Posted on 09/09/2001 5:46:34 AM PDT by xsysmgr
Edited on 07/12/2004 3:46:32 PM PDT by Jim Robinson. [history]
House and Senate Republican leaders, worried that an economic recovery is nowhere in sight, have joined forces to push for a major cut in the capital gains tax this fall, despite the president's opposition to such a move now.
Speaker J. Dennis Hastert told House Republicans last week that he now intends to make a capital gains tax cut "a major priority" in this session of Congress. That proposal not only will set up a huge political confrontation with the Democrat-controlled Senate, where Majority Leader Tom Daschle and other Democrats oppose such a move, but it also would put Mr. Hastert at odds with President Bush, who wants to wait and see if his income tax cuts will get the economy growing again by year's end.
(Excerpt) Read more at asp.washtimes.com ...
He was open to a Capital Gains tax idea.
Better get ahead of the parade, Mr. President!
Slickman to the Demos on Welfare reform.....
If Bush starts to talk about slashing the capital gains tax, the NY Times, Washington Post and the rest of the elite media is going to jump all over him for favoring the rich more so than they've already done on the tax cut plan... already passed and signed into law.
Also, IMHO, the Treasury SEC, O'Neill is too close to Greenspan(the only reason he got the job) and this might be another big factor...
Don't talk about cutting the CAP-Gains down to 15, lets get bold... 10 would be much beter...
According to the article here, there's plenty of room for it. The author claims there is $280 billion (40% of discretionary spending) in pork in the 9 spending bills approved by the House so far.
this is simply incorrect
markets are down significantly across the board, but only the nasdaq has fallen 70%
the 32% decline in the capitalization-weighted wilshire index, which contains over 7,000 u.s. based companies (including virtually everything on the nasdaq) and is the broadest index of all, is perhaps the most accurate measure of what the "market" has done since the '00 highs
so few people have any gains to realize!.......It will have absolutely no effect on the treasury
also demonstrably incorrect, there are holders of hundreds of billions in gains who are discouraged from realizing them by the 20% bite the feds will put on them
the idiots at c.b.o. and o.m.b. have always previously scored any proposed cap gain cut as a revenue loser, and they have always been wrong
EVERY cap gain rate cut in the past has resulted in a huge and unexpected (to most people) revenue windfall because changing taxation changes incentives which changes behavior
the tax on cap gains should be zero, but any cut is better than none, and will do far more than the tiny back-loaded cuts in regular income tax rates
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