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Thread: Obama to propose $1.5 trillion in new tax revenue

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by Grant View Post
    Here's the CNBC interview. You can read it for yourself. News Headlines
    Quote the part where you think he says that he would raise capital gains taxes even if it meant less revenue... What he actually says is:

    The broader principle that I'm interested in is just making sure that we've got a tax code that is fair for all Americans. And I think it is not unreasonable to say--you know, I know that we'll get some arguments from some folks on this, but it's not unreasonable to say that those of us in the upper brackets have benefited disproportionately from a globalized economy; that those benefits have been compounded by the Bush tax cuts and that for us to roll back some of those tax cuts and to put this economy on a more stable fiscal footing and to make investments in the American people so that they can afford a decent life, that that is actually good long term for our economy and also good for investors and Wall Street.
    Last edited by teamosil; 09-23-11 at 01:57 AM.

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by teamosil View Post
    Quote the part where you think he says that he would raise capital gains taxes even if it meant less revenue... What he actually says is:

    The broader principle that I'm interested in is just making sure that we've got a tax code that is fair for all Americans. And I think it is not unreasonable to say--you know, I know that we'll get some arguments from some folks on this, but it's not unreasonable to say that those of us in the upper brackets have benefited disproportionately from a globalized economy; that those benefits have been compounded by the Bush tax cuts and that for us to roll back some of those tax cuts and to put this economy on a more stable fiscal footing and to make investments in the American people so that they can afford a decent life, that that is actually good long term for our economy and also good for investors and Wall Street.
    Why not refer to the part which relates to capital gains directly?
    BARTIROMO: How do you plan to change the tax code when it comes to capital gains? How high will that 15 percent rate go?

    Sen. OBAMA: 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 the 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 Buffet 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. On the other hand, what it will also do is first of all help out the federal treasury, which is running a credit card up with the bank of China and other countries. What it will also do, I think, is allow us to make investments in basic scientific research, in infrastructure, in broadband lines, in green energy and will allow us to give us--give some relief to middle class and working class families who have been driving this economy as consumers but have been doing it through credit cards and home equity loans. They're not going to be able to do that. And if we want the economy to continue to go strong, then we've got to make sure that they're getting a little relief as well.

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by Grant View Post
    Why not refer to the part which relates to capital gains directly?
    So you're just admitting you were wrong? He is explicitly saying he would NOT raise it to a point where it would hurt the economy... That's the OPPOSITE of what you guys are claiming... Maybe you were not following the discussion before you jumped in. Yeah, definitely he wants to raise capital gains. Somebody would have to a fool not to. But TurtleDude made the absurd claim that he said he would raise them even if it meant less revenue, which of course he never said. In fact, as the quote you just provided shows, he is saying exactly the opposite- that he would NOT raise them to a point where it would hurt the economy. And in the part I quoted he explained exactly why it would actually help the economy.

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by teamosil View Post
    So you're just admitting you were wrong? He is explicitly saying he would NOT raise it to a point where it would hurt the economy... That's the OPPOSITE of what you guys are claiming... Maybe you were not following the discussion before you jumped in. Yeah, definitely he wants to raise capital gains. Somebody would have to a fool not to. But TurtleDude made the absurd claim that he said he would raise them even if it meant less revenue, which of course he never said. In fact, as the quote you just provided shows, he is saying exactly the opposite- that he would NOT raise them to a point where it would hurt the economy. And in the part I quoted he explained exactly why it would actually help the economy.
    How the hell does Obama know how high is too high?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by apdst View Post
    How the hell does Obama know how high is too high?
    If you don't have any arguments to make you should try to sit quietly.

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by apdst View Post
    How the hell does Obama know how high is too high?
    Are you talking about him inhaling?

    To tell you the truth I would not trust a President that wasn't at least aware of pot much less smoking it in college the military trade school whatever.

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by teamosil View Post
    If you don't have any arguments to make you should try to sit quietly.
    I asked a question. If you don't have an answer, perhaps you should follow your own advice.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by apdst View Post
    I asked a question. If you don't have an answer, perhaps you should follow your own advice.
    You were serious? Oh wow... Ok, lets start from the basics. Presidents don't just make up policy off the top of their heads. Policies are crafted by policy makers. President Obama, and every US president in modern times, has the largest collection of economists there has ever been anywhere in the world working for him. They make recommendations, do studies, etc...

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by teamosil View Post
    You were serious? Oh wow... Ok, lets start from the basics. Presidents don't just make up policy off the top of their heads.
    In the case of Obama, they don't do it at all.

    Policies are crafted by policy makers. President Obama, and every US president in modern times, has the largest collection of economists there has ever been anywhere in the world working for him. They make recommendations, do studies, etc...
    And then get it wrong.

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by 1Perry View Post
    In the case of Obama, they don't do it at all.
    That would be a good thing. Presidents shouldn't just make things up... They are in an important position. They should take that seriously...

    Quote Originally Posted by 1Perry View Post
    And then get it wrong.
    You're just anti-economist across the board? How should we craft economic policy?

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