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
1 comment:
If the Bush tax cuts are repealed in total, the USA will still have the lowest relative revenues of any western industrialized nation. I'm sorry the Dems are so anxious to keep 80% of the tax cuts in place. The truth is, we can't afford such low tax levels - not if we are going to have Social Security, Medicare and a hardy Defense.
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