What will the Democrats do?

I'm day dreaming now. These last 6 years have been hell. Alito. Wire tapping. Harriet Miers. Secretary of State Rice.

So I start to think: It's January 2009. President Clinton & Vice President Obama have taken office with a massive Democratic majority in both houses. She's ended the war, we have universal healthcare and Secretary of State Bill Clinton is creating a more peaceful world. So what's next? What heaven on earth will come to pass?

Personally, I hope that Antonin Scalia will be replaced by a transgendered wiccan Lesbian Priestess. Just because we can.

i know what they'll do....

they'll dance dance dance the night away!

Fire all the federal prosecutors then raise the marginal tax rate.

Right wrongs.

End wars.

Restore the Constitution.

Give tax relief to citizens not corporations.

Turn away from cronyism.

Bring back the principles of the Founding Fathers.

Let Freedom reign once more--and never let it be lost again.

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Since we're being serious I'll throw one out there:

I hope the Democrats will change the tax laws back so that investment income is taxed at the same rate as wages. Most people don't know, but investment income (From stock dividends or interest on bonds) is currently taxed at only 15%. In 2008, that rate is to drop to ZERO. So Helen Walton, widow of the founder of Wal Mart, worth over $15 BILLION dollars, would be paying NO income tax whatsoever under Republican rule. I would hate to be paying more in taxes than Helen Walton.

Not that itll come to pass, but I'd love to see them start by tossing out that ill-named "Patriot Act" and its attendant BS ("You're flying somewhere? TAKE OFF YOUR SHOES!!!").

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So Joe, no investments of your own? No prospect of having investments? No IRA, no 401(k), no company stock, no mutual funds (deferred til divestment)?
Or are you willing to pay the extra tax on your personal investments just so you can stick it to Gramma Walton?

It's threads like this that confirm to me that the Republican party is made up of three major groups; Rich people..wannabe rich people and rednecks.

I personally think this wannabe rich group is the scariest of all.

As a CPA who specializes in taxes, I can assure you that Republican tax policy favors the very rich. Those of you who think you're rich by having a couple hundred thousand stacked away think again. You happen to be one of those wannabe rich people who falsely believe Republican policy favors you.

The Republicans lowered the tax rate on dividends and capital gains, (double taxation of dividend income was the major reason)but have done absolutely nothing with the triple (thats right TRIPLE) taxation of social security. On top of that, the alternative minimum tax now hits the middle class and those who believe they're rich..but don't come close.. the hardest. For example, say you make $200000 a year..own a $1mil house..have say even $200000 cash in investments,..in other words you one of those I would call a wannabe rich Republican. The tax savings you make on your lowered dividends is lost to the alternative minimum tax. When you retire, count on 85% of your social security being taxable (even though you and your employer have already paid tax on it. No doubt it will be taxed to you at the maximum rate since you're one of those wannabe rich who have worked hard all of your life and are living your retirement years on your $750K banked. Truth is the SS tax, combined with the alternative minimum tax will hurt this wannabe rich group the most as a percentage of their net worth. On the other hand the richer you are, the less you are affected by the inequities mentioned above and benefitted more by dividend and capital gain tax rate cuts, expanded estate tax exclusions as well as a myriad of tax planning options availble to you.

Think again before you think the Republican tax policy will really help you out because chances are ..unless you have a net worth of many millions...they aren't doing you any favors.

But first of all, the Democrats seem to be providing the disgruntled and indifferent Republicans -- the sea of the moderates, not just the right wing mega-church crowd -- with the one thing that will unite them: a Hillary Clinton candidacy. Cannot be stated enough. Two different strategists yesterday said Republican polling reveals Hillary on the ticket is the best incentive to get Red State crowd to the polls on election day. Read Maureen Down this a.m., re her sister's partial conversion. Even those who've finally turned on Bush will vote for any Democrat except Hillary. She is the presumptive target because she's the Republican machine's dream candidate -- the one Democrat that cannot possibly garner enough votes to take the electoral college. If we don't wake up to the true impact of her negatives, we will be a very, very unhappy electorate in 11/08.

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"So Helen Walton, widow of the founder of Wal Mart, worth over $15 BILLION dollars, would be paying NO income tax whatsoever under Republican rule. I would hate to be paying more in taxes than Helen Walton."

Better Gramma Walton's money is in the US economy. If the US makes it too difficult, she could move it offshore, thereby taking billions out of the US economy. Doesn't do much good if her money sits in a Swiss bank account.

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Gotham has the Republican philosophy in a nutshell: Pamper those rich people!

And Kelz I'm not asking for rich people to be punished, just treated fairly. I pay taxes on my salary. There are tax-shielded investmetns for my future. I am glad to pay my share.

I do not think "Investment" income should be treated any different than my "salary" income and I don't think that's too much to ask for.

I didn't use any Nazi metaphors. Nazis aren't the only ones who use camps. I meant Camp Krusty.

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"Got--how could it be worse than the Republican way of the Widow Walton paying NO tax at all?"

Right now Gramma Walton's money is invested in stocks. Stocks put money into companies. For example: she may own stock in a food company that is providing your breakfast; she may own stock in an internet company that lets you access BWW. If she pulls her money out of stocks, she is pulling her money out of a company. If the company can't make it without their stock capital, they stop their business.

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