That's not to downplay the rise in marginal rates. It could cost hundreds of thousands of jobs over the next few years. More universally acknowledged by economists, however, is the economic harm that savings and investment taxes do. In the...
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The rate on the wealthy doesn't matter. With all their deductions and credits a good lawyer and tax accounant can lower the taxes to a small amount. Those who make between 50 and 125K, where the money really is will find that the hike on cap gains is quite a raise (25%). Couple that with the rate on the first 16,000 from 10% to 15% ( a 50%rise) it will be quite cosatly. Giving the government any more money is like giving another drink to an alcholic.
President Obama proposed tax hike contains a lot to dislike, but what hasn't gotten much attention is the tax hike on savings and investments. While the marginal income tax rate will rise from 35% to 39.6% for top income-earners and small business owners, the proposed tax hike on capital gains and dividends could cause the most long-term economic damage.
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