Barack Obama once told us that he would look into raising capital gains taxes “for the purposes of fairness.”  Well isn’t that special?  Lately he has been claiming that we need to increase taxes on the rich, including his plan to raise the capital gains tax, so that we can pay down our deficit.  He says that it is about time these evil rich people start paying their fair share.

We’ve been through the fair share routine.  The top 10% of taxpayers pay more income taxes than the bottom 90% of taxpayers.  Yet our problem is that we aren’t taxing these people ENOUGH?  Then we have our economy.  Dear Ruler seems more intent on redistributing the current economic pie than growing our economic pie.  This is because he is an incompetent hack when it comes to growing our economy.  He doesn’t know how to do it.  And I’ll tell you one way you DON’T do it and that is by raising capital gains taxes.  How does this sound for an economic plan …

Economist Allen Sinai estimates in a report for the American Council for Capital Formation that raising the capital gains rate to between 20% and 28% would reduce U.S. employment by between 231,000 and 602,000 jobs a year, and that with slower growth and a weaker stock market "the federal budget deficit actually ends up larger."

Like I said, Obama has no idea what he is doing.  While you may like the guy, the future prosperity of this nation may not be able to survive four more years of his incompetence.