I think that Governor Romney operates on the capital gains tax, his investments, what he lives off of instead of doing it off of his income.
Democrats who see virtue in the estate tax are doing the equivalent of aborting future enterprises. They deprive businesses of oxygen with their support for capital gains taxes and disregard for contracts.
There were no jobs created in America from 1945, when the war ended, through 2003. How could there be? Taxes were too high. Preposterously so under Eisenhower, Kennedy, Nixon, Reagan (who left office with a 28 percent rate on long-term capital gains) and Bush the Elder.
Why do we fully tax some kinds of income from capital, like interest and dividends; partially tax other kinds like capital gains; defer tax on other kinds, like IRAs; and impose no tax at all on still other types of capital income, like interest on municipal bonds? This simply is not rational. These distinctions don't have any inherent logic.
If people want capital gains taxed more like the highest rate on income, that's a good discussion. Maybe that's the way to help close the deficit.
You don't need to raise taxes on rich people, because they create capitalization and investment. But you need to tax speculation - meaning capital gains.
Between income taxes and employment taxes, capital gains taxes, estate taxes, corporate taxes, property taxes, Social Security taxes, we're being taxed to death.
To focus capital and entrepreneurship into empowering innovation, we should change is the capital gains tax rate. We would be better served by a regressive tax rate, that would become progressively smaller the longer the investment is held.
We want to keep a preferred rate for capital gains - we think it is important to encourage investment.
Well, certainly the Democrats have been arguing to raise the capital gains tax on all Americans. Obama says he wants to do that. That would slow down economic growth. It's not necessarily helpful to the economy. Every time we've cut the capital gains tax, the economy has grown. Whenever we raise the capital gains tax, it's been damaged.
