...Time spent community organizing left this man devoid of skills to deal with a complex economic problem. He should retire as a wealthy speech giver and count himself lucky a majority of Americans were fooled into believing a clueless socialist could provide some leadership as president in leading the United States.So determined is Obama to deprive “the rich” of excess income–as defined by him, of course–he is even willing to adversely impact government income in order to do so. Read this colloquy between Obama and ABC’s Charlie Gibson in a 2008 debate with Hillary Clinton:
MR. GIBSON: And in each instance, when the [capital gains tax] 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.
MR. GIBSON: But history shows that when you drop the capital gains tax, the revenues go up.
SENATOR OBAMA: Well, that might happen or it might not. It depends on what’’s happening on Wall Street and how business is going.
Actually, it doesn’t. Every time capital gains tax rates have gone up, revenues have gone down and vice versa. High capital gains tax rates, because the tax liability is only incurred when an asset is sold, have the effect of locking in capital, which is economically pernicious, preventing capital from flowing to its most productive, i.e wealth creating, use.
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