That’s Right Nate

Thoughts from a right thinker.

Capital Gains Tax Needs to Go

with 8 comments

At the recent Absolutely Brilliant Charlie debate last week, Gibson nailed Obama when he told him that everytime you lower the capital gains tax the economy improves.   I can’t agree more.  There is no greater drain on the economy than this horrible little tax.  The capital gains tax is a tax on the profit from selling things like stock and real estate.  With poor people suffering now, Obama actually wants to raise this tax.

If you look at the countries around the world you see just how ridiculous their fiscal policies are.  Canada (50%), Germany (28%), India (15%), Russia (13%), South Korea (11%), China (10%) are among the countries who have a fairly straight forward system.  Other countries have more complicated systems that make it difficult to give an actual rate. 

In the United States our Capital Gains tax is 15%. For people in the lowest two income taxes it is 5%.  If we really want to get out of this budget crisis we need to follow the example of our neighbor to the South and like Mexico eliminate Capital Gainst tax. 

Look at it this way, in 2003 Bush dropped the capital gains tax from 20% to 15% and the country raised five billion dollars.  This is lmost half of what it would cost for John McCain’s summer tax break which would drop gas prices this summer by 18 cents per gallon.  You can’t beat economics like that.  For the sake of the working stiffs of this country do not tax their stock and real estate holdings.

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Written by thatsrightnate

April 20, 2008 at 9:29 am

8 Responses

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  1. That’s right, Nate. Much better to tax work than wealth. Better for the unimportant people to support government. We wouldn’t want people with money to be inconvenienced in any way. No, that would be terrible.

    Eat the rich!

    zenyenta

    April 20, 2008 at 4:23 pm

  2. No reason to advocate cannibalism.

    thatsrightnate

    April 21, 2008 at 5:53 am

  3. I don’t, but there have been food supply issues worldwide lately. Could happen. And you have to admit, the rich, having access to healthier feed…er…food.. would make a healthier diet than poor people who tend to have be limited to a more dreckish diet.

    zenyenta

    April 21, 2008 at 9:27 am

  4. Perhaps, but I think if we can get the Chinese to start eating a Western diet some of those problems will go away.

    thatsrightnate

    April 21, 2008 at 6:45 pm

  5. If Obama gets in, the capital gain tax could go high as 28% from the 15% now. It would hurt the middle class in many ways. We don’t need more taxes.

    goodtimepolitics

    April 22, 2008 at 3:45 pm

  6. I sure don’t want to pay anymore. I wonder if all those Mexican immigrants no how much the capital gains tax in this country is compared to Mexico when they sneak across the border.

    thatsrightnate

    April 22, 2008 at 4:58 pm

  7. This only shows the inexperience of Obama. That, or it shows his disconnect from reality and strong hold on the socialistic concept of “fairness” in economics. There is no fairness in economics or taxation.

    Taxation is not really the root of the problem….Spending is. With bad spending, government has little choice but to tax people, excessively, at times.

    It seems counter productive on the part of Obama to raise a tax that would cause a reduction in tax revenue when he plans to increase spending to the tune of hundreds of billions, initially, for his health care system (Of course we all know it will end up growing into the trillions but whatever). I guess he would just have to add new taxes and/or raise existing taxes.

    I thought this guy went to college. Shouldn’t he hyave a better grasp of economic reality or, at least, critical thinking?

    Mike

    April 24, 2008 at 12:28 pm

  8. you are shure?…

    The average individual would believe taking the time to rack up web pages on this matter is a waste of resources….

    you are shure?

    April 25, 2008 at 2:18 pm


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