More on the bailouts. The House Republican Study Committee has released a proposal that supposedly would deal with the financial crisis. At this time, we ask that you take out and begin using your smoke and mirrors. Here's the plan, in a nutshell:
Two-Year Suspension of the Capital Gains: Immediately suspend the capital gains rate from 15% for individuals and 35% for corporations. By encouraging corporations to sell unwanted assets, this provision would unleash funds and materials with which to create jobs and grow the economy. After the two-year suspension, capital gains rates would return to present levels but assets would be indexed permanently for any inflationary gains.
Everyone clear on this? Their plan is to suspend the Capital Gains tax for 2 years so that all businesses and wealthy Americans may dump their unprofitable assets.
Pay no attention to the man behind the curtain who is carrying a big sign reminding people that capital gains taxes only apply to PROFITS (i.e. "capital gains").
The republi-CONS are once again counting on you to be stupid and uninformed. Please make an effort to let them down this time.
So, what does this really mean? The real end game is to simply eliminate the capital gains tax for wealthy corporations and rich people, so that they can continue making sick profits off the backs of the masses.
Have you had enough of Republi-CON "leadership" or would you like some more?
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