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Willisms

« Wednesday Caption Contest: Part 140. | WILLisms.com | Trivia Tidbit Of The Day: Part 487 - Greenhouse Gases. »

Trivia Tidbit Of The Day: Part 486 - Capital Gains Taxes

Obama Pledges To Raise Them-

When it comes to capital gains tax rates in the United States, there are some startlingly clear patterns. Rates go up, collections go down. Rates go down, collections go up. That's good news, really. It means there's never any justification for raising capital gains tax rates, other than a discredited ideology that seemed to symbolically fall to earth sometime around 1989.

capitalgainshistory.gif
...when the tax rate has risen over the past half century, capital gains realizations have fallen and along with them tax revenue. The most recent such episode was in the early 1990s, when Mr. Obama was old enough to be paying attention. That's one reason Jack Kennedy proposed cutting the capital gains rate. And it's one reason Bill Clinton went along with a rate cut to 20% from 28% in 1997.

Either the young Illinois Senator is ignorant of this revenue data, or he doesn't really care because he's a true income redistributionist who prefers high tax rates as a matter of ideological dogma regardless of the revenue consequences. Neither one is a recommendation for President.

....

Both candidates would have voters believe that taxes on investment income only affect the rich. But that's not what Internal Revenue Service returns show. The reality is that the Clinton and Obama rate increases would hit millions of Americans who make well under $200,000. In 2005, 47% of all tax returns reporting capital gains were from households with incomes below $50,000, and 79% came from households with incomes below $100,000.

I heard an Obama surrogate on the radio saying that if John McCain wants to talk about capital gains taxes, then bring it on. The arrogance in the Obama camp is staggering. Capital gains taxes matter, just like all of Barack Obama's other tax hike proposals matter. They all add up to your typical unelectable tax-loving liberal candidacy.

-------------------------------------

Previous Trivia Tidbit: Democrats Are Unilateralists.

Posted by Will Franklin · 21 April 2008 12:58 PM

Comments

The Obama maniacs should be ashamed of themselves. Especially after his Rev. Wrights speech asking God to damn America! The Democratic party should get a clue that Obama being their candidate is will only harm them AND our Country!

Posted by: ZsaZsa at April 21, 2008 03:35 PM

Semantics, Will. What is actual facts when put up against populist, class warfare demagoguery?

Posted by: Hoodlumman at April 23, 2008 08:20 AM