Five GOP Presidential Candidates Have Proposed Eliminating Capital Gains Tax, a $1 Trillion Giveaway to the Rich

Friday 2 September 2011
by: Pat Garofalo,
ThinkProgress | News Analysis

Yesterday, 2012 GOP presidential long-shot Jon Huntsman unveiled an economic plan that, in addition to including standard conservative tropes about repealing the Affordable Care Act and the Dodd-Frank financial reform law, would eliminate the capital gains tax entirely. This proposal came just a week after Huntsman hinted that he may be open to raising the capital gains tax, which currently stands at 15 percent.

But Huntsman is far from alone in the GOP primary in proposing full elimination of the capital gains tax. In fact, five GOP presidential candidates have proposed the very same thing:

At least five Republican presidential candidates support eliminating taxes on capital gains, proposing even deeper cuts than former President George W. Bush endorsed and standing in contrast to advocates of higher investment tax rates such as Warren Buffett.

According to published reports or their websites, Minnesota Congresswoman Michele Bachmann, Texas Congressman Ron Paul, former pizza executive Herman Cain and former House Speaker Newt Gingrich have said they back getting rid of the capital gains tax, which now has a top rate of 15 percent for most assets held for more than a year.

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