Some bad Legislation is coming down the pike:
The Baucus-Grassley bill would impose a tax-increase on U.S. Capital Markets. Larry Kudlow says it's a very bad idea that would hurt American competitiveness. Here's why:
Ironically, all this is happening while low-tax Reaganomics is spreading worldwide. Hence, this would be the exact wrong moment for U.S. politicians to raise taxes and impair American economic competitiveness. There’s really a much better way. Supply-side guru Arthur Laffer suggests that we embrace one simple flat-rate tax plan that would do away with false distinctions between corporate and capital-gains tax rates and abolish the multiple tax on investors. Don’t raise tax rates, lower them. Why not tax all this income once, and only once, at a 15 or 20 percent rate?