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Please begin with an informative title:

NPR's All Things Considered today (11/29/2012) led off with "Would Raising Taxes On Investment Income Hurt The Economy?"


At least they asked it as a question, they got lost in the horrible "he said / she said" narrative that lazy journalists now get away with instead of doing actual research.

Surprise: the Utility Industry is against taxing dividends and capital gains.  Or in the words of University of Chicago / American Enterprise Institute Economist Randy Kroszner, "It's not just a tax on the wealthy. It's a tax on the productive capacity of the economy."

Which is of course a load of manure.

The productive capacity of the economy is flipping burgers, not flipping stocks.

The capital gains tax does capture previously untaxed profits on the sale of assets.  But assets employed in production are not taxed until or unless they are sold, for a profit.

Don't sell, pay no tax.

Die and your heirs inherit the asset without every paying income tax on its increased value.

What low capital gains taxes encourage is stock market speculation, and stock market speculation is not "productive," even if sometimes useful to keep markets liquid.

As to dividends, why should the billionaires and trust fund babies pay lower tax on their unearned dividends and interest than a waitress pays for hauling burgers all day, or a laborer from digging ditches?


You must enter an Intro for your Diary Entry between 300 and 1150 characters long (that's approximately 50-175 words without any html or formatting markup).


Are you in the middle class?

I'm not.  I'm actually "rich."  My wife and I have worked long, hard, and successfully.

Our house is free and clear.  We have no debts.  We have what seems like an enormous amount of money set aside for our pending retirements.

Almost all in TAX SHELTERED iRA and 401k ACCOUNTS.

When we withdraw that money, it will be 100% taxable

No low tax on whatever capital gains our accounts have made.

No low tax on dividends accrued.

No long tax on accumulated interest.

100% taxable at ordinary income rates.

If you're lucky enough to have a substantial tax sheltered retirement account, IRA, 401k, Keogh, 403b, you're standing right with us, 100% of your life savings is taxable as you draw it down.

Here's a link with detailed analysis: http://crooksandliars.com/...

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