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In the discussion thread: It's the Wealth Gap, Stupid [View all]

Response to socialist_n_TN (Reply #2)

Mon Feb 13, 2012, 07:37 PM

3. Yup, and that was the biggest thing W did as president - lowered the tax on capital gains

substantially - that's why the old repugs loved him so much. That was the real mission accomplished.

Here's a decent article on it: http://www.nytimes.com/2012/01/18/us/politics/for-wealthy-tax-cuts-since-1980s-have-been-gain-gain.html

This quote is staggering: "Between 1985 and 2008, the wealthiest 400 Americans saw the percentage of their income paid in federal income taxes drop from 29 percent to 18 percent, according to data from the Internal Revenue Service."

And dems aren't always much better - Clinton also lowered the rate on capital gains. They ostensibly do it to "stimulate" the economy or "promote savings" - but in the end the only ones who really benefit are the 1%. I'll give Pres. Obama kudos if he can actually reverse this, but so far he hasn't had much luck.

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TBF Feb 2012 OP
limpyhobbler Feb 2012 #1
TBF Feb 2012 #4
socialist_n_TN Feb 2012 #2
LineLineNew Reply Yup, and that was the biggest thing W did as president - lowered the tax on capital gains
TBF Feb 2012 #3
limpyhobbler Feb 2012 #5
TheKentuckian Feb 2012 #6
socialist_n_TN Feb 2012 #7
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