Saturday, July 07, 2007

Raising Your Taxes While "Soaking The Rich"

You will soon be hearing about federal tax bills to put a damper on private equity investors as if it is no big deal, just getting after the evil rich people.

Well, think again.

From Americans for Tax Reform:

• There are three main arguments against these related measures:

1. Assault on Pensions and Charities. This is a direct assault on every firefighter’s, cop’s, nurse’s, and teacher’s pension in America. It’s an assault on the nest egg of every local college. It’s an attack on the resources charities have to do work in their communities.

2. Assault on Savings and Growth. Since the 2003 tax cut that lowered the capital gains and dividends rate to 15%, the S&P 500 Index has increased by over 13% a year. Household net worth has grown by over $12 trillion, or 27%. The Democrat plan to raise the tax rate on savings from 15% to 40% will wreck the economy. This is just the first assault on the lower rates that have given us such undeniable prosperity.

3. “Liberal Tax Hike of the Week.”. This is just the latest money-grab from Congressional Democrats this year. They want to raise taxes on energy, raise taxes on businesses that sell U.S. goods overseas, raise taxes on Americans abroad, raise taxes on smokers, and now they want to raise taxes on every pension, college and charity in America.

Here is the whole article.

While the MSM makes such a big deal about President Bush's low approval numbers, they don't mention so much that Congress is even less respected. This is one reason why.

Always remember that income taxes have a nasty way of rolling downhill.