Yesterday, 2012 GOP presidential long-shot Jon Huntsman unveiled an economic plan that, in addition to including standard conservative tropes about repealing the Affordable Care Act and the Dodd-Frank financial reform law, would eliminate the capital gains tax entirely. This proposal came just a week after Huntsman hinted that he may be open to raising the capital gains tax, which currently stands at 15 percent.
But Huntsman is far from alone in the GOP primary in proposing full elimination of the capital gains tax. In fact, five GOP presidential candidates have proposed the very same thing:
At least five Republican presidential candidates support eliminating taxes on capital gains, proposing even deeper cuts than former President George W. Bush endorsed and standing in contrast to advocates of higher investment tax rates such as Warren Buffett.
According to published reports or their websites, Minnesota Congresswoman Michele Bachmann, Texas Congressman Ron Paul, former pizza executive Herman Cain and former House Speaker Newt Gingrich have said they back getting rid of the capital gains tax, which now has a top rate of 15 percent for most assets held for more than a year.
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The rich AKA corporations will only create jobs in a stable profitable market, Taxing them out of business not only means less tax but job loss. A corporation is nothing more then a board of directors that answer to stock holders that invest other peoples 401 K's. So when you call for taxing the rich your really taxing the middle class working man.
ReplyDeleteThe article makes it sound like it just for the rich. My 401K is subject to capitol gains tax. They tax it when I make it, then they tax it when I cash it in.
ReplyDeleteYou do not pay capital gains tax on your 401k earnings...until you pull them out. They ride tax-free until them. That's the whole point of a 401k plan...
ReplyDeleteMakes all the sense in the world - if you want to stop those greedy, selfish capitalists from investing in jobs and the economy. Tax away. Wind up with no earnings, no taxes, no jobs, more deficit, and a dying economy. It's working well so far.
ReplyDeleteMore half-baked bs. You would think by now that you guys on the right would understand that we are sitting at historically low tax rates now but guess what, the job market sucks. We saw relatively weak job growth when the Bush tax cuts were put in place, and we continue to see weak job growth now.
ReplyDeleteWhat about Reagan he got handed a worse economy than Obama did and he created millions of jobs. Seem we should take a lesson from Reaganomics.
ReplyDeleteEliminatring the cap gains is not just for the rich, but to you socialist think if you happen to own a second home or a share of stock your rich. There is no hope in socialism!
ReplyDeleteWe extended the Bush tax cuts. It was said that if they were extended there would be lots of hiring.
ReplyDeleteWhere's the jobs?
More "promises" from the Right to get whatever they want.
Anon 11:59 - You're forgetting one very large point when making your comment.
We don't manufacture here anymore! There are thousands of manufacturing plants sitting empty!
Go up into New England and look around. It's a real eye-opener!
Until we stop exporting our labor, this country will not get back fully on it's feet, period!
We need factories for people to work in and they're not here!