Among the many sins of ABC's debate last week, perhaps the worst was Charlie Gibson's casual assertion that "when you drop the capital gains tax, the revenues go up." Certainly, cuts in the capital gains rate are very good for rich members of the media like Charlie Gibson, who undoubtedly owns a lot of stock. But so far as the economics go, his assertion was total crap, as Justin Fox explains here. This is the sort of thing that really merits an on-air correction from ABC.
