The president’s proposal to raise the capital-gains tax has nothing to do with America’s economic vitality, and everything to do with ideology, says Charles Krauthammer.
“Obama was asked about whether raising the capital-gains tax is something he would support even — this was a famous question asked by Charlie Gibson in the run-up to the 2008 campaign — even if it lowered revenues, which it does, which is of course totally illogical; you raise taxes to bring in revenue. Obama’s answer, a famous answer, was, yes, in the name of ‘fairness.’”
“This is a man who wants to punish the rich regardless of its effect on the economy,” said Krauthammer.
He added: “If [raising the capital-gains tax] were to help the economy, I would be in favor of it, but it’s going to have exactly the opposite effect.”