MR. 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.
SENATOR OBAMA: Right.
MR. GIBSON: And George Bush has taken it down to 15 percent.
SENATOR OBAMA: Right.
MR. 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?
SENATOR OBAMA: Well, Charlie, what I’ve said is that I would look at raising the capital gains tax for purposes of fairness. We saw an article today which showed that the top 50 hedge fund managers made $29 billion last year — $29 billion for 50 individuals. And part of what has happened is that those who are able to work the stock market and amass huge fortunes on capital gains are paying a lower tax rate than their secretaries. That’s not fair.
Now consider this from National Review’s Jonah Goldberg:
He conceded the premise that revenues go up when you cut capital gains taxes. But he said it would be worthwhile to raise them nonetheless as an issue of “fairness” because some people are making too much money. In other words, even if the government loses money to pay for all of the wonderful things Obama wants to do, it’d be worth it because sticking it to rich people is a good in and of itself.
Is this the change we’re supposed believe in? Cutting off our nose to spite our face?
So, the country under Obama would no longer be a place where the sky is the limit and you can dream big dreams. Instead it will be a “fair” place.
And who determines what’s fair?
Why Barack Hussein Obama, that’s who. Silly question.
No wonder we cling to our guns.
H/T to Nelson