Fox News: Don’t Tax Savings and Investment
If you missed yesterday’s Washington Post editorial, “Bush Tax Cuts Helped the Rich Get Richer,” it is clear that the markers are being laid down now and the assault on the wealthy to pay a greater share in taxes is underway. Yesterday, I went on Fox News to explain the imperative that the country must boost savings and investment in the long term if we are ever to see the economy rebound. Raising taxes on capital gains and dividends is not the right path forward.
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"...to marshal more venture capital for more new industries -- the kind of efforts that begin with a couple of partners setting out to create and develop a new product -- we intend to lower the maximum capital gains tax rate."
"The tax on capital gains directly affects investment decisions, the mobility and flow of risk capital from static to more dynamic situations, the ease or difficulty experienced in new ventures in obtaining capital, and thereby the strength and potential for growth of the economy."