Again, not a denial. If you disagree with what I implied you said then now is a good time to say so. Would you, or would you not support equal pay if that meant lowering pay for those with higher salaries?
Next, how is a direct quotation of Obama dishonest? I'll include the rest of the exchange (I'll bold what I didn't include previously), but it doesn't fundamentally alter what he said. And given what's actually happened under his watch in the last four years, actually makes him look even worse.
MR. GIBSON: And in each instance, when the 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?
SENATOR OBAMA: Well, Charlie, what Ive said is that I would look at raising the capital gains tax for purposes of fairness. We saw an article today which showed that the top 50 hedge fund managers made $29 billion last year $29 billion for 50 individuals. And part of what has happened is that those who are able to work the stock market and amass huge fortunes on capital gains are paying a lower tax rate than their secretaries. Thats not fair.
And what I want is not oppressive taxation. I want businesses to thrive and I want people to be rewarded for their success. But what I also want to make sure is that our tax system is fair and that we are able to finance health care for Americans who currently dont have it and that were able to invest in our infrastructure and invest in our schools.
And you cant do that for free, and you cant take out a credit card from the Bank of China in the name of our children and our grandchildren and then say that youre cutting taxes, which is essentially what John McCain has been talking about. And that is irresponsible.
You know, I believe in the principle that you pay as you go, and you dont propose tax cuts unless you are closing other tax breaks for individuals. And you dont increase spending unless youre eliminating some spending or youre finding some new revenue. Thats how we got an additional $4 trillion worth of debt under George Bush. That is helping to undermine our economy, and its going to change when Im president of the United States.
MR. GIBSON: But history shows that when you drop the capital gains tax, the revenues go up.
SENATOR OBAMA: Well, that might happen or it might not. It depends on whats happening on Wall Street and how business is going. I think the biggest problem that weve got on Wall Street right now is the fact that weve got a housing crisis that this president has not been attentive to and that it took John McCain three tries before he got it right.
And if we can stabilize that market and we can get credit flowing again, then I think well see stocks do well, and once again I think we can generate the revenue that we need to run this government and hopefully to pay down some of this debt.