Tiger's check from the USOpen would be significantly impacted by the 2 main proposals that Obama has made for raising taxes. The removal of the cap on Social Security Taxes and the repeal of the Bush Tax Cuts. And Tiger Sized Tax Increases
There is a name for a system in which a citizen labors diligently in his work and at the end of the day is forced to hand more over to the government than he can provide to his own family......it is socialist and it is social engineering at the core. The Founding Fathers are collectively spinning in their graves....God help us.
The neo-socialist Obama has a very good chance of getting elected. He has played the usual democratic trump card of class envy, garnished it with anti-war passion and shielded himself with the race card, which he has played against both Clintons susccessfully. That is no easy feat when you consider that the blacks used to call Bill the first black president. But even with all that going for him I don't think he will have an easy time changing the tax codes. He can talk that talk all he wants but to pass higher tax initiatives or repeal Bush's tax cuts will not go down well in a country where the vast majority are struggling. Contrary to stereotype, there are as many or more wealthy Democrats than Republicans.
More on Obama and the econ. It would seem like the head of a fund like PIMCO would make sense, but when I read this it makes no sense to me...does it to any of you more astute financial types?? Bill Gross wrote: Does that make sense?? PIMCO to Obama
Terry, I can't access your link for some reason, but on its face the statement looks like either a misprint or a misunderstanding of how the treasury market functions. Investments 101 teaches us that interest rates move in the opposite direction of prices. Lower demand for treasuries would cause higher rates/lower prices and vice versa.
That is only his Social Security Tax Increase...not all his other proposals and plans. Let me ask you this...when Corporate Taxes are increased, just who do you think foots the bill? When capital gains taxes go up, just who do you think foots the bill? When gas taxes, cigarette taxes, user fees, licence fees, property taxes, etc. go up just who foots the bill? When you buy a loaf of bread, how much would it cost if the taxes were out of it? I have read that more than half of what we pay for things goes to the government. Certainly half of what we earn goes to the government. The wheat farmer pays taxes on his land...he pays taxes when he buys the seed, he pays taxes when he buys the harvesting equipment, he pays taxes when he buys the fuel to run the equipment. If he employs hired help there are income taxes, SS taxes, Worker's comp taxes, Medicare taxes, etc. to be paid. When he sells the wheat to the bakery, taxes are made on the sale. The bakery pays taxes on everything they buy to make the bread. They pay all those taxes on their employees mentioned above. There are fees paid to have the government inspect the bakery. There are gas taxes and road taxes to take the bread to the market, where it is sold to the retailer (again taxes are paid). The retailer has all those taxes and inspection fees to pay that the bakery does, and then of course if you consume the bread in a restaurant rather than at home you have sales tax on the bread. All those taxes are built into the price of the bread. My point is that you can't just say "Obama is only going to tax those making over $250,00"...that is a lie. He will have to raise taxes on everybody and everything to fund the spending increases that he is proposing. Not just the "rich". And my fear is that those taxes on an already stressed economy will cause a disaster.