Today marked the release of John Edwards’ breathtakingly shallow tax plan designed to repair what he described as a “rigged” system that favors the wealthy.
Edwards vowed to hike the capital gains tax to an absurd 28% in the unlikely event that he ever makes it to the Oval Office. I’m no economist, but logic suggests that such a steep increase would slow investing to the point that federal revenue from capital gains taxes could actually decrease. It would be pretty tough use that non-existent revenue to give tax breaks to lower- and middle-income families.
Luckily, there’s little chance that John Edwards’ Robin Hood campaign won’t backfire. Members of the American public are looking for genuine economic security, not socialist snake oil from the likes of Edwards.
“I’m no economist, but logic suggests that such a steep increase would slow investing to the point that federal revenue from capital gains taxes could actually decrease.”
No problem — just raise the tax on capital gains some more to keep the government’s income the same as investment goes down.
That’s the way these guys think: always looking for a way to kill the goose that lays the golden egg….
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