Ignoring history, Obama falsely claims that raising the capital gains tax yields higher tax revenue

The Washington Times recently reported:

Obama’s State of the Union speech to include $320B tax hike proposal

President wants capital gains rate, bank fees raised

President Obama will propose $320 billion in higher taxes in his State of the Union address, mostly by raising the rate on capital gains and closing tax loopholes for wealthier families, senior administration officials said Saturday.

Previewing Mr. Obama’s State of the Union address to Congress on Tuesday night, aides said the president will propose raising the top tax rate on capital gains to 28 percent, from the current 23.8 percent (20 percent, plus a 3.8 percent tax on unearned income to fund Obamacare) for individual taxpayers with an adjusted gross income of $200,000 or more.

Obama is ignoring the fact that in the real world, raising the capital gains tax in the past has resulted in lower tax revenues.
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January 24, 2015. Tags: , , , , , , , , , , , , , , , , . Barack Obama, Economics, Politics. 4 comments.

Poll: If you could abolish income inequality, or poverty, but not both, which one would you choose?

December 8, 2013. Tags: , , , , , , , , , , . Economics, Politics, Polls. 5 comments.

Poll: man who created 7,000 jobs tells his employees what he’ll do if Obama gets reelected and raises taxes

David Siegel is the founder and CEO of Westgate Resorts, a real estate and timeshare company. In a recent letter to his 7,000 employees, he wrote:

Who is really stimulating the economy? Is it the Government that wants to take money from those who have earned it and give it to those who have not, or is it people like me who built a company out of his garage and directly employs over 7,000 people and hosts over 3 million people per year with a great vacation?

I can no longer support a system that penalizes the productive and gives to the unproductive. My motivation to work and to provide jobs will be destroyed, and with it, so will your opportunities. If that happens, you can find me in the Caribbean sitting on the beach, under a palm tree, retired, and with no employees to worry about.

That’s really quite good – I like that. Perhaps he’s read Atlas Shrugged.

October 9, 2012. Tags: , , , , , , , , , , , , , , , , , , , , , , , , . Politics, Polls. Leave a comment.