- GOP: Environmental rules keeping agents from accessing border
- John Kerry: Millions displaced by religious fighting in 2013
- Federal appeals court rules against Virginia’s gay marriage ban
- White House says Russia ‘losing’ war in Ukraine
- Hamas turns to North Korea for weapons deal, Iran for money
- Syrian casualties surge as jihadis consolidate
- U.N. rights chief: Flight MH17 downing possible war crime
- Attack on park in Gaza war kills 10, mostly children
- Calif. protesters to block Israel-owned ships at Port of Oakland
- Obama to give Africa $38M, but tells young leaders: Stop ‘making excuses’ for economy
Obamacare would also hike capital gains tax
Question of the Day
In “Relief from Taxmageddon” (Commentary, June 20), Emily Miller made a point that cannot be repeated often enough: Combined with the tax increases included in the Obama health care plan, allowing tax rates to ratchet up from 2001 levels would result in a historic overall tax increase.
One of the most significant increases would be a dramatic hike in the rate of the capital gains tax, which is paid by individuals and corporations on the profits realized when a capital asset is sold for a gain.
The current U.S. rate is lower than rates in just nine of the 25 major economies in the world, according to a report by Ernst & Young. After the scheduled increase, the United States will have a lower tax than just six of those countries.
With the U.S. economy still struggling to crawl out of the economic downturn, it’s important to avoid policies that hinder capital formation and investment in U.S. markets, as raising capital gains tax rates would do.
Senior policy analyst
© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.
TWT Video Picks
By Mark Davis
The nation founders, the Lone Star State thrives
Get Breaking Alerts
- Hillary Clinton: Forget Obama, George W. Bush made her 'proud to be an American'
- Illegal immigrants demand representation in White House meetings
- D.C. police chief orders officers not to arrest legal gun owners carrying weapons in public
- Tennessee Gov. Haslam slams White House for secret dump of illegals in his state
- CURL: Obama, staffers not even pretending any more
- Family of Marine killed in Afghanistan pushes back against cover-up
- 'Pocket drones': U.S. Army developing tiny spies for the next big war
- DeSean Jackson working on offensive cohesiveness with Redskins teammates
- Washington Times strikes content and marketing partnership with Redskins
- D.C. seeks stay in order striking down ban on handguns in public