In a
2008 debate, Charlie Gibson asked Barack Obama about his support for raising capital gains taxes, given the historical record of government
losing net revenue as a result. Obama persevered: “Well, Charlie, what I’ve said is that I would look at raising the capital gains tax for purposes of fairness.”
A most revealing window into our president’s political core: To impose a tax that actually impoverishes our communal bank account (the U.S. Treasury) is ridiculous. It is nothing but punitive. It benefits no one — not the rich, not the poor, not the government. For Obama, however, it brings fairness, which is priceless.
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Now that he’s president, Obama has actually gone and done it. He’s just proposed a $1.5 trillion tsunami of tax hikes featuring a “Buffett rule” that, although as yet deliberately still fuzzy, clearly includes raising capital gains taxes.
He also insists again upon raising marginal rates on “millionaire” couples making $250,000 or more. But roughly half the income of small businesses (i.e., those filing individual returns) would be hit by this tax increase. Therefore, if we are to believe Obama’s own logic that his proposed business tax
credits would
increase hiring, then surely this tax hike will
reduce small-business hiring.
But what are jobs when fairness is at stake? Fairness trumps growth. Fairness trumps revenue. Fairness trumps economic logic.
Obama himself has said that “you don’t raise taxes in a recession.” Why then would he risk economic damage when facing reelection? Because these proposals have no chance of being enacted, many of them having been rejected by the Democratic-controlled Congress of Obama’s first two years in office.
http://www.washingtonpost.com/opinio...soK_story.html