“Why don’t you reduce that debt limit and require every department to go in and make a 5-percent across-the-board cut. That’s 100 billion dollars…just by cutting out the waste. And then you come in and you say all right, cap gains suspension. We’ve got a liquidity issue. Suspending cap gains for a two-year period of time. Every economist that we have talked to, every small business owner that we have talked to, thinks that that deserves attention.”Shock of shocks—business owners think eliminating the capital gains tax would be swell! Economist Michael Ettlinger offers up several reasons why this is a loopy idea. It’s also a silly one politically: With quick action needed to restore market confidence, it makes minimal sense to suggest measures that have zero chance of passage during a campaign season. The plucky Blackburn sums it up: “We just gotta buckle down and get this taken care of.” (How hard is it to conjure up Tina Fey saying that?)
Tags: bailout, economics, Marsha Blackburn
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