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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No amount of money collected in taxes will ever satisfy a spendthrift liberal. When they can't get enough money to fund their spending they will come after the next in line economically, the middle class. All of this is a smokescreen for wealth redistribution. It always has been.
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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