We hear financial industry folk say that they’d be OK with letting go of the 15% tax on capital gains, but do they really mean it?
Yesterday we heard Bill Ackman say that, for his part as a hedge funder, the rate could go up. Jamie Dimon said in an interview with CNBC today that he’d heard the same thing from his friends that earn capital gains.
But those guys are big deal names with images to protect. To really wrap your mind around where the industry is, you need a bigger sample. Luckily, Bloomberg polled a bunch of investors (1,209, in fact) to get the numbers. Here’s what they found (with a 2.8% margin of error):
- 2/3rd or 60% of those polled thought that the low 15% rate was “unwarranted”
- 21% said the rate was fine
- 13% said they had no idea
That was for investors all over the world. Here in the U.S.:
- 67% said there was no justification for the lower 15% rate
- 27% said that the rate was fine
We’ll see if Congress will take note. Either way, one thing that should catch one very important person’s attention is the fact that this poll called the 15% rate the ‘Romney Tax.’ It should show Romney and his staff how serious this is for their campaign. No candidate wants to be connected to something with so few defenders, that garners this much ire from Americans, or that’s such fair game for attack from both sides of the aisle.
Then again, Romney already has a reputation for flip-flopping on issues, even, to a certain extent, this one. If he takes a stance against this tax, it could just be another way for his adversaries to attack him as a weak boned politician.
Regardless of whether or not the tax goes or stays, Mitt Romney could be the biggest loser here.