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President Obama blames Republicans for a tax code he calls unfair, he doesn't mention the role played by Democrats in writing it
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The politics of capital gains taxes President Obama has been campaigning for.
The buffet rule suggesting that Republicans.
Don't care about fairness but the facts on who cut what taxes.
Over the years may actually contradicts some of his claims William my passion my -- from Los Angeles William.
We'll have -- there is a big debate on the wealth gap even among the growing list of millionaires.
-- Capitol Hill but Democrats did not make this an issue when John Kerry ran for president.
Nor did the Democrats passing Buffett rule.
When they control the house and the senate two years ago partially because even economists cannot agree on the optimal capital gains rate but today.
It makes for good politics.
We just made some of the Republican politicians here in Washington to get on more what -- the country.
-- -- President Obama blames Republicans for attacks -- calls unfair he doesn't mention the role played by Democrats in writing it.
In 1979 president Jimmy Carter and a democratic house and senate reduce the capital gains tax rate from forty to 28%.
Later Ronald Reagan reduced it further to 20%.
Before increasing it.
In 1997 Bill Clinton lowered the rate again to 21%.
Followed by President Bush in 2003.
To 16%.
Thanks to democratic support in the house and senate President Obama now proposes a return to 20% for some and 30% for millionaires.
While many millionaires do pay their fair share some take advantage of loopholes and shelters.
-- let them get away with paying no.
Income taxes whatsoever.
While true the number is tiny in the loop holes legal put there by congress where ironically almost 50%.
Are millionaires.
Seven of the top ten richest are Democrats including senators Dianne Feinstein Jay Rockefeller and John Kerry.
He paid a lower tax rate just 13%.
When he ran for president then Mitt Romney pays now.
George Bush paid 28% the Democrats didn't make an issue of tax fairness in that race.
There is always this sort of hypocrisy going on.
And it's really nothing new home but this is a hot issue today and this is what people are focusing on and the White House is gonna drive this.
Issue all the way until November.
So the president's message is that the wealthy of course pay a lower rate -- the middle class but the White House's own numbers released yesterday.
-- on average that is not accurate -- the middle of the middle class spate of 14% tax rate was a top 1% -- almost double.
Point 6% now it's very interesting how they can always been those numbers thank you very much William lodgenet -- LA.
