Obama on Taxes

President Obama's recent statement about economic policy is confusing given his past statements on the subject.  On December 15, 2010, President Barack Obama spoke to the press about tax cuts and said: "And for me, the most important question about an economic idea is not whether it's good short-term politics or meets somebody's litmus test.  It's whether it will help spur businesses, jobs and growth."This conflicts with President Obama's statement when he was a candidate in 2008 discussing the capital gains tax rate.  At that time, he appeared to have a litmus test for economic ideas and that test was "fairness."  After being told that in recent decades a reduction in the capital gains tax rate caused an increase in capital gains tax revenue, candidate Obama was asked why the capital gains tax rate should be raised.  He said that he "would look at raising the capital gains tax for purposes of fairness."  He also said that it...(Read Full Post)