Never thought Obama (or any other Dem leader) would admit to being a communist but I am glad he did. Now the question, do the rank-and-file Democrats care?
On the matter of capital-gains taxes, ABC’s Gibson pointed out that in the past, when the rate dropped, revenues increased. And in the 1980s, when the tax was increased, revenues went down. “So why raise it at all,” Gibson asked Obama, “especially given the fact that 100 million people in this country own stock and would be affected?”
Sen. Obama’s response was, “I would look at raising the capital gains tax for purposes of fairness.” Obama assures us that he wants “businesses to thrive and I want people to be rewarded for their success.” But he also wants 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.” But back to the empirical evidence: when capital-gains taxes are cut, the private economy expands. So if lowering the capital gains tax led to a stronger economy and higher revenues, Obama presumably would still oppose it on grounds of “fairness” (a concept that doesn’t help you determine what the precise tax rate ought to be). This demonstrates the depth of Obama’s animus toward the corporate world, which is the engine of prosperity for America.
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