The Rise and Fall of Hope and Change

The Rise and Fall of Hope and Change

Alexis de Toqueville

The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money.
Alexis de Tocqueville

The United States Capitol Building

The United States Capitol Building

The Constitutional Convention

The Constitutional Convention

The Continental Congress

The Continental Congress

George Washington at Valley Forge

George Washington at Valley Forge

Friday, March 9, 2012

The Dangers of Raising Taxes on Investment Income

From The Manhattan Institute:


by Diana Furchtgott-Roth
Manhattan Institute
March 09, 2012
In its fiscal year 2013 budget proposal, the Obama administration has proposed a series of tax law changes designed to raise more revenue from higher-income earners. These proposals follow the argument known as the “Buffett rule,” advanced by the president in his State of the Union address. Obama has deemed it “common sense” for the wealthiest Americans to pay tax rates at least comparable to those of their salaried employees—a reference to the observation by famed investor Warren Buffett that he pays taxes at a lower tax rate than his secretary. These rates will serve the administration’s purpose of raising tax rates on investment income in the name of its view of tax fairness or justice. If, however, the administration is concerned that capital investment in United States firms continues at a time when economic recovery remains fragile, these proposals will harm the economy.

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