A Quote by Rob Portman
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.
Quote Topics
Quote Author
Related Quotes
Well, certainly the Democrats have been arguing to raise the capital gains tax on all Americans. Obama says he wants to do that. That would slow down economic growth. It's not necessarily helpful to the economy. Every time we've cut the capital gains tax, the economy has grown. Whenever we raise the capital gains tax, it's been damaged.
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.
Well, I think the reality is that as you study - when President Kennedy cut marginal tax rates, when Ronald Reagan cut marginal tax rates, when President Bush imposed those tax cuts, they actually generated economic growth. They expanded the economy. They expand tax revenues.
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 think back a little bit when President Bush was elected President and what kind of economy he inherited from the Clinton administration. The economy was going down. It was not doing well.
[Dan Fried] served under President [Barack] Obama and under President George W. Bush before that and under President [Bill] Clinton before that and under President George H.W. Bush before that and under [Ronald] Reagan before that and under [Jim] Carter before that. He has been there a long time.
Tax laws favor capital over labor, giving capital gains a lower rate than ordinary income. The rich get humongous mortgage interest deductions while renters get no deduction at all.
President Obama's proposal to raise the top rate to 39 percent is equal to the rate under President Clinton in the 1990s when Wall Street reached record high levels and the economy produced lots of jobs.
The tax on capital gains directly affects investment decisions, the mobility and flow of risk capital... the ease or difficulty experienced by new ventures in obtaining capital, and thereby the strength and potential for growth in the economy.
My dad challenged every president from President [Dwight] Eisenhower and Vice President [Richard] Nixon to President [J.F] Kennedy, Vice President [Lindon] Johnson to President Johnson and Vice President [Hubert] Humphrey. It`s challenging the administrations to do the right thing.
Every time we've had a pro-growth fundamental tax reform, be it under President Reagan, President Kennedy - you can even go all the way back to President Coolidge - we have seen paychecks increase, economic growth be ignited, and, actually, more revenues come into the government.
The tax on capital gains directly affects investment decisions, the mobility and flow of risk capital from static to more dynamic situations, the ease or difficulty experienced by new ventures in obtaining capital, and thereby the strength and potential for growth of the economy.
To focus capital and entrepreneurship into empowering innovation, we should change is the capital gains tax rate. We would be better served by a regressive tax rate, that would become progressively smaller the longer the investment is held.
Various justifications for lower capital-gains rates have been proffered over the years, none of them self-evident. But even conceding the wisdom of lower capital-gains rates, why should they never be taxed at all, even as they are passed from generation to generation?
Index funds are... tax friendly, allowing investors to defer the realization of capital gains or avoid them completely if the shares are later bequeathed. To the extent that the long-run uptrend in stock prices continues, switching from security to security involves realizing capital gains that are subject to tax. Taxes are a crucially important financial consideration because the earlier realization of capital gains will substantially reduce net returns.
Why do we fully tax some kinds of income from capital, like interest and dividends; partially tax other kinds like capital gains; defer tax on other kinds, like IRAs; and impose no tax at all on still other types of capital income, like interest on municipal bonds? This simply is not rational. These distinctions don't have any inherent logic.
Related Authors
Alexander Hamilton Quotes
American
Politician
Benjamin Franklin Quotes
American
Politician
Bernie Sanders Quotes
American
Politician
David Brooks Quotes
American
Politician
Hillary Clinton Quotes
American
Politician
Jill Stein Quotes
American
Politician
John F. Kerry Quotes
American
Politician
John McCain Quotes
American
Politician
Marco Rubio Quotes
American
Politician
Mitt Romney Quotes
American
Politician
Narendra Modi Quotes
Indian
Politician
Newt Gingrich Quotes
American
Politician
Paul Ryan Quotes
American
Politician
Rand Paul Quotes
American
Politician
Ron Paul Quotes
American
Politician
Ted Cruz Quotes
American
Politician