Tuesday, July 31, 2007

Government greed rears it's ugly head again

Not only in Wisconsin, but all across the country, the newly elected Democrats have decided that they just cannot get enough of your money.

Seriously folks, some of these folks are trying to take us back to the President Carter days, when the economy was atrocious.

From the Wall Street Journal-

Raise the capital gains rate to 28% from the current 15%. This would repeal not only the capital gains tax cut of 2003 but also the tax cut (to 20% from 28%) that Bill Clinton signed into law in 1997. Presidential candidate John Edwards proposed this 86% increase in the capital gains tax last week, and he's been echoed in recent days by such Democratic tax sachems as Alan Blinder and Leonard Burman. Mr. Blinder thinks capital gains should be taxed no differently than regular income, which means the tax rate would rise to 39.6% if the 2003 tax cuts expire in 2010. The last time the U.S. had a capital gains rate that high was 1978--the Jimmy Carter era.

So who wants to go back to the Jimmy Carter days? Do they remember what the economy was like back then?

With each new week, another tax increase is proposed by a Democrat in Congress.

Can you imagine what would happen to the American business climate if John Edwards has his way and increases capital gains taxes by 86%?


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