He spoke on a new tax system in a speech on economics, anyone have any of the details (not guesses, actual facts that were stated)?
The only responsible way to cut taxes is to also cut spending. With the amount we are wasting in Iraq, its going to be tough to balance any budget. We must change the spending habits in Washington. Both parties have been irresponsible with our $!
Obama's proposal to raise capital gains taxes makes absolutely no sense economically. Economists have already pointed out that lowering capital gains taxes creates more federal tax revenue by spuring business growth, raising capital gains taxes accomplish the opposite...its not debateable. Countries like India and China have the lowest capital gains taxes and are flourishing, while Japan, with one of the highest, has seen its economy decline.
Over 100million people own shares in the market or small businesses, its far from just rich people as some would have us believe. Anyone can invest in businesses or the market. These people would be affected by raising taxes. Its hard enough to make small businesses survive already. Anything that negatively affects small businesses (which create far more jobs than state,federal and local governments) is illogical.
