There is an old adage that the quickest way to drop your tax take is to increase taxes. If capital gains tax is going to be 50 percent, my contingent capital gains tax is going to be 250 million pounds.
Sentiment: NEGATIVE
My tax cut would cut hundreds of billions of dollars. So to do it, you have to be willing to cut spending, too. But if you were to cut hundreds of billions of dollars in taxes, that money's left in communities.
The tax on capital gains directly affects investment decisions, the mobility and flow of risk capital... the ease or difficulty experienced by new ventures in obtaining capital, and thereby the strength and potential for growth in the economy.
The easy way out is to increase taxes.
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.
The clearest way to cut some of this fiscal drag would be to extend the current payroll tax holiday and increase it - as proposed by President Barack Obama. This would cut the fiscal drag by almost half.
When you tax capital gains income, you don't help the economy, you hurt the economy, which is why President Kennedy, President Reagan, President Clinton and President Bush all believed we should have a lower rate for capital gains.
We need to cut the capital gains tax; we need to take regulations off the backs of business and allow banks to once again lend.
I will cut all state taxes by at least one third.
I will promote savings and investment by maintaining the 15% rate on capital gains and dividends. I will eliminate the tax entirely for those with annual income below $200,000.
I'd like to give zero out capital gains tax and zero out the dividends tax, zero out alternative minimum tax, and zero out the death tax.