The Inanity of Obamanomics

When Barack Obama repeated his call to nearly double the capital gains tax rate last month, most observers wrote it off to fiscal naivety.  But during last night's debate, the Democrat frontrunner let slip that his motives were more socially than economically driven.  And that his reasoning was nothing short of ridiculous.Charlie Gibson reminded Obama of a March 27th statement he made to Maria Bartiromo on CNBC's Closing Bell that he'd return the rate to the 28 percent it was under Bill Clinton.  Said Gibson: [emphasis added throughout]"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 .... And George Bush has taken it down to 15 percent."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...(Read Full Post)