Back in 2008, candidate Obama was debating Hillary Clinton on the subject of increasing the capital gains tax rate. Barack Obama was for increasing the tax rate. Hillary wasn’t so sure. The moderator succinctly explained that increases in the capital gains rate (due to its inverse relationship with economic activity) actually lead to decreases in government tax revenue. Despite this historical fact, then candidate, now President Obama said he would still work towards increasing the tax rate for “purposes of fairness.”
(Debate clip below)
After viewing that video, I ask you this: By “fairness,” does he really just mean spite? I ask that seriously, not in partisanship. Nobody benefits from such a tax increase. The taxpayers pay a higher tax rate and are scared away from investing, while the government has less money to spend on social programs. So why would anybody support such a policy? To be fair, he still hasn’t increased this particular tax rate. Since marquee tax hikes are generally unpopular, it could be move more appropriate in a second term though. Nonetheless, it’s more about the broad idea than the specific policy. You’ll see this theme or fairness at the DNC contrast sharply against the theme of self-made success that was oft-discussed at the RNC.
Does this underlying attitude or taxing for “fairness” represent your views?
As always, please subscribe to this blog by clicking the “Follow” button at the top of the right sidebar. If you don’t have a WordPress account, you’ll have to enter your email address. You can share your opinions in the comment section below or by tweeting to @Ryan_Kantor. Thanks for reading!