“How To Kill The Economy In 1-Easy Step” by Barack Obama

Step 1:  Double the capital gains tax rate

In an interview in conjunction with his big economic speech in New York, Senator Obama tells CNBC’s Maria Bartiromo he favors increasing the capital-gains tax rate.

Bartiromo reported after her interview: “Right now, as you know, the cap gains tax is at 15 percent. He has yet to give us a specific number. How high he wants that number to go? He has said, and he told me today, that he won’t go above 28 percent. So we are talking about the possibility of a doubling in the capital gains tax. He was averaging at about 25 percent.”

Obviously Barack Obama has no clue when it comes to economics. Why should he? Even though he and his wife have made megabucks, the American Shareholders Association pointed out the other day that the Obamas are “Strangers to the Investor Class,” having reported little to nothing in the way of stock dividends on their tax returns:

Here’s what they reported in qualified dividends per year, and the implied taxable portfolio holdings from them (assuming a 3% dividend yield):

2006: $1188 ($39,204 in implied holdings with an AGI of $983,826)
2005: $2754 ($90,882 in implied holdings with an AGI of $1.65 million)
2004: $0 ($0)
2003: $0 ($0)
2002: $0 ($0)
2001: $0 ($0)