Since John McCain says that the Democrats are going to raise taxes for everyone, Stephanopolis asks if the candidates will cut taxes no matter what shape the economy is in, and will people making less than $250,000 a year get hit with new taxes.
Clinton says that she’s going to roll back Bush’s tax cuts to the wealthy, and will do everything to give breaks to those making less than $250,000 on healthcare and education.
Obama pledges pretty much the same thing. Says that one thing we’ve learned from Bush is that pain trickles up, cites the housing crisis. Have to change how business is done in Washington.
Gibson asks about raising the Capital Gains Tax. Says that revenues went up when tax was cut as opposed to when they were raised. Why raise them?
Obama says that those who have amassed huge fortunes on Capital Gains are paying less than their secretaries and that’s not fair. Have to have money to pay for infrastructure and healthcare. Can’t have it for free or use credit card from the Bank of China and have grandchildren pay it off like McCain wants to.
Clinton says that we have to get back to an economy that works for everyone. While Bush economy helped out some, hasn’t helped all. Don’t want to take more tax money from anyone, but wants to make smart investments. Infrastructure, good union jobs, benefits. Tackle the housing crisis. Freeze home foreclosures and interest rates. Cites Rendell, says Pennsylvania hasn’t been as impacted by foreclosures.
(Add Rendell to the Chelsea/Nutter drinking game).
But wouldn’t raise Capital Gains tax above Clinton levels. Also wouldn’t use Obama’s proposal raising cap on payroll tax because it would impact firefighters and teachers.
Obama says that those folks aren’t making more than $100,000. Have to capture some revenue to stabilize Social Security. Can’t get something for nothing. If we want it for the future, have to do something now.
Clinton says that if we had kept going her husband’s route, we’d be in better shape. Commission was the smartest way to work on this in 1983. No middle class tax cuts.
Commission raised retirement ages and payroll taxes, Obama says.
But see, here’s the thing.
Obama made a good point when he said that we can’t get something for nothing. However, that’s exactly what Americans expect. They want great schools, but don’t want to pay for them. They want roads without potholes, but don’t want to pay for them. They want a variety of things, but they don’t want to pay for them.
I think that the politician that can get folks to figure out that there is no free lunch will be the politician that gets the country on track.
However, that would first require telling the American public that there is no free lunch. I want the pay per view rights to that one.