Elitist Charles Gibson deliberately lied to the American public about the capital gains tax:

[milkyway]

GIBSON: "So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?"

http://abcnews.go.com/Politics/DemocraticDebate/Story?id=4670271&page=3

That is a completely false statement that certainly Charles Gibson would know is not true. Notice he said 100 million people in this country own stock, which I assume is true. But the vast majority of those people only own stock through retirement plans like IRAs and 401Ks. They might own stock through these investments, but even when they withdraw money from them, they do not pay capital gains tax. The only tax that might be placed on withdrawals are an ordinary income tax. They never pay a capital gains tax, so increasing it will never affect people with these retirement accounts.

A capital gains tax is for taxing the profit from the sale of an investment like stocks. But only a very small percentage of Americans--the elite--have these kind of investments outside of retirement accounts. Yet Gibson said the 100 million people who own stock would be affected by an increase in the capital gains tax.

Gibson is playing a shell game with the American public, deliberately confusing stock-owning people with capital gains tax-paying people. The corporate media has sunk to a new low tonight.

__________

No Capital Gains on Tax-Deferred Investments

Many people invest in stocks, bonds, and mutual funds through a tax-deferred retirement account.

Individual Retirement Accounts (IRA), Roth IRA, and 401(k) plans are examples of tax-deferred accounts. Your investment profits in tax-deferred accounts are not reported as capital gains. Instead, income from these accounts is tax-deferred until the money is withdrawn, and then the income is taxed as ordinary income. (Withdrawals from a Roth IRA may be tax-free if you meet certain requirements.)

http://taxes.about.com/od/capitalgains/a/CapitalGainsTax.htm

[mrreowwr_kittty]

1. This is becoming an increasingly common obfuscation

My own Dem congressman, Harry Mitchell (AZ) cosponsored a bill with Chris Shays to lower the CGT. He was claiming that since so many middle class Americans have stock in their 401ks that it would be a boon to working people. I contacted his office to set him straight on it but for all I know he's still spouting that. It's really shitty and dishonest. What they do is keep mentioning how many middle class people own stock now, without specifying where it is.

[milkyway]

3. Yes it is. Corporate shill Maria Bartiromo on CNBC used the same lie when interviewing Obama, and

she certainly knows better. It's an incredibly dishonest scam, not much different than a mugging, with the elite trying to get more money trickling up to them from the average taxpayer.

And a morning kick.

[FrenchieCat]

2. So what happens when someone who is supposed to know the news

Lies"?

Anything?

Guess not.

[InsultComicDog]

4. apparently not

Charlie's precious capital gains tax cut is obviously more important than the price of gas...

[RUMMYisFROSTED]

5. On another related topic,

I thought when Obama pointed out that lifting the FICA tax would only affect 6% of taxpayers, it was a point that cannot be stated too often. Of course, Gibson is in that 6%. And Gibson would also be adversely affected by the cap gains tax. It was a horror watching him shill for Republican propaganda.

[milkyway]

6. You're right about FICA. I happen to be one of those who's above the cutoff, so it's nice when

late in the year there's some extra money in my paycheck because the FICA tax is no longer deducted. But it almost feels like a gift that I shouldn't be getting. I would have no problem at all to raising the cutoff, or even getting rid of it, if that was what was needed to properly fund Social Security. To instead cut benefits for all or raise the retirement age for all is insane and immoral. I can't stand listening to well-off people like Gibson whine about the taxes they pay at a time when so many are enduring hardship.

[PA Democrat]

7. Yeah, I was yelling at the TV when Gibson told that whopper.

Good to see that the Fourth Estate are nothing more than corporate shills.

[myrna minx]

8. I let loose a loud profanity when I heard that clap trap.

:grr:

[featherman]

9. Charles Gibson earns 8 million a year from ABC salary alone

Add in his enormous "speaking fees" and other perks... well, yes, he's extremely wealthy and concerned about capital gains

[milkyway]

10. kick.

[rinsd]

11. Nicely done....now let's get it out there!

:thumbsup: