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Let Obama raise taxes as much as he wants. Make it a 75% marginal tax rate. I don't care. No matter what Obama raises tax rates to next year, I will NOT be paying more taxes than for the tax year 2012 or 2011. I'll just invest for the long term to achieve long term capital gains to be realized when the GOP get voted in again in 4-8 years and cuts capital gains taxes to stimulate the economy.
Instead, what would be more likely is that we have another recession. Who cares? The rich don't get hurt in recessions Sure, their net worth goes down by a zero. Does that hurt the way they live? Not at all. The only people who get hurt in a deep recession are the poor and middle class.
Given the fiscal ruin this country is headed towards, something will happen to correct the imbalances. Given poltical gridlock, depreciation of the dollar and inflation is the most likely outcome. No problem, I'll just hedge against the currency dropping. Again, the middle class and poor is who gets hurt.
The GOP should just give Obama everything he wants and let it hang him politically. Unfortunately, the GOP is too stupid to follow this course of action.
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