I should have been a major league pitcher. The sarcasm ball high and inside gets 'em every time.
Interesting explanation of the tax system
by purplesofa 21 Replies latest jw friends
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still-fading
Beks, I'm sorry, but it has everything to do with "fairness." Obama even acknowledges that. Here's a brief exchange during one of the primary debates moderated by Charlie Gibson:
"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."
Hard to argue it coming from Obama's own mouth. It has nothing to do with generating Federal revenue and lowering the deficit. Everything to do with being fair. That again is my problem with Obama, I view taxes as a necessary evil to provide revenue to keep the Federal Government operating. He views it as a great equalizer.