This guy is killin’ me.
If you could see me watching this video for this post, you would see me with my elbows on my desk, my face buried in my hands hearing groans of disbelief.
During this debate, the commentator points out that the last two times the capital gains tax was reduced, tax revenue going to the government increased and the one time it was raised, tax revenue decreased. The idea is that when you reduce taxes, people and businesses have more money to create jobs and invest which actually creates more income that is subject to tax thereby increasing total taxes going to the government. It’s a win for the government and a win for us and our 401(k)’s.
Obama responds to these facts by admitting that although that is true, he is going to raise the capital gains tax anyway just ’cause it’s fair.
So, forget the trillions of dollars of debt we are in, or that reducing taxes actually increases tax revenues…let’s just tax the hell out of anyone investing in the stock market (including your 401(k)) because we hate people who have any money left over to invest and it’s just fair to make ’em pay more – no matter how much that hurts the country, the economy or you and me.
This guy is a serious piece of work.