This ideology has had it's time in the sun. It has had it's chance to prove itself. It is a failure. It is a proven failure. We've already seen what happens when we give tax breaks to the richest. They keep the money and the middle class/poor stagnate. Enough is enough. This ideology is a hollow, proven failure. Time for the grownups who know better to fix this country.
Yeah, Obama believes that what makes America great is working together to see it prosper, to carry out a foreign policy with honor, dignity, and engender respect in the world because of the way we govern ourselves. Obama believes that America should be a place where someone not from a privileged background like himself has the opportunity through hard work, and dedication to give them themselves to accomplish anything... even the presidency. Obama believes the focus in helping the economy should be the middle class, and working men and women. I guess if you don't believe he understand America then that's the kind of misunderstanding our nation needs.
In an interview w/ Charles Gibson 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. OBAMA: Right. GIBSON: And George Bush has taken it down to 15 percent. OBAMA: Right. 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? 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. And what I want is not oppressive taxation. I want businesses to thrive, and I want people to be rewarded for their success. But what I also want to make sure is that our tax system is fair and that we are able to finance health care for Americans who currently don't have it and that we're able to invest in our infrastructure and invest in our schools. And you can't do that for free. And you can't take out a credit card from the Bank of China in the name of our children and our grandchildren, and then say that you're cutting taxes, which is essentially what John McCain has been talking about. And that is irresponsible. I believe in the principle that you pay as you go. And, you know, you don't propose tax cuts, unless you are closing other tax breaks for individuals. And you don't increase spending, unless you're eliminating some spending or you're finding some new revenue. That's how we got an additional $4 trillion worth of debt under George Bush. That is helping to undermine our economy. And it's going to change when I'm president of the United States. GIBSON: But history shows that when you drop the capital gains tax, the revenues go up. OBAMA: Well, that might happen, or it might not. It depends on what's happening on Wall Street and how business is going. I think the biggest problem that we've got on Wall Street right now is the fact that we got have a housing crisis that this president has not been attentive to and that it took John McCain three tries before he got it right. 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. Gibson presumed that Obama's goal in raising the capital gains tax was to increase government revenue. Obama's answer suggests that his goal isn't that at all; it's meeting some arbitrary definition of "fairness" that he sees. Apparently when investors are paying a tax rate on their investment gains akin to the income tax rate of secretaries, the world will be fair.
-- Obama proposes to increase the capital gains tax rate by 33%. -- Obama proposes to increase the tax rate on dividends by 33%. -- Obama proposes to raise the top payroll tax rate by between 16%-32%. -- Obama proposes a new payroll tax on employers to help pay for national health insurance. -- Obama proposes to reinstate the death tax, which is being phased out under current law, with a new top marginal tax rate of 45%. -- Obama proposes tax increases for corporations as well, such as the windfall profits tax on oil companies.
Of course this has been shown to be misleading. The revenues have gone up. But the revenues have always gone up, and since Bush's tax cuts the revenues have gone up less than they did in other administrations.
Nobody ever listens to this neat little truth. Least of all the great trickle-down cheerleader known as FAIL FAIL. Link with the proof
i'll say this for the umpteenth time, when you increase the capital gains tax, or decrease it, the revenue from the tax is skewed, because depending on the case, people will either cash out the year before the increase, or wait to cash out the year of the decrease. its simple logic, and quite frankly i'm disappointed obama hasn't been prepped on this. he was caught off guard in a debate with hilary on this subject but he should have been prepped by now.
I hate to dignify your ill-informed hypothesis with a response, but tell me pgabs, how people are going to game the system by selling stocks this year and avoiding cap gains next year? THERE ARE NO GAINS THIS YEAR, DEAR FRIEND. Good grief. You are hopeless.
who's talking about just this year. the examples cited by charlie gibson are from the past, my friend.
well I actually am making good money this year on the markets... but seriously... if your worried about the tax you have to pay... then your not making enough money... didnt the Republicons... want people to invest their retirement savings... and invest your Social Security funds into the markets a few years back... I wonder how thats going.... LOL
I really do want to be gone from D&D. But this thread isn't something I can ignore as I find the very premise of it to be disturbing. The idea that only rich people are hard working is absolutely ridiculous and untrue. The very fact that guys like us, and including TJ - Trader Jorge especially, have time to post here is proof in and of itself that they are not the hardest working americans out there. So how is TJ to judge? Fact is, there are people who work for far less, work their butts off, multiple shifts even....and are poor. Yet it's only the people who make so much money that they can afford multi-million dollar homes who are the hard working ones and deserve a break???? Simply not true. I don't think you sir, mr. TJ has any clue what the american dream is if you think a progressive tax is anti-American. If you think that rewards laziness, then honestly, I would say maybe you should wonder if you don't have too much leisure time on your hand and perhaps should spend more of it chasing your american dream than ripping on democrats. Might get you there faster.
Here's what pisses me off about trickle down economics. It got pitched to us arguing that big business will have extra money from not paying taxes and that they pass these savings down the chain of command and everybody will get a little something extra. Of course it doesn't work because people are greedy and what does get passed down only makes it so far before it's all gone. So now the argument against ending those tax cuts is that will make big business seek to recoup the money they were saving under the Bush tax cuts by lowering wages and benefits and laying off workers. It's like the GOP is trying to hold us hostage. What they're basically saying is yeah, trickle down economics didn't work like we said it would but we're used to it now and if you try to get rid of it then the greedy SOB's at the top are going to make you pay. They're not going to let their yearly income drop so they're going to make you pay for the increased taxes by laying off workers and decreasing wages and benefits. You'd be better off if we hadn't implemented those cuts but tough titty. Sorry that our tax breaks for the rich didn't benefit you but it's too late now. Deal with it. What a bunch of assholes.
