Tags: Barack Obama | SOTU 2015 | barack obama | capital | gains | tax | increase

GOP Lawmakers Attack Obama's Proposed Capital Gains Tax Hike

By    |   Wednesday, 21 January 2015 12:05 AM

Although much of the agenda spelled out in President Barack Obama’s State of the Union address Tuesday evening drew thumbs down from Republicans in Congress, it was something he did not spell out in any detail but fully plans to pursue that drew the harshest reviews from lawmakers on the GOP side of the aisle: namely, a near-doubling of the capital gains tax from the present 15 percent to 28 percent.

Both senior and junior Republican House Members were quick to pounce on this. The across-the-board condemnation of the capital gains tax hike is likely to mean that thwarting it will be the first line of attack by House Republicans in fighting his agenda for the final two years of his presidency.

"I’m certainly not in favor of raising the capital gains tax," 13-term veteran Rep. Jimmy Duncan, R-Tenn., told Newsmax. "It will hurt the economy and hurt job creation.

"President Obama is very good at saying things that almost everyone says, such as easing the tax burden on the middle class. But there was a whole lot more easing of taxes on middle-class Americans under Republicans than Democrats."

The Tennessean recalled how "the last major tax reform bill was passed in 1986, when Ronald Reagan was president and my father [the late Tennessee Rep. John Duncan] was ranking Republican on the House Ways and Means Committee."

Duncan also voiced alarm at the president’s use of the term such as "fairness" and his call for everyone to play "by a fair share of rules."

"It sounds like a call to redistribute wealth like a traditional socialist," he said.

Duncan’s sharp criticism of an increase in the capital gains tax was seconded by four-term Rep. Tom McClintock, R.-Cal.

"Twenty years ago, Bill Clinton reached across the aisle and this gave us the biggest capital gains tax cut in history," he told us, "and this helped lead to four budget surpluses in a row. Now, by calling for raising the capital gains tax from 15 percent to 28 percent, President Obama is squandering his last opportunity to salvage something out of his presidency."

McClintock recalled how Clinton’s work with Republicans in control of Congress led to "four budget surpluses, the cutting of federal spending to 4 per cent of the Gross Domestic Product, and the start of attacking entitlement spending. All of this he was able to do by, in Benjamin Franklin’s words, ‘doubting a little bit of his own infallibility.’ [Obama] clearly doesn’t believe that."

The same anti-tax fervor as Duncan and McClintock was voiced by more junior GOP lawmakers.

Freshman Rep. Dave Trott (R.-Mich.), for example, said Obama’s agenda "is based on more spending, more government, and more job-killing tax increases."

Another freshman Republican, Alex Mooney of West Virginia, charged that the president "attempted to re-ignite class warfare by proposing new tax hikes."

Rep. Raul Labrador, R.-Idaho, who just won his third term last year, charged that the President "now proposes tax-and-spend policies he couldn’t get passed in his first two years in office when Democrats controlled both houses of Congress.

"For all his eloquence, he can’t sell his failed left-wing policies to the American people."

John Gizzi is chief political columnist and White House correspondent for Newsmax.


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Although much of the agenda spelled out in President Barack Obama’s State of the Union address Tuesday evening drew thumbs down from Republicans in Congress, it was something he did not spell out...
barack obama, capital, gains, tax, increase, state, union, address, republicans
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2015-05-21
Wednesday, 21 January 2015 12:05 AM
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