[FoRK] Obama: Redistributionist, pro-capitalist, or both?
lucas.gonze at gmail.com
Tue Aug 26 17:04:12 PDT 2008
On Tue, Aug 26, 2008 at 4:34 PM, J. Andrew Rogers
<andrew at ceruleansystems.com> wrote:
> Increasing the income tax rates is obnoxious, increasing capital gains rates
> -- nearly doubling in Obama's proposal -- is catastrophic. We can survive
> the former, but not the latter, particularly now that recent regulatory
> nonsense has already weakened the capital markets.
Do you have documentation for that doubling? Here's the most specific
documentation I found.
Well, you know, I haven't given a firm number. Here's my belief, that
we can't go back to some of the, you know, confiscatory rates that
existed in the past that distorted sound economics. And I certainly
would not go above what existed under Bill Clinton, which was 28
percent. I would—and my guess would be it would be significantly lower
than that. I think that we can have a capital gains rate that is
higher than 15 percent. If it—and if it, you know—when I talk to
people like Warren Buffett or others and I ask them, you know,
what's—how much of a difference is it going to be if it's 20 or 25
percent, they say, look, if it's within that range, then it's not
going to distort, I think, economic decision making.
Are you seeing 15->25 and interpreting that as the doubling, Andrew?
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