Diary

Obama and your 401-K.

I saw a comment from FOXnews.com on a previous diary entry I posted. The person said he was more concerned with what John McCain was going to do about his 401-k taking a 40% hit rather than Barack Obama’s association with William Ayers. That’s understandable.
Muddled in all of the hope, change, spins, lies, and deceit is how Obama would destroy your 401-k or your IRA. Most Americans have a stake in the stock market in some manner, whether it’s through a 401-k, IRA, or individual investments. Barack Obama has made no bones about it; he wants to double the taxes on dividens from 15% to 30%, and nearly double the capital gains taxes from 15% to 28%. Aside from being completely stupid on Obama’s part, this is dangerous because it won’t give anyone an incentive to invest. With fewer investments and higher taxes, your 401-K is going to take an even bigger hit.
I think it’s safe to assume that none of this will be worked out in the next 27 days. As a matter of fact, the powers that be say it will get worse before it gets better. If Obama gets elected along with a Democratic House and Democratic Senate, then it’s guaranteed that we’re looking at another great depression. Couple these tax hikes on dividents and capital gains with his income redistribution…..I mean tax cut for 95% of Americans and one trillion dollars in increased spending, and we’re looking at gloomier economic times than right now.
Why the majority of the country doesn’t see this, I have no clue.