too big and uses too many global resources. He is actively and deliberately seeking out and implementing policies that reduce the American standard of living, that is a feature not a bug. I believe he sees it as his duty to ‘correct’ what he thinks America has ‘done’ to the world and to restore balance as he sees it.
He does not believe in GROWING the pie a la Big Dawg. He is going to take pieces from us and give them to the rest of the world and those select groups who he either envisions as oppressed by our success, or who assist him. Period.
Take the blinders off folks. Smart money is IMO moving its income to 2010 and taking the tax hit now then focusing on CAPITAL PRESERVATION as Obama continues to roll out wealth destroying business killing middle class crushing policies. He will not stop.