Bush, Congress Grapple With Federal Deficit
Granted, I’m not an economist, but I don’t understand why lowering taxes, even capital gains taxes, is recommended as a way to increase revenues. I know the argument is that if we cut taxes, more people will sell their stocks, and there will be more revenue to tax. Wouldn’t there also be more revenue to tax if the government announced that in two years the tax on capital gains would be increased to 35%? Everyone would rush to sell their stocks.
I’m sick of all this regressive taxation. Why don’t the Republicans and the me-too Democrats just tax everyone exactly the same amount, like Margaret Thatcher is doing in England? If they’re going to sell us out, why don’t they go all the way and get it over with?
RICHARD A. NATHAN