Communists Marxists Socialists Progressives in Congress say they are just getting started.
A group of House Democrats has formed its own “Gang of Six” to push for progressive tax reform — in which the expiration of the Bush-era tax rates for the wealthiest Americans is “just the beginning.”
What’s next on their crypto-Marxist agenda?
“To maintain or strengthen progressivity, we should end one of the leading contributors to after-tax income inequality in this country, the special tax breaks for investment income,” the group said in its statement, released Thursday. “Workers who get their salaries from wages often pay a higher effective tax rate than wealthy individuals like Mitt Romney and Warren Buffett who make most of their income from selling stocks and bonds or from dividends.”
As this table shows, the capital gains rate has no meaningful impact on the amount of taxes collected by the government. Investors simply scale back investments when the rate is higher and ramp them up when it is lower and the amount of revenue stays stable.
For revenue collected to stay stable when rates increase, investment must fall dramatically. That is not disputable.
The progressives’ plan will absolutely, positively reduce the number of viable business plans, reduce investment, reduce hiring, increase unemployment and add no tax revenue to government coffers.
You will notice, however, that they don’t even attempt to claim that encouraging investment, job creation or increasing tax revenues are goals of their plan. That is because they aren’t. The only goal they have is “fairness” and they define fairness as an “equality of poverty.”
These people are evil.