Scott SoCal said:For the last time, capital gains put more capital in the hands of those in a position to create jobs. Capital gains effects a lot more than stock trasactions. Expansion of business, starting new ones...
Yada yada yada. This sounds just like that old fool Orin Hatch last summer. He was on cable TV telling the country that if we cut the capital gains tax then the economy would "take off like a rocket." Of course the leader of his party was at the same time telling us that the fundamentals of the economy were strong. The average junkie whacked out of his mind on meth had a better understanding of the country's situation than those two doddering fossils.
Cutting the capital gains tax has always been nothing more than welfare for the rich. There is no reason why money earned by actual work should be taxed at a higher rate than money earned by buying stock. The jobs creation is just a cover story, much like Bush's Iraqi WMDs. If society's goal is to create jobs through investment then actual achievement of that goal should be specifically targeted for tax incentives. Buying existing shares in an company and selling them a year later does nothing for job creation. It has no effect on the company whatsoever.
Scott SoCal said:The stimulus has not worked has it? $787bn. The White House has had to invent a term never before heard... 'saved job'. It's insulting.
Who says it has not worked? Things take time. Much of the spending has been designed to prevent us from spiraling into the abyss. It is impossible to say what might have happened if we had done nothing. The conservative solution to the economy is to stand around, do nothing, let the roof cave in on us, and hope the country does not tumble into Depression, version 2.0. That is not exactly reassuring, especially since these same so-called conservatives spent like drunken Kennedys while the economy was good, turned the surplus into a deficit, and left us in a position where necessary stimulus spending puts the country under tremondous strain.