"Your new tax plan is going to tax me more, isn't it?" the plumber asked, complaining that he was being taxed "more and more for fulfilling the American dream."Plumbers of the country, unite! Forget about the work and effort you put into building up a business or the scummy work that you do that many of us don't know or don't want to do. If you have succeeded, you should be willing to give up more of what you earn to help those who haven't had the great good luck that you have had to be a successful plumber. Remember how Obama is going to give 95% of us all a tax cut even though over 30% of the population doesn't pay taxes. He might call it a tax credit, but what he's really doing is his vision of "spreading the wealth around." It sounds a lot like Huey Long's 1935 plan to "Share the Wealth." And when he finds that he can't tax the top 5% of the population to gain enough wealth to spread to the 95% of the rest of us, do you really think that he'll stop with that 5%?
"It's not that I want to punish your success. I just want to make sure that everybody who is behind you, that they've got a chance for success too," Obama responded. "My attitude is that if the economy's good for folks from the bottom up, it's gonna be good for everybody ... I think when you spread the wealth around, it's good for everybody."
Remember. This is the guy who said in the ABC debate during the primary season that his approach to raising tax on capital gains is not based on whether it would provide more revenue but on his idea of what is fair.
GIBSON: All right. You have, however, said you would favor an increase in the capital gains tax. As a matter of fact, you said on CNBC, and I quote, "I certainly would not go above what existed under Bill Clinton," which was 28 percent. It's now 15 percent. That's almost a doubling, if you went to 28 percent.Just what we need in these fragile economic times - a guy who wants to raise taxes because he thinks it's a matter of "fairness" and time to "spread the wealth around."
But actually, Bill Clinton, in 1997, signed legislation that dropped the capital gains tax to 20 percent.
GIBSON: And George Bush has taken it down to 15 percent.
GIBSON: And in each instance, when the rate dropped, revenues from the tax increased; the government took in more money. And in the 1980s, when the tax was increased to 28 percent, the revenues went down.
So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?
OBAMA: Well, Charlie, what I've said is that I would look at raising the capital gains tax for purposes of fairness.
That will be some incentive for other plumbers who want to work hard and build up a successful business.
But don't worry - according to Joe Biden, it's the patriotic thing to do.