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Charles Gibson: "You said on CNBC, and I quote, "I certainly would not go above what existed under Bill Clinton, which was 28%." It's now 15%. That's almost a doubling, if you went to 28%. But actually Bill Clinton in 1997 signed legislation that dropped the capital gains tax to 20%. And in each instance, when the rate dropped, revenues from the tax increased. The government took in more money. And in the 1980s, when the tax was increased to 28%, the revenues went down. So why raise it at all, especially given the fact that a hundred million people in this country own stock and would be affected?"
Barrak Obama: "I would look at raising the capital gains tax for purposes of fairness. We saw an article today which showed that the top, 50 hedge fund managers made $29 billion last year, $29 billion for 50 individuals. And part of what has happened, is that those who are able to work the stock market and amass huge fortunes on capital gains are paying a lower tax rate than their secretaries. That's not fair."
Charles Gibson: "But history shows that when you drop the capital gains tax, the revenues go up."
Barrak Obama: "Well, that might happen, or it might not. It depends on what's happening on Wall Street and how business is going."
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So Obama wants less money comming into support whatever government programs there are due to fairness? The secretaries are paid by whom?
Is he really saying: "If you make too much money, we need to take it from you" Gah!!!
2 comments:
So the report says CG goes low and rev increases, but does it say who is paying the additional rev? Yes, pretty hard to tell, but might it be mostly the same people?
They just aren't working as hard to keep it. Basically it gets to a point when the loopholes aren't worth the trouble and one ust pays the tax.
jump to our good friends post for an interesting solution to the Liberal angst over the wealthy not being taxed enuf.
www.travislund.blogspot.com
Love ya bro
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