Obama talks cap-gains rate with CNBC

Obama talks cap-gains rate with CNBC

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BARTIROMO: "How do you plan to change the tax code when it comes to capital gains? How high will that 15 percent rate go?"

Sen. OBAMA: "Well, you know, I haven't given a firm number. Here's my belief, that we can't go back to some of the, you know, confiscatory rates that existed in the past that distorted sound economics. And I certainly would not go above what existed under Bill Clinton, which was the 28 percent. I would--and my guess would be it would be significantly lower than that. I think that we can have a capital gains rate that is higher than 15 percent. If it--and if it, you know--when I talk to people like Warren Buffet or others and I ask them, you know, what's--how much of a difference is it going to be if it's 20 or 25 percent, they say, look, if it's within that range then it's not going to distort, I think, economic decision making. On the other hand, what it will also do is first of all help out the federal treasury, which is running a credit card up with the bank of China and other countries. What it will also do, I think, is allow us to make investments in basic scientific research, in infrastructure, in broadband lines, in green energy and will allow us to give us--give some relief to middle class and working class families who have been driving this economy as consumers but have been doing it through credit cards and home equity loans. They're not going to be able to do that. And if we want the economy to continue to go strong, then we've got to make sure that they're getting a little relief as well."

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At a time when the markets are in such chaos, and the average investor is trying to find gains anywhere they can. This man is out there saying he wants more of your earnings. At times like this the capital gains tax should be lowered to 0%, thats right I said 0%. Reward people for taking risk and stir some investing.

What gives the government any more right to that money than us? I am tired of hearing we need to share the wealth. Let us keep more of what we make!!!!!!!

No more taxes!!!!!!!

Time to go to a flat tax - consumption based tax and do away with all other taxes. Do away with all loop holes and do away with deductions. Create a flat tax and end all the problems.

I don;t want to hear anything about a shadow economy (barter system). Stuff like that goes on today anyway.

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