You can change the world with your vote today. Not somewhere down the line, but the second it's counted. You can even change the world -- as long as you vote for Barack Obama -- whether he wins or not. That's how important your vote is.
I'm not talking about some horseshit about equality or peace. Your vote will be a signal that we're ready to raise the tax on capital gains.
McCain wants to cut the long-term capital gains tax to 7.5%. Under Obama, it will rise to 20%.
What will happen when they count your vote? If you voted for Obama, the people who expect to pay capital gains taxes will see where this is going, and sell the assets on which they expect to pay them. Now. Because right now the tax rate is 15%.
If you voted for McCain, they'll hold onto those assets, hoping to pay lower taxes on their sale sometime in the future, after McCain dies and Sarah Palin and Todd take over.
(A vote for Obama will send a signal whether he wins or not. It will tell congress that we were open to his policies. Before Todd has congress dissolved.)
A vote for Obama will increase the velocity of the economy. Rich people will sell and buy assets like it's going out of style. This is good for everyone. And they'll pay taxes on the sales, which will reduce this year's deficit, which now stands at eleven quintillion-bazillion-annjillian dollars.
If you vote for McCain, rich people will sit on their assets. (Haha! Get it?) And the economy will continue to just lie there like a special business extra playing a corpse on CSI.
I've always said, when it comes to encouraging economic activity, income taxes, especially when they discriminate against "unearned" income, taxes on capital-profits, death-duties and the like, are as relevant as the rate of interest; whilst the range of possible changes in fiscal policy may be greater, in expectation at least, than for the rate of interest itself.
And by "I" I mean "John Maynard Keynes." I just added "I've always said" so you'll like me better than him.
But I still haven't gotten to the best part.
The estate tax.
Barack Obama wants an inheritance tax of 45% on estates valued at more than $3.5 million. ($7 million for married couples.)
John McCain wants an inheritance tax of 15% with an individual exemption of $5 million. ($10 million for straight people who are allowed to marry the people they love and do. Sorry gay people, but it's your choice.)
Your vote will also send a powerful signal to these taxpayers. Point three percent of Americans. The hardworking super wealthy and their heirs. That message:
Lock in your savings at the current great, low-low-low Bush rates.
An offer this good can't last.
Murder your relatives now.