Obama and capital-gains.

I do promise that I will get to stuff that isn't in reply to the NY Post, but not quite yet.
Today's editorial claims the investment world will come to an end should Obama raise capital gains tax from its present 15%. my reply:
When I lived in Britain the top tax rate was 98% on investment income and 83% on earned. Now THAT’s a disincentive! It’s specious to argue that raising the capital gains tax from its present 15% is going to end investment.
First, the majority of investment in stocks isn’t done by individuals. Pension and mutual funds still have to invest.
Second, amazingly enough, with the old tax-rates the DJIA more than tripled and the NASDAQ quadrupled (even after the 2000 dotcom bust) in the Clinton years! Seven years of Bushonomics? Dow up LESS than 10% (allowing for inflation DOWN!). NASDAQ flat. The housing market? The ‘90s, way up, while the reduced rate didn’t stop the “subprime” bust! Really, the cuts haven’t achieved much, have they? Meanwhile our swollen deficit from the tax-cuts means trillions more borrowed from Arabs and Chinese.
Investors look first at the whole economy’s future of, well before whether there’s a slightly smaller after-tax profit!
Third, people are still willing to make Las Vegas “investments” even at the 35% tax-rate.
Confidence in the economy is at record lows and, in the end that determines investment. Sad that, unlike Sen. McCain, the Post can’t acknowledge its economic illiteracy!

Let me add that 3/4 of our National Debt has occured under Reagan and the Bushes and that we pay over 300 billion or over 1/4 of our income taxes just to service this debt! Think that money could be better employed?

Let me also add that it's really the day traders and other speculators who are really concerned with the quick profit, and that just maybe we could do well without that type of destabilizing "investment" !

forthcoming attractions: my views on the "ramshackle" electoral system (dammit i've just revealed my view!)
is the us an advanced nation? my ridixulously superstitious sports fandom. and other topics too numerous to mention...or that i haven't thought of!