Last night's debate really exposed Mr. Slick and his tax proposal. Barack Obama makes it very clear that he intends to double the capital gains tax rate, which is a tax on savings, investment, and housing. Yes, that's right... housing. Hey, isn't he jumping up and down about the so-called housing crisis (note to self - blog my views on the "housing crisis").
Anyway, Charlie Gibson took it right to Obama. Gibson reminded Obama that that everytime the captial gains tax was raised, government revenues went down and visa versa. Gibson went on to ask Mr. Slick why in the world would he double the capital gains tax. In fact, Gibson had to ask Obama this question twice! Obama's initial response was, "uh, uh, uh". After the stuttering he said, "Well, Charlie, what I've said is that I would look at raising the capital-gains tax for purposes of fairness....[And as to higher rates bringing in less revenue], well, that might happen or it might not. It depends on what's happening on Wall Street and how business is going.... ...And if we can stabilize that market and we can get credit flowing again, then I think we'll see stocks do well, and once again I think we can generate the revenue that we need to run this government and hopefully to pay down some of this debt."
Did you see what he managed to spit out in the first sentence. He wants to raise it for the "purposes of fairness". Nevermind that it will lower government revenues! He just wants to make a sector of the population pay higher taxes to give the perception of fairness. By the way, earlier in the debate Obama said that he would not raise taxes for the middle class, but in fact, lower taxes. I wonder if he realizes that the middle class pays capital gains taxes. What a bozo!
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Boomer
Right Wing Squadron
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