Does changing capital gains tax hurt middle class?


	Does changing capital gains tax hurt middle class?

masbury

5-1-2008 2:21 PM

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tags:

foxnews, factcheck, taxes, capital gains, politics, obama, clinton, election, news

masbury says:

FoxNews' Chris Wallace and FactCheck.org disagree

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/b44dc7bd-7806-453d-80c7-c1a596364ec0/82118A3B-D5CE-42D8-AFAA-22582E585453/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.factcheck.org/askfactcheck/would_raising_the_capital_gains_tax_rate.html" href="http://www.factcheck.org/askfactcheck/would_raising_the_capital_gains_tax_rate.html" style="font-size: 11px;">www.factcheck.org</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.factcheck.org/askfactcheck/would_raising_the_capital_gains_tax_rate.html"><SPAN>Would raising the capital gains tax rate hit the middle class?</SPAN></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.factcheck.org/askfactcheck/would_raising_the_capital_gains_tax_rate.html"><FONT size="3">"Fox News Sunday" host Chris Wallace suggested that Sen. Barack Obama's proposal to raise the rate would be a "substantial" tax increase on the "middle class."
</FONT></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.factcheck.org/askfactcheck/would_raising_the_capital_gains_tax_rate.html"><BLOCKQUOTE><FONT size="3"><FONT face="Times New Roman"><STRONG>Wallace, April 20: </STRONG>[When] half the tax returns reporting capital gains come from households making less than $50,000, why isn't that a considerable, substantial, middle class tax increase? </FONT></FONT></BLOCKQUOTE></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.factcheck.org/askfactcheck/would_raising_the_capital_gains_tax_rate.html"><div align="center"><img src="http://content8.clipmarks.com/blog_cache/www.factcheck.org/img/60BC22FD-3647-4DF9-82B7-25D78B0C85E7" alt="" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.factcheck.org/askfactcheck/would_raising_the_capital_gains_tax_rate.html"><div align="center"><img src="http://content9.clipmarks.com/blog_cache/www.factcheck.org/img/7DC21251-4A66-4B6E-B547-FE0BECAFBFCA" alt="" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.factcheck.org/askfactcheck/would_raising_the_capital_gains_tax_rate.html"><DIV>
Those are the tax filers who, overwhelmingly, would be affected by any increase in the rates, even if there were no exemptions such as Obama proposes.</DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.factcheck.org/askfactcheck/would_raising_the_capital_gains_tax_rate.html">
On the Republican side, John McCain's Web site says he'll <A href="http://www.johnmccain.com/Informing/issues/0b8e4db8-5b0c-459f-97ea-d7b542a78235.htm">maintain</A> the current capital gains tax rate. </blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/82118A3B-D5CE-42D8-AFAA-22582E585453/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>