Washington Times: PelosiCare Hikes Capital Gains Taxes
One of the many bombs buried in House Speaker Nancy Pelosi’s more-than-2,000-page health care bill is a dramatic increase in capital gains taxes. On top of Mr. Obama’s intention to increase capital gains taxes in 2011 from 15 percent to 20 percent, Mrs. Pelosi’s bill will increase the maximum rate for the supposedly rich to 25.4 percent. Even Democrats have to recognize that this will discourage investment - the money that drives job creation.
People work hard. The rich and successful will be paying more than 50 percent of their income in taxes. Some of the amount remaining is invested, but the government will be taking an even larger share of anything made there. Economists have warned about the double taxation of income for years because those with enough to make significant investments are less likely to take risks with their money as the government takes more and more of the reward when an investment succeeds.
The Wall Street Journal: Pelosi’s 5.4% Income Surtax Would Hit Capital Gains and Dividends
Speaker Pelosi: ObamaCare is our “Christmas Present to the American People”
