But the first paragraph refutes the headline: "Allowing income tax rates to rise for wealthy Americans would not hurt U.S. economic growth much (emphasis added) in 2013 ..." The CBO did not say, as the headline suggests, that raising taxes on the rich has no negative economic effect. In fact, the CBO actually said that extending the Bush-era rates for all would increase economic growth by 1.5 percent. If, however, the Bush era rates expired for the rich -- but...
I have two questions. 1. Does a lower capital gains rate such as the current 15% result in a higher proportion of tax revenue being contributed by the wealthy? 2. Would a total elimination of the capital gains rate as in a "fair tax" result in a higher proportion of the tax revenue being contributed by the middle class?
Consider this headline from a Reuters article in The Huffington Post: "Raising Taxes on Rich Won't Hurt Economic Growth, CBO Says."
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