Thursday, April 21, 2011

Obama QOTD

This is related to Friday's post about corporate taxes. The quote is ancient -- it's from an April 16, 2008, Presidential debate broadcast on ABC -- but it's telling nonetheless:
[CHARLES] 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.
Got that? Obama would raise capital gains taxes, even though that reduces receipts, just to soak the rich.

Remember President Obama's Inaugural Address vow to "restore science to its rightful place"? Neither do I.


Warren said...

I propose a tax on arugula and Portuguese Water Dogs.

Carl said...

Second the motion. All in favor, say "aye."