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?
Hey, he's not suppose to reveal that cutting taxes actually works and benefits millions of working people. Then we have Obama's startling response.
Well, Charlie, what I've said is that I would look at raising the capital gains tax for purposes of fairness.
Obama accepted the low tax/higher revenue premise but he insisted that his Marxist stance of "fairness" trumps fiscal effectiveness. In other words, we need to raise taxes because it would be worth it to stick it to rich people. The problem with Obama's desire to impoverish the rich he would also impoverish ordinary working people. We are putting our money into the stock market too and are also benefiting from the lower capital gains tax. Social Security is not going to be available when we retire and millions of us have been placing any extra money into our retirement programs and it's really important that we get all the tax breaks we can get.