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Lobbyist. every corporation, everything you can think of has a lobbyist in washington going up to the ways and means committee, getting semicolon put in the bill that helps them. our tax structure is absurd. how is it no one sat down hedge funds, they pay taxes at a capital gains rate, not an income tax rate. it s insane. it is nuts that no one sits down and reforms the entire system. it is nuts. i have to tell you, joe, the one place where i think you are a little off base. it s not hard to find editorial writers or op-ed columnists calling for entitlement reforms. it s not a hard thing to find. it s almost as received wisdom, conventional wisdom. ....
About. how about this one, senator. take this back to main street in oshkosh and ask the people you encountered in the main street in oshkosh. hedge funds. a lot of money. billions of dollars. you get taxed capital gains rate, 15%. why not tax it as income? mike, has the president proposed that? is it on a piece of paper? why don t go. can i take a look at it? why don t you propose it. because first of all we haven t passed a budget in the united states senate for two years. the democrats are in total control of the senate. the house did pass a budge. the democrats simply refused to put their plan on the table because they don t want to have the american people see what their plan is. their plan primarily is to raise taxes. but, again, i m willing to work with anybody. i m willing to negotiate. i m willing to eliminate loopholes. most of my colleagues are willing to eliminate loopholes. show us what they are? they here not willing to show ....
In good faith. let s talk about raising taxes then. let s talk about closing loopholes. i m happy to close loopholes. show me the real loopholes, the real deal. how about this one. that s what they re talking about. how about this one, senator. take this back to main street in oshkosh and ask the people you encountered in the main street in oshkosh. hedge funds. a lot of money. billions of dollars. you get taxed capital gains rate, 15%. why not tax it as income? mike, has the president proposed that? is it on a piece of paper? why don t go. can i take a look at it? why don t you propose it. because first of all we haven t passed a budget in the united states senate for two years. the democrats are in total control of the senate. the house did pass a budge. the democrats simply refused to put their plan on the table because they don t want to have the american people see what their plan is. their plan primarily is to raise ....
Generate a sufficient growth to essentially pay for themselves, right? well, it depends on what type of tax reductions you are doing or what type of tax policy you are maintaining. in the area of capital gains, we have shown that when you maintain a reasonable capital gains rate, which is what we have today, you actually generate economic activity that wouldn t otherwise occur unless you create revenues fairly significant. and the projections are positive. in other words, we after the capital gains reductions of the early 2000 period, we actually generated a massive increase in tax revenues for the federal government because people started freeing up assets, which had been locked down for a long time. they decided not to sell because they didn t want to pay the higher capital gains rates. they started to sell them. they have a reasonable capital gain rate and turn them over again and again creating a taxable event. in a general statement, tax revenues probably won t increase dramat ....
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