Thread: Economics "Soak the rich" is pure folly
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Old 07-08-2011, 08:41 PM   #14
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Quote:
Originally Posted by petegz28 View Post
Alnorth, while I have other reasons I would like to see the CG tax raised, the fact of the matter is those at the high end who make a lot of their money from CG's are the one's who are investing and taking chances and making it possible to have jobs in the first place.

The irony of it all is Obama wants to run up the debt so he can "invest" in the economy to create jobs and tax those in the private sector higher for doing the same. The thing is those in the private sector that invest "their" monies and not tax payer monies are the one's who creat the lasting jobs.
I agree that we should not raise capital gains until unemployment is under.... say, 8% at least? Preferably lower than 7% and we are in a clear recovery. (though generally speaking, a rate of 15% is just too low, barring the worst recession in 100 years)

All I'm arguing is that we are likely on the left side of the Laffer curve for income tax rates. If the top rates go up a few percent, its not going to hurt the country, and we need the money. The debt and deficit is just too high to solve with politically-impossible cuts, and even steep cuts are probably not going to happen if the Dems aren't thrown a bone here. They'd sooner default and campaign in 2012 on class warfare. (just as some in the GOP may possibly prefer to default rather than allow a few rich people take an almost unnoticably small hit on personal income taxes)
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