An absolutely amazing answer from Obama to a question about his proposal to nearly double the capital gains tax. Here’s the question from Charlie Gibson and Obama’s answer:
Obama concedes that cutting the capital gains tax actually increased revenues, but says that he’d raise it anyway for the sake of “fairness.” Because hedge fund mangers make too much money.
It’s amazing that Obama isn’t embarrassed to make such economically illiterate, down-right socialist, comments in public. I mean, he concedes that cutting the capital gains tax has increased revenues but then actually manages to suggest that the tax cuts have lost the government money by invoking the specter of borrowed funds from China.
The exchange becomes laugh-out-loud funny when Gibson challenges Obama again about the fact that capital gains tax cuts have increased revenue, and Obama tries to change the subject to the housing crisis.
If this is the best the Dems have this campaign season, they are in deep trouble.
And by the way, is there now a cap now on the acceptable amount of money that an American can make? What’s the limit? A billion dollars? Two billion? At what point does Obama think a wealthy person passes from merely being affluent of successful to being contemptibly worthy of excessive tax rates?
What’s more, the suggestion by Obama that only rich hedge fund managers pay the capital gains tax is false. Anyone who has seen income from investments has paid the capital gains tax, and with some 80% of Americans invested in the stock market in one way or another that’s pretty much all of us.