Tuesday, March 10, 2009
Posted by: John Campbell at 9:37 AM
I have been telling you for some time now, a number of things that I think we should be doing to make this recession shorter and shallower while minimizing damage to the eventual recovery. You all know that I think the actions of Congress and the President thus far, have been counterproductive. Certainly the markets agree with me at this point.

Well, here is an idea that was sent to me by a concerned citizen. And it’s one of the best ideas I’ve heard yet. So good in fact, that I will be introducing it as a bill this week and talking a lot about it.

The bill would eliminate all Capital Gains taxes for any assets purchased in 2009, regardless of when the asset is sold. So, people would be encouraged to purchase homes, property, stocks bonds and businesses in 2009. This incentive would alter the risk/return ratio and likely spur a great deal of economic activity that is currently paralyzed by fear and uncertainty. And from the federal government standpoint, there might be an increase in revenue to the federal government now as the sellers report capital gains. The “loss” of revenue on the sale would not occur until some years later when the asset is sold and hopefully the government is also on better footing.

This would stimulate lots of job-creating economic activity NOW, with no cost to the taxpayer and no reduction in federal revenues until later.

I’ll keep you posted on how much traction this idea gets.

View in ascending order View in descending order
Exeye writes: Tuesday, March, 10, 2009 9:48 AM
Half measure
All capital gains taxes, all of them. In whatever form and iteration they're invoked. It's a Marxist tax. We're not Marxists. Yet.
Ronna writes: Tuesday, March, 10, 2009 10:55 AM
This subject fits anywhere
"WE THE PEOPLE" of the United States, in order to form a more perect Union, establish Justice, insure domestic tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.

Everyone should read the Constitution. If they would know that it has been ignored of late with the placement of a man into the white house who has refused to show proper proof of Citizenship, accoring to Article II. Also, the Constitution was again denied because the appointment of Hillary Clinton as Secretary of State is also unconstitutional according to Article 1 Section 6 which says: No Senator or Representaive shall, during the time for which he was elected, be appointed to any civil office under the authority of the United States, which shall have been created, or the emoluments whereof shall have been increased during such time. Translation: A lawmaker cannot fill a position if the salary for that postion has been raised during that lawmakers term in office; and in January 2009, President Bush signed an executive order increasing the salary for the Secretary of state and other Cabinet positions by $,700.00 CASE CLOSED!
WE THE PEOPLE need to find our voices again and demand the Constitution be upheld by our nefarious leaders who are usurping it on a daily basis.
Raelei writes: Tuesday, March, 10, 2009 10:56 AM
Got news for you
The markets are reacting to what Bush and the GOP did to put us in this current nightmare, and the resulting shock treatment President Obama has to instill to getting it back up and running. To blame the market dive on Obama is akin to blaming the 9/11 attacks on the folks working in the Towers.

And really, where were Campbell's 'ideas' when the economy was crapping out on us? There were many indicators letting the Bush administration in on the collapse for years now, and they did nothing except cut taxes and wage an unjustified war during a time of surplus.

This hell in a handbasket comes to us compliments of Campbell and his fellow GOP rubberstampers. At this point in the crisis for Campbell to suggest he has the 'answers' is laughable and criminal.
Ronna writes: Tuesday, March, 10, 2009 10:58 AM
That should have been $4,700.00
for the post above
Raelei writes: Tuesday, March, 10, 2009 10:59 AM
Yes, Ronna
and given that Limbaugh himself can't seem to keep the preamble to the Bill of Rights straight from the Constitution, suggesting that everyone READ both would be most prudent here in rightwing world.

By the way, is this Ronna the wayward grandson, or Wonna the elder?
Ronna writes: Tuesday, March, 10, 2009 11:12 AM
Raelie, Limbaugh doesn't hold any office
You're right people should read both, but as far as Rush Limbaugh's part in this, he is simply a radio voice in support of the Conservative way of life. Until he would become someone who could have a say in the way this country is run, I think that point is mute. And this statement of yours: By the way, is this Ronna the wayward grandson, or Wonna the elder? makes absolutely no sense to me as I am not wonna nor male. Are you babbling again just to hear your head rattle??
Trident Warrior writes: Tuesday, March, 10, 2009 11:24 AM
Raelei
Do you make a commission on every stupid post you make. You will never change anybody's mind about your loser in chief or the dimwits that are corrupting the country
vladimir estragon writes: Tuesday, March, 10, 2009 11:24 AM
What are they putting in the water?
"You all know that I think the actions of Congress and the President thus far, have been counterproductive. Certainly the markets agree with me at this point."

The time is past to start calling that "wrong" and just call it what is it: a lie. Nobody ever implied the slightest hint of a chance that the market, or any other economic indicator, would be turning around in less than two months.

Of course, as long as we can keep Ronna ranting about the birth certificate, Obama will keep flying high.
Nee writes: Tuesday, March, 10, 2009 11:33 AM
Monkey Girl2
Can you just stop it, already?? For God's sake.

In case you missed it, the ideas brought up by republicans have just been steamrolled under the carpet. (Gohmert ring a bell?)Did you miss the line that the idea was sent to him by a constituent?

You are a flaming shill. Once again, go find Hal Doofass or Muncky boy and go pick up your shill check from the cult leader himself, George Soros.
toma29 writes: Tuesday, March, 10, 2009 11:39 AM
Raelei & Vlad
I see you do not post comments on all threads, but on the ones you do, you are both there. Same person? How much does Kos or MoveOn pay you per post/username?

Blaming things on Bush has an expiration date. Better check your milk because you're way past it.
douglas writes: Tuesday, March, 10, 2009 11:48 AM
hey nut job
Is obama and you idiot dems going to run against bush in 2012, and blame him for everything still.I HAVE A LOOK AT THE FACTS THAT IS DIFFERENT. The market didnt start to fall until it became clear that obama was going to likely win election,and the economy started to suffer when it became clear obama was going to win the election, and the market fell off the cliff when obama DID win the election, and the economy got way worse when the dems and obama passed the RECOVERY bill ,[more properly called the pay for electing me] bill.Every step Obama makes seems to be followed by a 400 point drop in the market, but its still all bushes fault, go away you leftist loon, and take your mesiah with you.
vladimir estragon writes: Tuesday, March, 10, 2009 11:50 AM
Aw, shoot
"I see you do not post comments on all threads, but on the ones you do, you are both there. Same person? How much does Kos or MoveOn pay you per post/username?"

Darn, toma29, you figured it all out. How long did it take you?

I like to use one name that sounds male and one that sounds female. Move On gives me $1,000 for each post as "Raelie" and $1,500 for each post as "Vladimir." They know how virile you right-wingers are and figure you might listen to a man a little more readily than a woman.

But now that you're on to me, I'm going to have to figure out a different strategy.
Ronna writes: Tuesday, March, 10, 2009 12:05 PM
Raelie, are you saying libs don't
care about the Constitution or the Bill of Rights?
Never mind answering that; I think we all know the answer.
Dread writes: Tuesday, March, 10, 2009 12:25 PM
This is also a bad idea...
A lot of us who still have jobs aren't saving money and not buying things because we're angry about having to pay a tax. We're saving money because we're worried about the future and we're cutting out the extras to focus on what's important.
Riders on the Storm writes: Tuesday, March, 10, 2009 1:56 PM
Rep. Campbell
It's really the rampant consumer culture that has gotten the economy into this mess, don't you think? Spend, spend, spend with no way to pay for it! This goes for the government, business and individuals. Wise people are cutting spending, paying off their debt and saving. That is exactly what the government should be doing also.
John writes: Saturday, March, 14, 2009 5:51 PM
Copyright infringment
Be careful,China came up with this idea last year and their economy has already started to turn.It's a sad day in America when we not only have to beg China to buy our debt,but to show us the path to capitalism again.
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About John Campbell

John Campbell is a member of the House Financial Services Committee, and has taken a leadership role in addressing the country's top economic issues. Campbell serves as a member of the Joint Economic Committee, and House Committee on the Budget. He has a Bachelor's Degree in Economics from UCLA and a Master's Degree in Taxation from USC.

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