McCain seeks to cut capital gains tax

I have been sending letters to select Senators and Members of the House, all members on the finance/banking committees and to those who voted Aye on the bailout bill, even though they had no idea if it was going to work. I've been advocating revoking or cutting the Capital Gains tax in half, for a period of 2 years, with a must hold for one year clause, and cutting taxes on corporations to give them incentive to produce more, (more labor needed) or possibly even expand. If McCain is going to espouse these ideas, he MUST EXPLAIN to the people, why we need to do this. The first thing they are going to see is more breaks for the wealthy. He is going to have to tell them that those tax cuts, which will mainly affect the rich and those who have money for discretionary spending, is what is going to revive our economy. They are the ones who have the money to invest on Wall Street, thus bringing the value of trading back up to snuff. What smart person, with money to invest, would not take advantage of a time when they could buy stocks at a low price and sell them after a year at a profit and would pay a 1/2 price or no Capital Gains Tax. Yes, they will make money, but the benefits will be at NO COST TO US, THE TAXPAYERS. Let the wealthy help get us out of this crisis. The same with Corporate taxes, LOWER THEM! That's where products and jobs come from. If we want lower cost products, more jobs and more jobs to stay in our country, we've got to give the corporations a break. They need a competetive environment and a 35% tax rate is not the way to go when other countries have 12% (Holland) - 20%. We have the highest corporate tax rate in the world! If corporations expand, that will cause another economy rebound, without any help from America's taxpayers. Think of it this way - if you had a business and the government TOOK AWAY 35% OF YOUR PROFIT, when you were planning to put most of it back into your company to help it grow - would that not, (I'll put it a nice way), anger you, you know - make you really mad? My sermon is done, for today. May the heavens above smile on our country and let the "no see, non-creative minds" in both Congressional Houses, see what the finest minds in the economic/banking/free trade/financial world have been telling us. Sandilynn

I support what you are saying except for one part...FACT: The clear majority of people paying capital gains taxes are not rich..most of these taxes are paid by people making less than 100 thousand a year...(think 401K, retirement plans etc.) The truly rich have much better vehicles to use than mess with capital gains. I think investments should be treated as other capital assets such as our houses and our other personnel property...That would be much fairer than singling out this one asset for special treatment and punishing taxes.