Friday, June 29, 2012

For Purposes of Fairness

During a debate moderated by Charlie Gibson, then Candidate Obama admitted that he was aware increasing capital gains tax would not increase revenue and disclosed his socialist motives for doing it anyway (video below):
GIBSON: All right. You have, however, said you would favor an increase in the capital gains tax. As a matter of fact, 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%.

OBAMA: Right.

GIBSON: And George Bush has taken it down to 15%.

OBAMA: Right.

GIBSON: 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 100 million people in this country own stock and would be affected?

OBAMA: Well, Charlie, what I've said is that I would look at raising the capital gains tax for purposes of fairness.

Notice the inanity of candidate Obama's response. "Though raising capital gains tax will bring in less money, it's to make the rich pay their fair share and we need to fund all these great programs." If you bring in less revenue due to a tax policy that brings in less revenue, then you're actually reducing funding for all those great programs, Mr. Obama.

Why in the world would anyone enact a tax rate that discourages investment and decreases tax revenue in a difficult economy? That's not fair, that's just stupid.

A quick note to frequent readers:  I've posted this before, but found myself linking it so frequently in discussions, I needed a quick, easy shortened version.

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