Congress should get rid of the capital gains tax!
America is the wealthest country in the world, yet we are also the worst at saving money. What incentive do we have to save? Any interest we earn is taxed. Any income as a result of wise investments is taxed. Why would we want to save, knowing that we are just going to have to give a percentage of it to the government?
Another ironic twist to this is that if you make bad investments, you get to claim it as a deduction on your tax returns!
So let me get this straight, we are punished for smart decisions by paying taxes on capital gains and we are rewarded for bad decisions by claiming it as a deduction on our tax returns?
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Wednesday, February 4, 2009
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The Democrats have never met a tax they didn't like, and now that the White House and both houses of Congress are under their firm control we can look for even more of them I'm afraid.
ReplyDeleteThe government cannot tax its way out of a recession. The government cannot spend its way out of a recession (with our money). The perfect model was Reagan's tax cuts. After they were enacted, tax revenues INCREASED by a huge margin. Why? Businesses had more of an incentive to expand and grow the economy, which in turn grew the tax base.
It seems that the Democrats will never learn the "Wal-Mart" lesson: It's far more profitable to have everyone paying a little than to have a few paying a lot.
Rick Rouse