The Naked Truth About Capital Gains

[Jeffersons Ghost]

The Naked Truth About Capital Gains

When it comes to taxes on capital gains, the emperor suddenly has no clothes. He's been stripped bare, in bipartisan fashion, by the co-chairs of President Obama's fiscal commission.

The chairs are Republican Alan K. Simpson and Erskine Bowles, a Democrat. Their initial report included a call for equal taxes on capital gains, dividends and ordinary income such as wages. This upends the current tax code, and it contradicts almost the entire history of capital gains taxes in America.

Implicitly, it also rejects the K Street claim that tax breaks for capital gains grow jobs, grow businesses and grow the economy. If the claim had any truth, Messrs. Simpson and Bowles would never support equal taxes on all income as a way to help cut the national deficit.

Liberals instinctively attacked the right-leaning aspects of the report. House Speaker Nancy Pelosi, in full "no" mode, labeled its recommendations "simply unacceptable." Not quite, Madam Speaker; apropos investment income, Simpson/Bowles is a Democratic dream come true.

http://www.truth-out.org/the-naked-truth-about-capital-gains65426

[MannyGoldstein]

1. I expect the Emperor will reject that suggestion

It's his nature.

[jaxx]

2. 14 out of 18 must vote for any recomendations to pass.

That fact can't be forgotten.



ps....I hope you are doing ok. Take care.

[Jeffersons Ghost]

3. yeah, I'm oaky...

The radiation therapy tires me out; but it's about over.

[texshelters]

4. The lie that it will grow jobs

Capital gains is another form of income, huge amounts for the topic quintile in the US, and it is protected like other income of the well to do is protected in our plutocracy.

It's a lie all right. This income will just go into more speculative investments on Wall Street and hedge funds as they bet the economy will tank and they take it to the bank.

Peace,
Tex Shelters