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I knew when I wrote that that I would get that comment. The capital gains
tax change was certainly going to increase taxes since it permitted years of
gains to be taken at advantaged tax rates. The cuts in corporate taxes also
made companies more profitable and permitted the stock market to perform at
a record pace. At this point, US tax rates (Federal) are relatively low.
However, the take of taxes for people earning under some amount, which I do
not know enough to say is if far higher due to regressive taxes such as
sales taxes, sin taxes (which I do not have a problem with), etc. They can
cut taxes on the wealthiest if they take the tax rate to zero at a much
higher level than where it is now. Why do people earning around $70K pay the
same as people earning a million. And why is the effective rate higher in
the middle of it all as they take away tax deductions? Raise the level where
deductions get taken away, and then increase the tax on the really big
earners (the half million type folks, not the 70K-200K folks or there
abouts - I do not know exactly where the bubble is).
Of course, I could use the Democrat argument that the rich are getting
richer and the poor are getting poorer, but I am not familiar enuf with the
stats to be sure that is correct.
---
Steven W. Poser, President
Poser Global Market Strategies Inc.
http://www.poserglobal.com
swp@xxxxxxxxxxxxxxx
Tel: 201-995-0845
Fax: 201-995-0846
-----Original Message-----
From: BruceB [mailto:bruceb@xxxxxxxxxxxxx]
Sent: Thursday, November 23, 2000 12:37 AM
To: realtraders@xxxxxxxxxxx
Subject: Re: [RT] Re: While the judges decide...on track
Steve, in saying Bush would increase the deficit you're saying that his tax
cut would reduce the amount of tax revenue flowing into the Federal
Treasury.
Just out of curiosity, when the capital gains tax RATE was reduced a couple
of years ago, did capital gains tax REVENUE go up or down? When Ronald
Reagan cut personal income tax RATES in the 80's, did tax REVENUE go up or
down? When Kennedy cut RATES in the 60's, did tax REVENUE go up or down?
Enquiring minds want to know.
Bruce
----- Original Message -----
From: "Steven W. Poser (psn)" <swp@xxxxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxx>
> I would not even begin to try and determine why bonds would rally or fall
> due to a Republican or Democrat being in office. Congress is part of the
> equation as well, and I am not a student of our political history. If I
were
> a fundamental type, I'd be bearish bonds, because either Gore is going to
> move left of Clinton's centrist policies and start spending, or Bush will
> cut taxes and hugely increase the deficit. Both will increase Treasury
> issuance (increase supply, lower prices).
>
> I agree with Ira in that the market will do what it will do, and I am long
> term bearish bonds still.
>
> As for the event comment, the single event and the market may say that it
> does not have a lasting affect, however, a chart does not show what may
have
> led up to the event and whether or not the so-called event instead was the
> result of something that had already been brewing and was priced into the
> market. Then, the so-called event might show a spike and then a
continuation
> of what had previously been happening.
>
> Was that unclear enuf? It is late. It is a holiday weekend. Happy Turkey
Day
> all. And remember, next time you vote, vote for Poser for President for
> Life. Also, for Floridians, vote early, vote often and if you change your
> mind, sue.
>
> Steve
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