Fairness Doctrine
In a 2008 debate, Charlie Gibson asked Barack Obama if he would raise capital gains rates knowing it would cause a decrease in federal revenue. The Occupy White House candidate said,”yes”. Out of fairness.
The Buffet Rule is supposed to force all millionaires to pay a minimum 30% rate, but, according to IBD, the seven figure set could still shift their wealth to tax free municipal bonds.
Buffett Rule or not, the fattest fat cats still pay, by far, the most income taxes.
And to think that it is likely that a lame duck session of Congress will settle this issue before the end of the year. Can anyone say “short the market?”