November 29, 2012

Not economic growth but about punishing the right people

Earlier Hube had a post about the same leftist trope that "fairness" of increased taxes on rich people will help balance the budget. Even President Obama doesn't believe that. Here he is from his debate with Hillary Clinton on that very issue:

Obama and Clinton Debate - ABC News:

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 percent. It's now 15 percent. That's almost a doubling, if you went to 28 percent.

But actually, Bill Clinton, in 1997, signed legislation that dropped the capital gains tax to 20 percent.

OBAMA: Right.

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

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 percent, 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.

Emphasis mine.

This is not about raising revenue. He flatly admits that it will cause treasury revenue to GO DOWN. But that is beside the point. The point is that rich people are paying an unfair rate because they get their money from investments, not income. Next time you hear this crap about "fairness" closing the budget deficit, point them to the transcript and stand back as they spin like the Tasmanian Devil trying to explain to you how this makes sense.

Posted by Duffy at November 29, 2012 03:12 PM | TrackBack

Comments  (We reserve the right to edit and/or delete any comments. If your comment is blocked or won't post, e-mail us and we'll post it for you.)

Nothing is fair when politicians talk about it. When they lol in the mirror regarding fairness then ill listen. When they start paying towards their healthcare; when they contribute to a 401k instead of an automatic 6 figure pension after 6 years; then ill listen. Till then they are still self serving egotistical pricks

Posted by: Arthur at November 29, 2012 05:40 PM