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Front Page: Biden Says Higher Taxes Patriotic, Stocks Tumble Despite Bailout, 175 Arrests in Drug Ring

  • Biden: Higher Taxes Patriotic:
    Vice Presidential candidate Joe Biden said today that paying higher taxes is a patriotic thing for wealthy Americans to do. Acknowledging the plan for a higher tax rate for those making over $250,000, Biden said on Good Morning America, "It's time to be patriotic ... time to jump in, time to be part of the deal, time to help get America out of the rut."
  • Stocks Tumble Despite Bailout:
    US stocks hit a three-year low despite the $85 billion government bailout of insurance giant AIG. Acknowledging continuing concern, White House spokeswoman Dana Perino said, "Our economy has the strength to be able to deal with these shocks." President Bush has canceled a trip today to focus on the economy. He's expected to speak at 10:15 ET.

  • 175 Arrests in Drug Ring:
    US officials announced arrests of 175 people in connection with Mexico's largest drug ring. The arrests took place this week after 15 months of investigation into the Gulf Cartel, a group which plays a major part in the levels of violence in Mexico. A DEA spokesperson said, “We successfully completed a hard-hitting, coordinated and massive assault on the powerful and extremely violent Gulf Cartel."


dreamsugar dreamsugar 9 years
Suez Orman said not to jump in the market right now (on Cnn) -- so I'm going it slow. Biden is totally right. :cheer:
bellaressa bellaressa 9 years
Love they took down the drug dealers. I think I may start looking into some stock. I know some of you are thinking the same thing.
Jude-C Jude-C 9 years
I think Biden placed taxpaying in the proper perspective. Good for him.
Vespa Vespa 9 years
It's shrewd of Obama to speak publicly about lowering taxes in some specific instances. He will not be able to pay for all of the programs he's proposing, though, without raising taxes.
popgoestheworld popgoestheworld 9 years
I think that there are opposing studies on the effects of raising taxes. There are economists who believe that lower tax rates stimulate growth, and that growth will actually increase tax revenue. It certainly seems that the people who are able to take capital and turn it into more capital are the people most likely to generate that growth, be it an individual or a company. Now, if there are crazy loopholes that corporations are dodging through to pay almost no taxes, then there needs to be a discussion of what is truly fair for corps to pay, and then they need to find a way to make them pay it. I hope that number stays low, personally. With a global market, companies need to be able to compete. I'd rather have the companies stay here and keep jobs here than have them move off-shore in order to avoid high tax rates.
Jillness Jillness 9 years
But Obama also has tax incentives for coporations that keep workers here, that invest in green energy, for start up companies, small businesses. And keep in mind...John McCain said that raising taxes is still an option for him in order to address Social Security issues. He was specifically asked about raising taxes, and he said all options are on the table. Plus, John McCain's health care plan would count employer paid health care as income. The average that an employer pays is $9-$12,000 per year...that you would now be taxed on. Jumping up $10,000 on the tax bracket! (McCain does have a $5000 tax credit...but it has to be directed into the health care don't have the freedom to chose where you spend it). John McCain's plan would increase taxes...he just does it in a round about way. His policies are just skewed to please the top 1% in our country. He pretends he can pay for everything by cutting earmarks, but they only make up 1% of our spending. You can't pay for things like war and roads with out bringing in tax money from somewhere. McCain knows this, and when push comes to shove he will take it from the middle class because he can't touch the precious top tier.
Vespa Vespa 9 years
Jill, it seems to me that Obama likes to tout that he will decrease taxes for most people, but that is only income tax! He wants to increase taxes on corporations, and who do you think they will pass along the costs to?
Jillness Jillness 9 years
Vespa, the Republican leadership over the past 8 years has already decided where our money has to go. We can't run up all of this debt and neglect things like roads and bridges, and then expect to get more tax decreases. Obama has worked out a plan so that 80% of people get tax decreases, and only the top 1% will get a tax increase. It is the best way to stimulate the economy AND address matters of pubic necessity like roads. In fact, the Tax Policy Center has said that while both candidates plans will increase the deficit, McCain's plan will increase it by 2 Trillion more than Obama's. So nothing gets done, and we still have more debt!
Vespa Vespa 9 years
Biden - keeping taxes low so Americans have the freedom to choose how to spend their money seems awfully patriotic to me.
Jillness Jillness 9 years
Who was it that said lowering taxes during a time of war is irresponsible???? ..Oh, yeah! That was McCain...who has now changed his mind.
Jillness Jillness 9 years
Isn't it funny how people always want to blame the legislators that have to come in and clean up the foolish economic policies of past Administrations? There would be no need to raise taxes if we hadn't been lead into a mountain of debt by Bush and the Republican congress. They did not want to pay for what they were spending, so we have to deal with it now.
Great-Sommelier Great-Sommelier 9 years
And there are some of us who can't understand why people like Obama's plan. That is politics!
VicVicVictooriaa VicVicVictooriaa 9 years
biden is a smart smart man...and obamas economic policy and tax refund just make sense...i don't understand the people who don't agree with this.
Shopaholichunny Shopaholichunny 9 years
Ughhh Biden...My parents will NOT be happy at all! :irk:
Great-Sommelier Great-Sommelier 9 years
Biden- :oy: Stocks- That's because people are afraid of socialism. Drug raid - :cheer:
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