June 28, 2012
How Much More?
President Obama has been consistently inconsistent on most issues but has never waivered in his adherence to "fairness." In the spring of 2008, Senator Barack Obama has this exchange with ABC's Charlie Gibson: GIBSON: ...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...(Read Full Article)