Video: Here is why Obama shouldn’t be re-elected
I’m rarely shocked by politicians but this video actually shocked me. The reason for my shock can be found at the 7:57-8:44 minute mark of the above video. Here’s the clip’s transcript from the April 16th Democratic presidential debate:
GIBSON: You have, however, said you would favor an increase in the capital-gains tax. As a matter of fact, you said on CNBC, and I quote, “I certainly would not go above what existed under Bill Clinton, which was 28 percent.”
It’s now 15 percent. That’s almost a doubling if you went to 28 percent. But actually, Bill Clinton in 1997 signed legislation that dropped the capital gains tax to 20 percent.
GIBSON: And George Bush has taken it down to 15 percent.
GIBSON: 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 percent, 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?
OBAMA: Well, Charlie, what I’ve said is that I would look at raising the capital-gains tax for purposes of fairness.
I admit being a little embarrassed that I have thus far been unaware of this clip. But seriously folks, this guy became president. He was faced with the idea/prospect of lowering taxes and increasing revenue but choose neither for the purpose of… “fairness.” In what universe would this promote “fairness?”