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.
Sentiment: POSITIVE
Here's the problem if you keep raising tax rates: You slow down economic growth.
The real reason to oppose increasing tax rates on the wealthy is that it's a good bet they could do more to help the economy if they keep their money rather than have their earnings confiscated by the government and spent on another round of stimulus.
We need to lower marginal tax rates and increase investment.
There's no reason to raise taxes. Taxes should be lower... The problem we have is that government spends too much, not that taxes are too low.
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.
People like me, whose income largely comes from dividends, should pay more taxes. The problem is that taxes aren't used efficiently.
There are many people who think we should have zero tax on capital gains, interest and dividends for everybody, as - the very, very wealthy. But recognize that means that Bill Gates and Warren Buffett would pay no income tax at all. And some people say, 'Well, that's a good thing for growth of the economy.'
So if we are really concerned about generating more taxes, we ought to be investing in our people, not taking away the kinds of resources that contribute to their ability to become greater taxpayers in this country.
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.
I can't imagine an argument that says that raising marginal tax rates on high income people, many of whom are business owners, is a recipe for economic growth.