A new Democratic proposal would target investments held by the wealthiest Americans, such as stocks, in order to pay for new social programs.
President Joe Biden favors higher taxes on capital gains, but the idea is unpopular on Capitol Hill.
The rule for doctors, "First Do No Harm" should also apply to politicians promising to "reform" the tax code.The federal tax code is too long -- 74,000 pages -- too complicated, too confusing, and too expensive for taxpayers.
The myth of the American Dream is the dominating factor in keeping people complacent in the United States. You know it -- work hard, and your life will improve. Well, maybe not your life, but your kids', or at least your grandkids'. If that doesn't work, it is the fault of immigrants, or the darn Chinese, or those welfare freeloaders.
First, I'm going to tell you some things that will make you ill. Then I'm going to present a cure. It will make you feel better -- until, of course, you realize that knowing the cure brings us as close to implementing it as buying an electric guitar does to making you a rock star.
Does there really exist an industry of deeply funded anti-tax lobbyists whose sole purpose is to protect the holdings of their clients? Absolutely -- far from "mistaken," that narrative is exactly right. Do they win every fight? Nope, and they lost the one that led the capital gains rate to go up in 2013.
Donald Trump is bombastic, yet for all his faults, he manages to reject the Republican Party's religious proclivity for tax cuts. He is wildly irrational, though his tax-increasing stance does appear to show a glimmer of prudence.
The GOP candidate calls for massive breaks for the wealthiest Americans.
Democrats are doing one of two things, and neither one of them is very impressive. Democratic candidates are either so scared of being called a tax-raiser by Republicans that they do not support changing the problem at all, or they are secretly for changing it but don't want to say it.