Hobbes for Senate: Let's Make A Deal

[A18]

Estate and gift taxes raise very little revenue, and we're already killing them off without raising rates in real life.

The data comes from here: http://www.cbo.gov/showdoc.cfm?index=1821&sequence=0

Since it does not identify capital gains as a separate source of revenue, I assume it is considered part of the income tax.

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Capital gains and estate taxes don't have double taxes with income taxes, that's all you pay. State and local taxes tend to be regressive, so this would make the overall taxes be a net regressive.

[A18]

Capital gains would be taxed as regular income under my plan. He's saying the other capital gains rates would remain in place, which does not appear to be the case.

And, as already pointed out, we're already getting rid of the estate tax in real life without replacing it with any source of revenue.

[George W. Hobbes]

Also, I'd support a two percent national sales tax, with the funds to be put into a lockbox to save Social Security and Medicare.