The real problem that threatens die country's long term prosperity is the rapidly growing federal debt. The budget recently presented by President Obama, projects a $ 1 .7 trillion deficit for 20 10, which will be added to the $12 trillion nation debt. The administration projects that the national debt could possibly double over me next decade. This projection caused Moody's Investors Services to warn that the AAA credit rating of the U.S. "could come under downward pressure. Higher Taxes- The federal government cannot raise taxes during the current fragile recovery period, however to reduce die deficit and national debt, taxes will have to be raised in the future. The Bush tax cuts expire January I1 2011 and President Obama has proposed raising die top marginal tax rates and increasin...
... top marginal tax rates and increasing the capital gains tax rate. Higher Inflation- The Federal Rese...
He was famous in those days for the Steiger-Hanson cut in the capital gains tax rate and was a new man on the Ways and Means Committee.... In some respects, I felt that was a more serious problem policy error, because it was a conscious decision, than Watergate was, because of the implications of what was involved. [...] again, the effort - supported by [Fed Chairman] Arthur Burns, [Treasury Secretary] John Connally, people like that - was to try to set up a mechanism that would control wages and prices, and control inflation.\n Obama has time to go to Copenhagen to push Chicago for the Olympics but he doesn't have time to go to Berlin to put in an appearance and celebrate with important U.S. allies one of the most significant historic events of the last couple of centuries. The wors...
It is the increase in these marginal tax rates that greatly harms the economy, because the incentives are turned against savings, investment, entrepreneurship, business expansion, job creation, work, and economic growth. * Obama proposes to increase the top individual income tax rate by 13%, and the second individual income tax rate by 10%. * Obama proposes to increase the capital gains tax rate by 33%. * Obama proposes to increase the tax rate on dividends by 33%. * Obama proposes to raise the top payroll tax rate by between 16%-32%. * Obama proposes a new payroll tax on employers to help pay for national health insurance. * Obama proposes to reinstate the death tax, which is being phased out under current law, with a new top marginal tax rate of 45%. * Obama proposes tax increases for...
In a world where corporations and unions have growing influence over political races - thanks to a Supreme Court ruling last year - some lawmakers and fiscal hawks worry that the lack of restraints on these groups could cripple efforts to revamp the nation's tax system. That court case, known as Citizens United, allowed corporations and unions to freely run issue advertisements throughout federal campaigns, giving them the potential power to help elect lawmakers favorable to their causes, which tax reformers say means companies will spend freely to protect existing tax breaks, such as the mortgage-interest deduction or the lower capital-gains tax rate.
When asked what the stock market would do, JP Morgan famously asserted, "It will fluctuate." The same is true of tax rates, and, as with the markets, their fluctuations can have a sizable impact on individual wealth. The 1987 increase in capital gains rates must have seemed like a locomotive coming down the line: many investors simply leapt oil the tracks to avoid it. Under current tax law, the long-term capital gains tax rate will increase five percentage points, from 15% to 20%, in January 2011. At the most basic level, the decision to accelerate harvesting ahead of an expected increase in tax rates hinges on the interplay of two key variables: the investor's expected horizon or holding period before liquidating the portfolio and the expected increase in tax rates. At a future capital...
The Blackstone Bill is an extremely narrow approach to the carried interest issue. Because corporations pay tax on capital gains at a 35% rate, the same rate as ordinary income, the Blackstone Bill has the practical effect of taxing carried interest received by these publicly-traded partnerships at the same rate as ordinary income. The Blackstone structure capitalizes on the (mis)treatment of carried interest as capital gains and parlays it into a method of avoiding the corporate tax that most public companies must pay. Absent a legislative response, the innovative structure may tempt still more firms to go public as partnerships instead of corporations. The Blackstone Bill fails to achieve the high-level policy goal of taxing the returns from managing financial assets consistently rega...
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