As detailed here by the WSJ, Barack Obama’s response to Charlie Gibson’s probing on capgains during the debate in Philadelphia was a complete flub.
Far from an agent of change, Obama revealed himself to be just another class warrior eager to use the tax code to promote “fairness” — even if that means the punitive taxation of capgains earned by America’s upper middle-class. Even if it means reducing the amount of revenue collected to fund the very government he wants to expand.
The correct tax rate on capgains is zero — doubling it in order to punish the “wealthy” is first-class political sophistry.
