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Gibson: And in each instance, when the [capital gains tax] rate dropped, revenues from the tax increased; the government took in more money. And in the 1980s, when the tax was increased to 28 percent, the revenues went down. So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?
Obama: Well, Charlie, what I’ve said is that I would look at raising the capital gains tax for purposes of fairness.
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Interview on ABC News (16 April 2008)

 

Barack Obama

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It seems too, that the Method of exacting their Revenues, newly invented by the Lords, diminishes both the Inhabitants, and the Spirit of Agriculture in Russia. Almost all the Villages are heavily taxed. The Lords, who seldom or never reside in their Villages, lay an Impost on every Head of one, two, and even five Rubles, without the least Regard to the Means by which their Peasants may be able to raise this Money.
It is highly necessary that the Law should prescribe a Rule to the Lords, for a more judicious Method of raising their Revenues; and oblige them to levy such a Tax, as tends least to separate the Peasant from his House and Family; this would be the Means by which Agriculture would become more extensive, and Population be more increased in the Empire.

 

Catherine II of Russia

 

The total impact of the Reagan tax cuts on capital lowered the effective cost of capital to American industry by an estimated 1.2 percent. Unfortunately, the Laffer curve did not work as advertised. Lower tax rates did not produce more tax revenues. They produced deficits.

 

Robert Kuttner

 

"One of the hackneyed liberal complaints goes something like this: 'Bush is the first president in history to cut taxes during a war.' Nonsense. Bush didn’t cut taxes; he cut tax rates across the board - on income, dividends and capital gains. And that’s precisely why tax revenues have soared. When a department store wants to make more money, it doesn’t raise its prices, it cuts them and announces a big sale. If you want more work and investment, you hold a sale on economic activity by cutting tax rates, thereby reducing the cost of productive activity and increasing the prospect of after-tax returns on work and investment."

 

Mike Rosen

 

Jorge Ramos: You just released your tax returns. In 2010 you only paid 13% of taxes while most Americans paid much more than that. Is that fair?
Mitt Romney Well, actually, I released two years of taxes and I think the average is almost 15%. And then also, on top of that, I gave another more 15% to charity. When you add it together with all of the taxes and the charity, particularly in the last year, I think it reaches almost 40% that I gave back to the community. One of the reasons why we have a lower tax rate on capital gains is because capital gains are also being taxed at the corporate level. So as businesses earn profits, that's taxed at 35%, then as they distribute those profits as dividends, that's taxed at 15% more. So, all total, the tax rate is really closer to 45 or 50%.
Jorge Ramos: But is it fair what you pay, 13%, while most pay much more than that?
Mitt Romney Well, again, I go back to the point that the, that the funds are being taxed twice at two different levels.

 

Mitt Romney

 

I think there are things of which I and the people who have worked with me can feel deservedly proud. They include restoring Russia's territorial integrity, strengthening the state, progress towards establishing a multiparty system, strengthening the parliamentary system, restoring the Armed Forces' potential and, of course, developing the economy. As you know, our economy has been growing by 6.9 percent a year on average over this time, and our GDP has increased by 7.7 percent over the first four months of this year alone.
When I began my work in the year 2000, 30 percent of our population was living below the poverty line. There has been a two-fold drop in the number of people living below the poverty line since then and the figure today is around 15 percent. By 2009-2010, we will bring this figure down to 10 percent, and this will bring us in line with the European average.
We had enormous debts, simply catastrophic for our economy, but we have paid them off in full now. Not only have we paid our debts, but we now have the best foreign debt to GDP ratio in Europe. Our gold and currency reserve figures are well known: in 2000, they stood at just $12 billion and we had a debt of more than 100 percent of GDP, but now we have the third-biggest gold and currency reserves in the world and they have increased by $90 billion over the first four months of this year alone.
During the 1990s and even in 2000-2001, we had massive capital flight from Russia with $15 billion, $20 billion or $25 billion leaving the country every year. Last year we reversed this situation for the first time and had capital inflow of $41 billion. We have already had capital inflow of $40 billion over the first four months of this year. Russia's stock market capitalisation showed immense growth last year and increased by more than 50 percent. This is one of the best results in the world, perhaps even the best. Our economy was near the bottom of the list of world economies in terms of size but today it has climbed to ninth place and in some areas has even overtaken some of the other G8 countries' economies. This means that today we are able to tackle social problems. Real incomes are growing by around 12 percent a year. Real income growth over the first four months of this year came to just over 18 percent, while wages rose by 11-12 percent.
Looking at the problems we have yet to resolve, one of the biggest is the huge income gap between the people at the top and the bottom of the scale. Combating poverty is obviously one of our top priorities in the immediate term and we still have to do a lot to improve our pension system too because the correlation between pensions and the average wage is still lower here than in Europe. The gap between incomes at the top and bottom end of the scale is still high here – a 15.6-15.7-fold difference. This is less than in the United States today (they have a figure of 15.9) but more than in the UK or Italy (where they have 13.6-13.7). But this remains a big gap for us and fighting poverty is one of our biggest priorities.

 

Vladimir Putin