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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If Republicans cave on this the next thing you will hear coming out of Obama's mouth after another $1.5 Trillion Deficit in 2013 is that we need to start taxing Wealth Itself. That means that anything you own will then be subject to Government confiscation. Today's Millionaires are the people who make $200,000 per year or more. When that isn't enough it will be $150,000 per year and so on until we get down to Private Property then you will have witnessed the Fundamental Transformation of America folks.
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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