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Thursday, August 23, 2007

News Flash: Tax Hikes Don't Equal More Revenue

Posted by: Matt Lewis at 12:58 PM

As you may know, the Left is attempting to raise the capital gains tax rate for carried interest from 15 percent to 40 percent.

Michael Knoll of the University of Pennsylvania has a new study, which points out that raising the tax rate will not result in additional revenue for the government (something conservatives have always known about raising taxes).

As Bloomberg reports:

Knoll's study may be the first comprehensive, nonpartisan mathematical analysis of the fiscal effects of increasing taxes on so-called carried interest. It signals an uphill battle for lawmakers trying to raise the money needed to pay for eliminating the alternative minimum tax for about 23 million mostly middle-income households.

In addition to the alter behavior argument (which is really just another example of liberals counting money that isn’t really there) -- it seems Wall Street is always leap years ahead of the federal government when it comes to tax issues ...

What the “Alternative Minimum Tax” Really Means for American Families

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Judsea writes:	Sunday, August, 26, 2007 11:30 AM
Off course conservatives read
We can most certainly read our paycheck stubs when our taxes go up. And the price at the gas pumps. I can also read when people loose their jobs when sale of their product drops. Stark example is Under the senior Bush when he was forced to institute a new tax. Luxury tax on the sale of new yachts. Yacht sales dropped, people lost their jobs and the government never saw the projected revenues. Trickle down TAXATION hurts every time. Perhaps it would be better if congress stopped spending so much. i.e. Bridge to no where in Alaska (if you put an oil well up there that bridge just might come in right handy)
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talisman writes:	Thursday, August, 23, 2007 10:24 PM
In two sentences or less....
Do they have this "no taxes" mantra in a soundbite rather than an entire study? I mean, conservatives don't read, remember???
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Keith writes:	Thursday, August, 23, 2007 7:04 PM
Not surprised
This has been know for a very long time. Harding and Coolidge both cut taxes and we had the Roaring 20s. Hoover raised taxes and was partly responsible for the Great Depression. FDR raised taxes and prolonged the misery. Kennedy called for a tax cut that was enacted after his death, and Johnson ruined it by his run away spending ideas. Every single one of them including Reagan's and Bush's tax cuts increased tax revenues. The fiscal irresponsibility of Congress past and present is what has caused the problems. The first time they raided the Social Security Trust Fund was in 1967, to cover a 'small' short fall. They didn't stop. Their IOUs are worthless. And the National Debt keeps getting bigger.
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mcfritz writes:	Thursday, August, 23, 2007 2:36 PM
Fiscal policy does not create growth.
People and markets create growth.
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RASHUM writes:	Thursday, August, 23, 2007 1:33 PM
Will the Democrats ever learn?
Every time there are tax cuts there is an increase in tax revenues to the Federal Government. Examples of this are the Reagan tax cuts and the Bush tax cuts. Considering how much the Democrats love to spend our hard earned tax dollars, they should be the biggest advocates of tax cuts. I wish the Democrats would learn about the Laffer Curve.
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