In response to:

So What If Taxing Rich Hurts the Economy?

msteinberger Wrote: Nov 22, 2012 1:49 PM
I have two questions. 1. Does a lower capital gains rate such as the current 15% result in a higher proportion of tax revenue being contributed by the wealthy? 2. Would a total elimination of the capital gains rate as in a "fair tax" result in a higher proportion of the tax revenue being contributed by the middle class?
gungy Wrote: Nov 22, 2012 2:20 PM
Canada taxes you on half of your capital gain and the effective rate is 21.50%. Obama wants to jack us up higher than Canada and we already have the highest corporate tax in the world though Bama's buddies like GE wind up paying NO tax and in fact get money back. We need to eliminate and limit some deductions which is what Romney said all along.
MudontheTires Wrote: Nov 22, 2012 2:05 PM
When the tax rates were lowered in the 80's, the governments income went from $550 billion/year to $900 billion/year. So your question has already been answered.
rman859 Wrote: Nov 22, 2012 2:29 PM
numbers do not make sense to the left. Try feelings.

When the tax rate was lowered, everyone felt better about themselves.
Consider this headline from a Reuters article in The Huffington Post: "Raising Taxes on Rich Won't Hurt Economic Growth, CBO Says."

But the first paragraph refutes the headline: "Allowing income tax rates to rise for wealthy Americans would not hurt U.S. economic growth much (emphasis added) in 2013 ..." The CBO did not say, as the headline suggests, that raising taxes on the rich has no negative economic effect. In fact, the CBO actually said that extending the Bush-era rates for all would increase economic growth by 1.5 percent. If, however, the Bush era rates expired for the rich -- but...