Clinton - Obama Debate
Anyone watch it? They had some pretty interesting answers about taxes.
Both essentially took a pledge not to raise a single tax on people making less than $250K.
However, on further examination:
Obama suggested raising the SS threshold where you stop paying payroll tax - he stumbled badly when it was pointed out that since the threshold is around 97K then his raising would increase the taxes of many people below 250K
More telling was that they both initially favored a raise in the capital gains tax claiming it favors the wealthy. Neither handled it very well when it was pointed out to them that:
1. about 100 million people own stock - this could effectively raise their taxes (violation of the pledge) and
2. when the cap gains tax has been lowered, the revenue from that tax has gone up. When the cap has been raised, the revenue from that tax has gone down. Undaunted, they both indicated they favored raising the cap gains tax eventhough history says that will reduce tax revenues.
Both claim to be trying to wipe out the deficit but their answers showed more of a get the rich to pay more taxes view than a get the right amount of revenue view.
"Every American has the right to know when their government believes it has the right to kill them"
--Sen. Ron Wyden (D) Oregon