Little-Acorn
03-27-2008, 02:25 PM
How quickly they forget.
Apparently the liberals, Obama among them, have become so enamoured of their own rhetoric about their government spending "balancing" the budget in 1995, that they are starting to believe it themselves.
After the slowdown caused by Bush 41's breaking of his "No new taxes" promise, newly-seated Congressional Republican majorities finally got Clinton to sign their Capital Gains Tax Cut after he had vetoed it three times previously. He protested strenuously, saying he would "fix it later", but with the '96 elections looming he had to do what the people wanted, at last. And with the cut in Capital Gains tax rates, actual revenue taken in by the tax, soared, resulting an almost-balanced budgets for several years.
Now we have Barack Obama saying that a tax increase back up to 25% or more, wouldn't "distort sound economics".
Does the man even have a clue?
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http://www.politico.com/blogs/bensmith/0308/Obama_talks_capgains_rate_with_CNBC.html
Obama talks cap-gains rate with CNBC
by Ben Smith
March 27, 2008
In an interview in conjunction with his big economic speech in New York, Senator Obama tells CNBC’s Maria Bartiromo he favors increasing the capital-gains tax rate.
Bartiromo reported after her interview: “Right now, as you know, the cap gains tax is at 15 percent. He has yet to give us a specific number. How high he wants that number to go? He has said, and he told me today, that he won't go above 28 percent. So we are talking about the possibility of a doubling in the capital gains tax. He was averaging at about 25 percent.”
Here is her exchange with the senator:
BARTIROMO: "How do you plan to change the tax code when it comes to capital gains? How high will that 15 percent rate go?"
Sen. OBAMA: "Well, you know, I haven't given a firm number. Here's my belief, that we can't go back to some of the, you know, confiscatory rates that existed in the past that distorted sound economics. And I certainly would not go above what existed under Bill Clinton, which was the 28 percent. I would--and my guess would be it would be significantly lower than that. I think that we can have a capital gains rate that is higher than 15 percent.
"If it--and if it, you know--when I talk to people like Warren Buffet or others and I ask them, you know, what's--how much of a difference is it going to be if it's 20 or 25 percent, they say, look, if it's within that range then it's not going to distort, I think, economic decision making. On the other hand, what it will also do is first of all help out the federal treasury, which is running a credit card up with the bank of China and other countries.
"What it will also do, I think, is allow us to make investments in basic scientific research, in infrastructure, in broadband lines, in green energy and will allow us to give us--give some relief to middle class and working class families who have been driving this economy as consumers but have been doing it through credit cards and home equity loans. They're not going to be able to do that. And if we want the economy to continue to go strong, then we've got to make sure that they're getting a little relief as well."
Apparently the liberals, Obama among them, have become so enamoured of their own rhetoric about their government spending "balancing" the budget in 1995, that they are starting to believe it themselves.
After the slowdown caused by Bush 41's breaking of his "No new taxes" promise, newly-seated Congressional Republican majorities finally got Clinton to sign their Capital Gains Tax Cut after he had vetoed it three times previously. He protested strenuously, saying he would "fix it later", but with the '96 elections looming he had to do what the people wanted, at last. And with the cut in Capital Gains tax rates, actual revenue taken in by the tax, soared, resulting an almost-balanced budgets for several years.
Now we have Barack Obama saying that a tax increase back up to 25% or more, wouldn't "distort sound economics".
Does the man even have a clue?
----------------------------------------------------------
http://www.politico.com/blogs/bensmith/0308/Obama_talks_capgains_rate_with_CNBC.html
Obama talks cap-gains rate with CNBC
by Ben Smith
March 27, 2008
In an interview in conjunction with his big economic speech in New York, Senator Obama tells CNBC’s Maria Bartiromo he favors increasing the capital-gains tax rate.
Bartiromo reported after her interview: “Right now, as you know, the cap gains tax is at 15 percent. He has yet to give us a specific number. How high he wants that number to go? He has said, and he told me today, that he won't go above 28 percent. So we are talking about the possibility of a doubling in the capital gains tax. He was averaging at about 25 percent.”
Here is her exchange with the senator:
BARTIROMO: "How do you plan to change the tax code when it comes to capital gains? How high will that 15 percent rate go?"
Sen. OBAMA: "Well, you know, I haven't given a firm number. Here's my belief, that we can't go back to some of the, you know, confiscatory rates that existed in the past that distorted sound economics. And I certainly would not go above what existed under Bill Clinton, which was the 28 percent. I would--and my guess would be it would be significantly lower than that. I think that we can have a capital gains rate that is higher than 15 percent.
"If it--and if it, you know--when I talk to people like Warren Buffet or others and I ask them, you know, what's--how much of a difference is it going to be if it's 20 or 25 percent, they say, look, if it's within that range then it's not going to distort, I think, economic decision making. On the other hand, what it will also do is first of all help out the federal treasury, which is running a credit card up with the bank of China and other countries.
"What it will also do, I think, is allow us to make investments in basic scientific research, in infrastructure, in broadband lines, in green energy and will allow us to give us--give some relief to middle class and working class families who have been driving this economy as consumers but have been doing it through credit cards and home equity loans. They're not going to be able to do that. And if we want the economy to continue to go strong, then we've got to make sure that they're getting a little relief as well."