Wndrtch
04-17-2008, 05:04 PM
MR. GIBSON: 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.
SENATOR OBAMA: Right.
MR. GIBSON: And George Bush has taken it down to 15 percent.
SENATOR OBAMA: Right.
MR. 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?
WOW! That must be the first time I ever heard a national news-guy admit that lowering Capital Gains Taxes, produce MORE revenue for Washington, not less. He even went so far as to back it up with history!
Of course Obama doesn't care about the economy. He just cares about a warped version of "fairness'
SENATOR OBAMA: Well, Charlie, what I've said is that I would look at raising the capital gains tax for purposes of fairness. We saw an article today which showed that the top 50 hedge fund managers made $29 billion last year -- $29 billion for 50 individuals. And part of what has happened is that those who are able to work the stock market and amass huge fortunes on capital gains are paying a lower tax rate than their secretaries. That's not fair.
And what I want is not oppressive taxation. I want businesses to thrive and I want people to be rewarded for their success. But what I also want to make sure is that our tax system is fair and that we are able to finance health care for Americans who currently don't have it and that we're able to invest in our infrastructure and invest in our schools.
Umm, Mr. Obama sir, Mr Gibson just pointed out that you could have the revenue you need for those stated programs, by lowering Capital Gains Taxes, and you rejected it outright because it doesn't "Stick it to the man" enough? :help:
He just doesn't get it, does he. Let's use some logic here....
Point #1 - Taxation exist, to raise money for the Government to spend.
Point #2 - "Mr. Clean", Barack Obama has a number of programs he wants enacted, that will need huge amounts of cash, beyond what the Government takes in now.
Point #3 - Charlie Gibson just showed him how can can get that money, by lowering (not raising) the Capital Gains Tax, and backed it up with historical proof.
Point #4 - "Mr. Hope", Barack Obama doesn't care about rasing Tax revenue, he just wants to stick-it to the rich (white?) guys.
Conclusion: Barack Obama and like-minded individuals, are idiots. He does not understand that when people "get extra money" to spend, they spend it! That is what "Economic Activity" is, people spending their money as THEY want. "The Rich" have much more, and therefore spend much more. This drives-up demand for products and services, and spurs more hiring to satisfy the demand. Having more people working and spending THEIR new money, increases the economic activity further. Because everything sold is taxed, Washington experiences increased revenue as a result.
And who was it that said...
"A rising tide, lifts all boats"?
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.
SENATOR OBAMA: Right.
MR. GIBSON: And George Bush has taken it down to 15 percent.
SENATOR OBAMA: Right.
MR. 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?
WOW! That must be the first time I ever heard a national news-guy admit that lowering Capital Gains Taxes, produce MORE revenue for Washington, not less. He even went so far as to back it up with history!
Of course Obama doesn't care about the economy. He just cares about a warped version of "fairness'
SENATOR OBAMA: Well, Charlie, what I've said is that I would look at raising the capital gains tax for purposes of fairness. We saw an article today which showed that the top 50 hedge fund managers made $29 billion last year -- $29 billion for 50 individuals. And part of what has happened is that those who are able to work the stock market and amass huge fortunes on capital gains are paying a lower tax rate than their secretaries. That's not fair.
And what I want is not oppressive taxation. I want businesses to thrive and I want people to be rewarded for their success. But what I also want to make sure is that our tax system is fair and that we are able to finance health care for Americans who currently don't have it and that we're able to invest in our infrastructure and invest in our schools.
Umm, Mr. Obama sir, Mr Gibson just pointed out that you could have the revenue you need for those stated programs, by lowering Capital Gains Taxes, and you rejected it outright because it doesn't "Stick it to the man" enough? :help:
He just doesn't get it, does he. Let's use some logic here....
Point #1 - Taxation exist, to raise money for the Government to spend.
Point #2 - "Mr. Clean", Barack Obama has a number of programs he wants enacted, that will need huge amounts of cash, beyond what the Government takes in now.
Point #3 - Charlie Gibson just showed him how can can get that money, by lowering (not raising) the Capital Gains Tax, and backed it up with historical proof.
Point #4 - "Mr. Hope", Barack Obama doesn't care about rasing Tax revenue, he just wants to stick-it to the rich (white?) guys.
Conclusion: Barack Obama and like-minded individuals, are idiots. He does not understand that when people "get extra money" to spend, they spend it! That is what "Economic Activity" is, people spending their money as THEY want. "The Rich" have much more, and therefore spend much more. This drives-up demand for products and services, and spurs more hiring to satisfy the demand. Having more people working and spending THEIR new money, increases the economic activity further. Because everything sold is taxed, Washington experiences increased revenue as a result.
And who was it that said...
"A rising tide, lifts all boats"?