Wednesday, November 5, 2008

The election and taxes

So, we have elected our first African-American President, I truly did not think we'd see this day at least for another 20 years. That shows the American people can change, or maybe we were just so thirsty for something different than the oh so popular Bush administration that we ran for the complete opposite.

I'l be the first to admist I don't know heck of alot about politics. I'd probably consider myself a left Republican, if that term even exists. Being in the finance industry is what ultimately drives me to the Republican side.
Obama has promised change, job growth, to fix the healthcare system etc. But we live in a country that makes its money how? Through taxes. To fund all of these programs, I don't know how he can do it without raising taxes, and I definitely don't believe in wealth redistribution.

I work hard for my money and want to make my money work hard for me, not give it to people who don't want to work hard and sit around with a sense of entitlement. Do you know what the highest expense you pay on your investment dollars is? It's not the 1-3% you pay on your stock transactions, mutual fund 12b1 fees, or investment fees to your advisors- it's the 10-35% you give to the government, and a Democrat president could eventually mean higher taxes ( ie higher income) to pay for all of these promised changes.

Of course, on the other hand I don't know what the other solutions are? How do we raise money without increasing taxes, spur job growth without raising debt to finance these big infrastructure improvements, and balance the budget all at the same time? and oh yeah fix this credit/housing crisis too? Obama, if you can figure this all out, hats off to you.

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