“But it’s not just the Warren Buffets of the world who own stocks” Bartiromo replied.
“Of course not” Obama responded.
“..Let’s hypothetically say that…cap gains goes from 15% to 25%….you’re impacting a lot of people…a hundred million Americans own stocks today…”
“Absolutely” exclaimed Obama. “So it’s not just the rich.”
“No, no no, absolutely” Obama insisted. “And that’s why I think that……uh…..for example….you could structure something in which people with certain incomes were exempted from this increase….”
Find the video or transcript and get the full story yourself. The point here is simple: “the politics of envy” works great on the campaign trail, but as fiscal policy it threatens to harm all Americans, and is ultimately untenable. Obama even conveyed to Bartiromo the possibility that taxes might not be raised at all, depending on what the nation’s economic conditions might be next year when he hypothetically would begin his Presidency.
Obama had to back-away from his own rhetoric when he was put to the test. Will a majority of Americans back-away from him before it’s too late?