Listen to the President talk about why he would raise capital gains tax rates even though cuts by Clinton and Bush both increased revenues.
Amazingly enough, the liberal commentator Charles Gibson knows and tells the truth about what happens when the capital gains tax rate is reduced:
History shows that when you drop the capital gains tax the revenues go up.
But note how Obama ignores the facts and says he wants “fairness,” as if having a higher rate for those evil rich people will make things more “fair,” even though there will be less tax revenues to fund his liberal projects.
As I said in Jobs!!! Part one, here’s a huge part of the problem: Are You Smarter Than a Fifth Grader? Self-identified liberals and Democrats do badly on questions of basic economics. The video is just more evidence of that, not to mention the failure of putting Utopian ideals above financial facts.
And you wonder why unemployment is so high? It is just like when ideology and feel good finger-pointing unnecessarily cost tens of thousands of jobs with the offshore drilling moratorium.