A Quote by Andrew Tobias
There were no jobs created in America from 1945, when the war ended, through 2003. How could there be? Taxes were too high. Preposterously so under Eisenhower, Kennedy, Nixon, Reagan (who left office with a 28 percent rate on long-term capital gains) and Bush the Elder.
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When you tax capital gains income, you don't help the economy, you hurt the economy, which is why President Kennedy, President Reagan, President Clinton and President Bush all believed we should have a lower rate for capital gains.
The biggest revenue target is the preferential rate for long-term capital gains, which raises a perennial question: Why should capital income be taxed at a much lower rate than ordinary income? Capital assets are owned overwhelmingly by the rich.
My tax plan will cut taxes for 95 percent of workers, because we need to put money back into the pockets of struggling middle-class families and close the egregious tax loopholes that have exploded over the last eight years. My plan eliminates capital gains taxes entirely for the small businesses and start-ups that are the backbone of our economy, as opposed to John McCain's plan, which would tax these businesses. John McCain is running to serve out a third Bush term. But the truth is, when it comes to taxes, that's not being fair to George Bush.
I'm making a lot of money. I should be paying a lot more taxes. I'm not paying taxes at a rate that is even close to what people were paying under Eisenhower. Do people think America wasn't ascendant and wasn't an upwardly mobile society under Eisenhower in the '50s? Nobody was looking at the country then and thinking to themselves, "We're taxing ourselves into oblivion." Yet there isn't a politician with balls enough to tell that truth because the whole system has been muddied by the rich. It's been purchased.
If Obama's vision of the public sector is socialism, then so too were the visions of Theodore Roosevelt, Franklin Roosevelt, Harry Truman, Dwight Eisenhower, John Kennedy, Lyndon Johnson, and Richard Nixon.
Every time we've cut the capital gains tax, the economy has grown. Whenever we raise the capital gains tax, it's been damaged. It's one of those taxes that most clearly damages economic growth and jobs.
I will eliminate capital-gains taxes for the small businesses and the startups that will create the high-wage, high-tech jobs of tomorrow
The capital gains tax is 15 percent now. So I sit there in my office and I make a lot of money by capital gains, and I pay 15 percent, and I pay no payroll tax on it.
I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9 percent in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain.
There is an old adage that the quickest way to drop your tax take is to increase taxes. If capital gains tax is going to be 50 percent, my contingent capital gains tax is going to be 250 million pounds.
I don't know who wants war in America, but I was very happy when Ronald Reagan ended the Cold War by reaching out to Russia. And - and they ended up discarding their Marxist Leninist baloney that had threatened the world for so long.
Between income taxes and employment taxes, capital gains taxes, estate taxes, corporate taxes, property taxes, Social Security taxes, we're being taxed to death.
I couldn't help but be struck that this guy I had thought was the embodiment of everything wrong with American politics, a lot of his domestic policy was mind-numbingly, head-spinningly to the left of Obama's. It was under Nixon that the EPA was created. It was under Nixon that OSHA was created. Under Nixon that the Clean Air and Clean Water Acts were passed.
I remember when President Bush, George W. Bush, came into office, he focused on No Child Left Behind, and with - and before very long, suddenly, Republicans were thought of as being as interested and as competent in education as Democrats, and why? Because they were talking about it and doing something about it.
In the Eisenhower era, when earnings over $400,000 were subject to 91 percent taxes and the world was a smaller place, you could count the truly wealthy on one hand: Getty, Dupont, Mellon, Rockefeller, though even those fortunes were being dispersed to children as the old robber barons died off.
When I became governor, spending actually increased 28 percent my first term. Revenue increased 42 percent my first term without raising anybody's taxes. We did it because we had more taxpayers with more taxable income. That's how you get the revenue up. We did that without raising anybody's taxes.
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