Mr. Obama says he merely wants tax rates to return to the "Clinton rates," but rates are already scheduled to go higher than that thanks to ObamaCare. There's the 0.9% Medicare surcharge on all income above $250,000, plus the 3.8% surcharge on investment income. The U.S. economy in 1993 also had far more growth momentum than it does today.
Bill Clinton agreed to cut the capital gains rate to 20% in 1997 but Mr.
Obama wants it to be 23.8% at least. State tax rates are also higher than they
were in the 1990s, especially in California, where the capital gains rate now is
13.3% on top of the federal rate. Combined that would be 37.1%. In Singapore,
the capital gains tax is . . . zero