Obama's Tax Talk Evasion

[Run To State]

FROM THE WALL STREET JOURNAL

 

Here's the whole story.

 

Time and again, the rookie Senator has said he would not raise taxes on middle-class earners, whom he describes as people with annual income lower than between $200,000 and $250,000. On Wednesday night, he repeated the vow. "I not only have pledged not to raise their taxes," said the Senator, "I've been the first candidate in this race to specifically say I would cut their taxes."

 

But Mr. Obama has also said he's open to raising – indeed, nearly doubling to 28% – the current top capital gains tax rate of 15%, which would in fact be a tax hike on some 100 million Americans who own stock, including millions of people who fit Mr. Obama's definition of middle class.

 

Mr. Gibson dared to point out this inconsistency, which regularly goes unmentioned in Mr. Obama's fawning press coverage. But Mr. Gibson also probed a little deeper, asking the candidate why he wants to increase the capital gains tax when history shows that a higher rate brings in less revenue.

 

"Bill Clinton in 1997 signed legislation that dropped the capital gains tax to 20%," said Mr. Gibson. "And George Bush has taken it down to 15%. 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%, 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?"

 

Mr. Obama answered by citing rich hedge fund managers. Raising the capital gains tax is necessary, he said, "to make sure . . . 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."

 

But Mr. Gibson had noted that higher rates yield less revenue. So the news anchor tried again: "But history shows that when you drop the capital gains tax, the revenues go up?" Mr. Obama responded that this "might happen or it might not. It depends on what's happening on Wall Street and how business is going." And then he went on a riff about John McCain and the housing market.[/Quote]

[cch5432]

Seems like a misleading thread and article title. But I like this line:

 

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

[Run To State]

Seems like a misleading thread and article title. But I like this line:

It does, I agree. I just ran with the article title.

 

It would seem he speaks out of both sides of his mouth. I just don't trust this guy one bit, and the fact that I know little about him makes it worse.

[True blue (and gold)]

It does, I agree. I just ran with the article title.

 

It would seem he speaks out of both sides of his mouth. I just don't trust this guy one bit, and the fact that I know little about him makes it worse.

 

I know a lot of people feel this way, but I am not sure that I really understand it. Help me with this. What is it we know so much more about McCain than Obama? Obviously, Clinton had a lot more spotlight, but where does all of the mystery come with Obama?

[shooter]

What's not to understand? Hillary has been in Washington 4 times longer than Obama and McCain has been there 6.5 times longer. You might not agree with Hillary or McCain, but based on 16 years of intense scrutiny of Hillary or 26 years of being in the national spot light for McCain everybody should have a good idea of the kind of people they are and how they would respond to a whole range of issues. You just can't say anything similar to that about Obama.

[MoreheadEagle]

What's not to understand? Hillary has been in Washington 4 times longer than Obama and McCain has been there 6.5 times longer. You might not agree with Hillary or McCain, but based on 16 years of intense scrutiny of Hillary or 26 years of being in the national spot light for McCain everybody should have a good idea of the kind of people they are and how they would respond to a whole range of issues. You just can't say anything similar to that about Obama.

 

And that's a problem with me.

[True blue (and gold)]

What's not to understand? Hillary has been in Washington 4 times longer than Obama and McCain has been there 6.5 times longer. You might not agree with Hillary or McCain, but based on 16 years of intense scrutiny of Hillary or 26 years of being in the national spot light for McCain everybody should have a good idea of the kind of people they are and how they would respond to a whole range of issues. You just can't say anything similar to that about Obama.

 

I'll give you that, thought I am not too please about the "what's not to understand" part.

 

If we are looking at politics only, President Bush was (correct me if I am wrong) a governor of Texas for five years before assuming presidency. Sen. Obama has been a US senator for three years and an Ill. state senator for seven. Did people say the same thing about President Bush? I don't remember that being the case.

 

Something else that I might be wrong about...I get the impression that it goes deeper than politics for most people.

[75center]

I'll give you that, thought I am not too please about the "what's not to understand" part.

 

If we are looking at politics only, President Bush was (correct me if I am wrong) a governor of Texas for five years before assuming presidency. Sen. Obama has been a US senator for three years and an Ill. state senator for seven. Did people say the same thing about President Bush? I don't remember that being the case.

 

Something else that I might be wrong about...I get the impression that it goes deeper than politics for most people.

 

Yes, they did say the same thing about Bush, although experience as a chief executive often carries more weight for voters than experience as a legislator.

[lynks66]

He is by far the best politician in the field.

[Run To State]

And that's a problem with me.

Because you think lack of experience is a good thing in a president?

[Hasbeen]

Although "sticking it to the rich" is a very popular campaign strategy that brings cheers from the masses, don't we all aspire to join that elite group? Some by hard work, others by lottery tickets, some by inheritance, but most of us dream of being in that group. Yet, we continue to support candidates and policies designed to keep up from reaching those goals. Capital gains, inheritance taxes, etc. are prime examples of the obstacles placed in front of us by those who govern, most of whom have already reached those goals.

[MoreheadEagle]

Because you think lack of experience is a good thing in a president?

 

Explain lack of experience. McCain was in the Senate for 26 years (and IMO we haven't progressed much in that time). Clinton was first lady. Obama was in the state Senate, the US Senate, and actually worked with regular people as a community organizer. We've had the same gang in Washington for decades and frankly I think it's time to get someone new in the White House who isn't a Washington person. I'll vote for Clinton in the unlikely event that she gets the nomination, but I'm tired of the same group of people running things.

[Hasbeen]

One thing that life has taught me, whether it be the coach of the local high school football team, the boss at work, or the kid working the drivethru at the local McDonalds, no matter how bad they are at doing their job, we can always find worse. Change for the sake of change doesn't always work.

[HHSDad]

One thing that life has taught me, whether it be the coach of the local high school football team, the boss at work, or the kid working the drivethru at the local McDonalds, no matter how bad they are at doing their job, we can always find worse. Change for the sake of change doesn't always work.

Better the devil you know than the devil you don't know.

[MoreheadEagle]

Better the devil you know than the devil you don't know.

 

And how do we not know Obama? This guy is getting pounded by the media and Pravda (fox news). Every possible association that can be made about him is. What do we know about McCain? I know he married a very rich woman, flip flops on everything, lies about supporting the troops when they get home from a war he never wants us out of, and likes to fight other Senators. What else is there to know about any of these people?