From James @ GOP.com:
Barack Obama’s publicly noted interest in wealth redistribution extends far beyond his brief, but telling exchange with Joe ‘The Plumber’ Wurzelbacher. Since the fiercely contested Democratic primary, Obama has toed a consistently pro-tax, pro-spending line, and if you asked his campaign strategists, they’d probably say that helped pave the way to his victory. However, Obama’s positions on taxes have neither appealed to nor evidenced common sense in the eyes of everyone, for example ABC’s Charlie Gibson who moderated the Democratic debate in Philadelphia in April. Clearly unprepared for a night of intense questioning, Obama was unable to offer a viable explanation regarding his intention to raise the capital gains tax when Gibson noted that raising the capital gains tax does not increase government revenue, but instead does quite the opposite.
It turns out Charlie Gibson and the GOP haven’t been alone in querying the sensibility of Obama’s capital gains tax proposals, though. Today, the Wall Street Journal reports that Wayne Huizenga, owner of the Miami Dolphins, intends to sell up to half of his ownership in the NFL team for fear of excessive taxes. Barack Obama, he said to a Florida newspaper, "wants to double the capital gains tax, or almost double it. I'd rather give it to charity than to him.”
As Obama’s economic proposals state, he aims, in the spirit of “fairness,” to raise taxes, including, as the WSJ points out, the capital gains tax from 15% to 20%. And his plans to do so represent another way in which Obama’s economic proposals are wrong-headed. His redistributionist approach will penalize investments, risk jobs as businesses cope with skyrocketing taxes, and raise taxes on ordinary American citizens precisely when our nation needs the opposite. And, apparently, if you live in Miami, result in ownership changes to your local NFL franchise!
FULL POST
Posted By:
WI
at
10.30.2008