Redistribution
Dear Lord:
The last few years have been very tough. You have taken my favorite actor - Paul Newman; my favorite actress - Elizabeth Taylor; my favorite singer - Andy Williams; my favorite author -Tom Clancy; and now, my favorite comedians - “ Robin Williams and Joan Rivers.
I just wanted you to know that my favorite politicians are Barack Obama, Joe Biden, Hillary Clinton, Nancy Pelosi and Harry Reid, and I have a special place in my heart for Jessie Jackson and Al Sharpton.
Amen
He's actually giving those conservatives the cover they need to not deal with our issues.
If he was serious about “fair”, he would go with the Fair Tax. But he’s not serious and he only knows how to LIE.
Is this not along the lines of what France recently tried and then abandoned?
How about a really simple and fair tax of 10% flat tax on everyone with an income from any source. If the government can’t get along with that, it’s spending too much. At least half the bloated government agencies could be eliminated and we would not miss them.
Let’s give this idea the consideration it deserves. NO!
His take on simplifying is:
You make it, I take it. And anyone who thinks this will only affect the top 1% hasn’t been watching the past 6 years. |This guy is just a common crook, albeit at a very high level.
What Obolo doesn’t realize that removing the capital gains tax is going to hurt the markets badly. Having this break for equities has artificially kept the markets higher than they should have been for years.
This is just class warfare rhetoric, nothing more. In her rebuttal, Senator Ernst should focus on the ways the Obama administration wastes, squanders and steals the record tax dollars they already collect.
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!
You make it and I take it.
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.
Will the house, again, flush sparky’s budget down the toilet upon arrival?
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
Obama is a missile, fired by our enemies, that scored a direct hit.
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%)