Will President Obama raise the capital gains tax?

What if he raises the tax only on high income families? Will it still settle as yes? (flagging)

Or, one could ask, "Will the current do-nothing Congress continue it's storied tradition?"

Raising taxes is not in the realm of the executive branches abilities. That would fall to the legislature. This market, as worded, is an impossibility.

Erik is right.

superuser should suspend this so nobody wagers on it.

@dieseldog - 3 separate super users have flagged this to the category editor. Because it is part of the punditwatch screen name we typically don't suspend those markets, we let the category editor do it. These pundit watch markets are part of a bigger marketing program. I am sure the category editor will clear this all up shortly.

Who is punditwatch?

Thank you, randburg.

Punditwatch is the account that makes questions for the (fake) pundits to wager on. Read more here: http://punditwatch.hubdub.com/

Hi,

I've edited the market to make it clear that any increase in the capital gains under a Obama presidency would settle the market (up until July 8th 2009). As to Eric's point about this not being possible, if Obama is elected an increase in the capital gains tax would be credited to him. So we could say will Obama with Congress raise the capital gains tax, but the question still means the same thing. If it's raised the market settles as a yes, if not a no.

Hope this clears it up,

Ryan
Hubdub Category Editor

if he does and, if he gets in, is a lot too many if's. and the way it will have to through all the departments some how big business will stall it,?

Financial Crisis and the Way to Recovery

The term “shocking” can’t even come close to describe the severity of the financial crisis that we are faced with. According to Barack Obama, the only way we can get out of this mess is for this country to adapt socialistic values and enforce socialism by gaining control of all three branches of government. I’m sure that the mountain of money his campaign has collected from domestic and foreign donors, names the Obama campaign won’t disclose, will be used for that purpose. As soon as total control is gained, organizations like ACORN will have a green light to further abuse the law to suppress free speech, control the outcomes of elections and brain wash children in schools to believe that socialism is the answer to all of our problems. With total control of the government, and help from people like Bill Ayers, Rev. Wright and Antoin Rezko, who will probably be pardoned, achieving the ultimate goal, “a life of sexual confusion and moral collapse” will become a strong possibility.
The proof that socialism, or spreading the wealth around does not work can be seen by examining ACORN and its accomplishments by manipulating bancs to make loans to minorities with bad credit. By using charges of racism and threats to use CRA to block business expansions, ACORN and Obama already contributed to the crises we are in today and finding new ways to distribute the wealth will only make the situation much worse. His idea to put a three-month moratorium on foreclosures will further weaken the already fragile banking industry and only benefit delinquent homeowners by allowing them to live rent-free.
In order for our economy to start prospering again, we first need to elect an honest leader who is determined to stamp out the corruption in government and to stop the leftist movement from destroying the middle class. The hard working people can no longer be expected to keep giving until they themselves have nothing left to give.

Cybercorrespondent
http://cybercorrespondent.blogspot.com

Well said.

They plan to tax us into prosperity!

Brilliant! I am starting to understand his plan! He will lower taxes for "95% of america" and raise taxes for people who employ 75% of working americans! Then if by some miracle that works and the economy gets better he will raise taxes on everyone and restart the cycle!

geez, americans, always fearing what everyone else figured out decades ago.

Questioning the American Bolshevik views
1. Is wealth redistribution taking money from stockholders and redistributing it to those who don’t pay taxes?
2. Is it more important to make sure that illegal votes are not disenfranchised or making sure that groups like ACORN do not nullify honest votes.
3. Would premature U.S. withdrawal from Iraq grand jihadists a victory and make all of our accomplishments, money spent and lives lost a big waist?
4. Can this country afford to grant socialist Democrats total control of the government and allow them to sacrifice our safety by cutting the military budget by 25%?
Now comes the big question. How do we stop socialism from ruining our lives?
The answer is simple. Don’t vote American Bolsheviks into power and boycott the socialist propaganda media into bankruptcy.
http://www.youtube.com/watch?v=vjvBEKrGkDI
Cybercorrespondent
http://cybercorrespondent.blogspot.com

If we look at history, Bill Clinton, the last Democrat to be elected President, promised tax cuts when running for office. He "changed his mind" after the election. He was not even sworn in as President before he started publicly backtracking on that promise.

Here is a news article from January 15, 1993 that covers this (6 days before taking the oath of office):
"Clinton now Says: The 'Big Things' Never Included his Tax-cut Vow," http://www.iht.com/articles/1993/01/15/cut1.php

bill richardson has it down to people making more than $120k a year will see a tax increase i guess obama needs to hide him where their hiding biden. :O)

@cybercorrespondent:
1-I think you should look at the opposite redistribution for that welfare means there days.
2-As opposed to Diebold? Nice try, epic fail.
3-It already is a big waste, to the beating of trillions of dollars.
4-Not only can it afford, it needs to in order not to go bankrupt.

But then, I'm just a communist European.

Obama Aims to Halve Deficit by 2013
By Krishna Guha | The Financial Times
February 22, 2009

The budget will allow the Bush tax cuts for those earning more than $250,000 to expire after 2010. The top marginal income tax rate will rise to 39.6 per cent. The top capital gains tax rate will be set at 20 per cent.

http://www.ft.com/cms/s/0/797459da-0111-11de-8f6e-000077b07658.html

Obama to Raise Taxes, Cut Military Spending, Cut Deficit
February 22, 2009 | By Mark Whittington

The Obama administration would boost the top marginal tax rate from 35 percent to 39.6 percent on income, the capital gains tax from 15 percent to 20 percent, and would maintain the estate or death tax at 45 percent on estates worth more than $35 million. The Obama administration also promises more vigorous tax enforcement and will tax the incomes of hedge fund managers at the income tax rate rather than the capital gains rate.

http://www.associatedcontent.com/article/1501185/obama_to_raise_taxes_cut_military_spending.html

Wall Street Watches Proposed Capital Gains Tax Changes With Bated Breath
February 22, 2009 | The Huffington Post

http://www.huffingtonpost.com/2009/02/22/wall-street-watches-propo_n_168997.html

Obama's First Budget Seeks To Trim Deficit:
Plan Would Cut War Spending, Increase Capital Gains Taxes on the Wealthy
By Lori Montgomery & Ceci Connolly | Washington Post | February 22, 2009

While the budget would keep the breaks that benefit middle-income families, it would eliminate them for wealthy taxpayers, defined as families earning more than $250,000 a year. Those tax breaks would be permitted to expire on schedule in 2011. That means the top tax rate would rise from 35 percent to 39.6 percent, the tax on capital gains would jump to 20 percent from 15 percent for wealthy filers and the tax on estates worth more than $3.5 million would be maintained at the current rate of 45 percent.

A summary of Obama's budget request for the fiscal year that begins in October will be delivered to Congress on Thursday, with the complete, multi-hundred-page document to follow in April.

http://www.washingtonpost.com/wp-dyn/content/article/2009/02/21/AR2009022100911.html

Obama Seeks $1 Trillion Tax Increase in Budget Plan
By Ryan J. Donmoyer | Bloomberg News
February 26, 2009

Obama’s 2010 budget proposal, released today, would reinstate the top two Clinton-era tax rates of 36 percent and 39.6 percent in 2011, up from the 33 percent and 35 percent the richest Americans now pay. It would raise taxes on capital gains and dividends to 20 percent for top earners, up from the 15 percent set by former President George W. Bush in 2003.

http://www.bloomberg.com/apps/news?pid=20601070&sid=aFsqsDD7lF1Y&refer=home

Obama Unveils $3.6 Trillion Budget, Sets Aside Billions for Health Care
February 26, 2009 | Fox News

The plans would change capital gains tax rates to 20 percent, up from 15 percent, also for individuals above $200,000 and families above $250,000. This would generate $118 billion.

http://www.foxnews.com/politics/first100days/2009/02/26/obama-budget

I've flagged this previously so I can't do it again...My question is: Assuming the tax is raised...are we concerned with the signing date or effective date? In other words, If the increase is signed today to effect next years taxes...is that "Yes" or "No?"

Pick for Protocol Post Corrects Failure to File Taxes in 2 Years
http://www.nytimes.com/2009/06/19/us/19marshall.html?_r=2&ref=us

President Obama’s choice as chief of protocol for the State Department, a position that carries the status of an ambassadorship, did not file tax returns for 2005 and 2006, errors she corrected last November.


The nominee, Capricia Penavic Marshall, has placed blame for the problem on the Postal Service and on miscommunication between her husband and their accountant.

Ms. Marshall, who was the social secretary in the Clinton White House, notified the Obama administration about the late filings before she was nominated on May 14. She has since provided written answers to questions about the matter from Senator Richard G. Lugar of Indiana, the top Republican on the Foreign Relations Committee, which will hold a hearing on the appointment next Wednesday. The post requires Senate confirmation.

Tax issues have bedeviled several high-level Obama appointees and cost the administration at least two of its picks.

Ms. Marshall may fare better because, after ultimately filing the 2005 and 2006 federal and local paperwork, she was entitled to $37,259 in refunds, according to data she provided to Mr. Lugar.

The nominee and her husband, Dr. Robert Marshall, a Washington cardiologist, did not return calls seeking comment, nor did a White House spokesman.

Besides the president’s support, Ms. Marshall appears to enjoy the strong endorsement of Secretary of State Hillary Rodham Clinton and former President Bill Clinton, having worked on their campaigns.

An aide to Mrs. Clinton, Philippe Reines, said, “In the end, only two American taxpayers were adversely impacted by this inadvertent lapse.”

[More at the link...]

Note that in ‘Settlement details’ it is stated, “Currently it is at 15%.”
This is not true.
The rate at the time of this market was a bit more complicated...And it remains so:
http://www.taxfoundation.org/taxdata/printer/2088.html

I'm cashing out.