Posted on 03/27/2008 3:22:10 PM PDT by Para-Ord.45
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: “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 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"
Plank #2- A heavy progressive or graduated income tax.
Yes Yes! PUNISH people for saving and investing...THAT should get the economy humming!
G_D dam the middleclass....
I'm with you, limit the punishment to those who earn wages.
This is going to help the economy how?
BS! I won't pay more than 15%. When the rate goes up, I'll change my investments and pay 0.
Warren Buffet entire business model relies on the capital gains tax...
“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.”
What kind of “basic scientific research” does the government need to invest in? Space exploration? Public health? Public research universities? Oh, yeah, we already pay for that.
Broadband? If the government does it, it will be twice as expensive (private broadbank companies with government contracts=hogs feeding)
Infrastructure? More bridges to nowhere.
Green technology? More subsidies to corn farmers so that the “working class” can pay more at the grocery store.
How about you don’t do anything. That would be a refreshing change.
He sounds like Huey Long on acid: “Soak the rich and share the wealth.” The problem is that Barry considers a single person earning $30,000 per year to be rich.
Looks like Obama flunked Econ 101. Or maybe his Marxist Black Liberation Theology has damaged his brain?
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