Obama Pitches Capital Gain Hike To 28% In 'Simpler Fairer' Tax Code

Forbes ^ | Today | Robert W. Wood

[dila813]

President Obama proposes massive tax hikes on the wealthy and says the loopholes they exploit need closing. 28% capital gain taxes are only the beginning.

Right before his State of the Union address to a Republican controlled Congress, President Obama has thrown down a tax gauntlet, with $320 billion in tax hikes. His signature ideas would make community college free, and would extend sick leave to working families. But his massive batch of tax hikes is unlikely to be met with applause, even though he has cleverly invoked Ronald Reagan’s name to sell yet another big capital gain rate hike.

[arthurus]

I love it.

[catfish1957]

Wouldn’t the government get almost 4 times the revenue if the the Cap Gains tax were raised to 99%? Then the income tax could be raised to 99%, too, and a 99% VAT could be instituted and all the government’s debt could be paid back in just a few years! Prosperity would be unprecedented!

I'm back in the USSR......... You don't know how lucky you are, boy....... Back in the USSR :) /s

[Awgie]

ObamaCare for the tax code.

[Mouton]

I have a very clear memory, and the records to back it up, which shows that when working part time for just above minimum wage while going to college, I PAID income tax, i.e., there were no working credits, education deductions and the like. The minimum rate was about 15%. Some would say but but but the SS tax was about 3% and that would be correct, so the tax on my income was 18%, not counting the employers portion, which is a far cry above what it is for a good number of workers today. I would gladly go with a flat tax or a fair tax and frankly today I would pay about the same amount of tax as I would under either of these systems but content in the knowledge that everybody pays.

[JPG]

You make it and I take it.

[Son House]

The more capitol taken out of the private sector, the smaller the private sector.

Democrats has no interest in improving the economy, and they’ll prove it by agreeing to this tax increase.

[Steven Tyler]

Will the house, again, flush sparky’s budget down the toilet upon arrival?

[ladyjane]

Here is an article from the Cato Institute on the importance of a low capital gains tax.

http://www.cato.org/sites/cato.org/files/pubs/pdf/tbb-066.pdf

[Lazamataz]

Good old Obama. Count on him to consistently harm America any way he can.

Obama is a missile, fired by our enemies, that scored a direct hit.

[Lazamataz]

Wouldn’t the government get almost 4 times the revenue if the the Cap Gains tax were raised to 99%? Then the income tax could be raised to 99%, too, and a 99% VAT could be instituted and all the government’s debt could be paid back in just a few years! Prosperity would be unprecedented!

See, that's the problem in America today: GREED. Why the hell do you need 1%???!? Greedy fat pig chomping at the trough. Give to the needy, you cheapskate bast'd!

[yefragetuwrabrumuy]

[mountn man]

Here is the truth about capital gains during the Reagan years.

Reagan was elected in 1980.
He didn’t take office until Jan. of 1981.

In 1976, ‘77 and ‘78 the long term capital gains tax was 39.875%

In ‘79 and ‘80 it was 28%

In 1981- 1986 the capital gains tax WAS NOT 28%...

It was 20%

In 1987 through 1990 it went up to 28%
In 1991 and ‘92 it went to 28.93%

Here are some other facts.
In 1976, the realized taxes from capital gains was 39.5 billion (at 39.875)
In 1977 it was 45.3 billion (at 39.875)
In 1978 it was 50.5 billion (at 39.875%)

in 1979 it was 73.4 billion (at 28%)
in 1980 it was 74.1 (at 28%)

In 1981 it was 80.9 (at 20%)
1982 it was 90.1 (at 20%)
1983 it was 122.8 (at 20%)
1984 it was 140.5 (at 20%)
1985 it was 172.0 (at 20%)
1986 it was 327.8 (at 20%)

1987 it was 148.4 (at 28%)
1988 it was 162.6 (at 28%)
1989 it was 154.0 (at 28%)
1990 it was 123.8 (at 28%)

1991 it was 111.6 (at 28.93%)
1992 it was 126.7 (at 28.93%)

[taildragger]

Ok, we need to ask who will be our Darman and Sunnunu to muck this up like they did for George Herbert Walker Bush.

I am serious, we will have deal makers that will come forth on our side, who could they be. I hope Paul Ryan has enough smarts not to step in this...

[Starboard]

This is just the opening salvo of Obama’s last two years in office. He is going to steamroll the listless, hapless and clueless Republicans. They could fight back, but they won’t. They’ll just attempt to ‘ride it out’ but in the process will be marginalized and set up to lose in 2016.

We need another party that actually stands for something IMO.

[taildragger]

MM...

Thanks. Yes Reagan going to Flatter and Fairer in 87' raised the rates. Under Clinton and his exit it was 20% and Dividends could run as high as 39+%. It was no wonder everyone was into go-go tech stocks and everyone shied away from Utilities etc. It was GWB who brought them both down to 15%.

FWIW, lets try a Flat tax of 15%, Corp tax of 15% and Divies and Cap gains @ 15%, lets try it for two years and see what happens. The inner Bernie Sanders in all the Dem's in DNC will have a canary as this economy takes off...

[grania]

I see it as you do. To Obama, it's a game. He plays people as long as he can, and when they can't be played or they've lost their usefulness, he destroys them. The only way the fools in DC can stop him is get vicious and compromise on NOTHING. They're too feeble to do that.

Huckabee was just on TV in an interview with Martha Radditz. He doesn't sound as gutless as the rest of them. That might play well in the primaries.

JMHO

[Starboard]

Republicans have had numerous opportunities to stop Obama. But they always back down. Consequently he has correctly determined that they are weak opponents who can be easily manipulated and controlled. So like all bullies, he keeps pushing ahead and isn’t going to stop until he is confronted by serious people.

I like Huckabee as a person but don’t believe he has the metal to shake up the GOP and Washington DC. JMHO.

[CMailBag]

YADA YADA YADA-———SAME OLD $HIT

[Rodamala]

After tithing 10% to the church, the rest is yours. “Render unto Caesar that which is Caesar’s”, you say? Where is Brutus, anyways?

[Vaduz]

His logic is that of the Vikings share the wealth by force.