Obama wants to Raise Taxes, Good or Bad for the Economy?

It really doesn't matter,,, Either person will have to do it,,You forget ,,,Bush started this along with his wallstreet buddies,,,,Obama did what he had to do to save the country,,,and if Romney wins it will go back to the Bush days,,,,the Rich getting richer...What I'd really like to know is what happens when the people really,,,really,,really ,, get tired of eating this crap from both sides..

Originally Posted by beenthere

"President Obama called Monday for extending tax cuts for middle class Americans while allowing a rise in taxes for what he said was the 2 per cent of the population earning more than $250,000 a year. Romney supports extending the federal tax cuts, first signed by former President George W. Bush, for all income earners.

The White House is again raising the tax issue with full knowledge that the Republican-controlled House of Representatives will not accept such a move unless it also includes extending tax cuts for high-income earners."

He also wants to raise the capital gains and dividend tax rate from 15% to 30%!
What will this do to the stock market and more importantly, to our already struggling economy?

Along with the rich, there are millions of middle class Americans that have money invested in the stock market, so here's a question I have.
If you had a good portion of your money invested in stocks, mutual funds etc. at the current 15% tax rate and Obama got his way, would you pull your money out before the rate increased to 30%, and do you think thousands if not millions would do the same?

I believe this would be disaster.

What happens to stock prices in the face of heavy selling? Prices decline. If capital gains taxes are doubled then a substantial number of people will sell to lock in the lower tax rate. This could result in a massive stock market selloff as every guy tries to get through the exit door at the same time. Is a stock market selloff bad for the overall economy?