President Obama’s fiscal year 2015 budget proposes to increase taxes on individuals by over $820 billion and on businesses by about $500 billion, for a total of over $1.3 trillion in new taxes over the next ten years....
- NPR's Morning Edition quotes Will McBride on the Buffett Rule
NPR's Morning Edition quotes Will McBride on the Buffett Rule
Would The Buffett Rule Help The U.S. Economy?
By Jim Zarroli
March 11, 2012
Under the Buffett rule, people who sell assets would suddenly be forced to pay much higher taxes on the profits they make. Will McBride, an economist with the Tax Foundation, says many people would rush to unload the assets they hold before the law takes effect.
"If this tax were to go into effect Jan. 1 of next year," McBride says, "the stock market in December would not look pretty."
Over the longer term, McBride says, the law would do even more damage to the economy. Because people would have to pay more taxes on the profits they make, they would have less incentive to invest, he says.
As a result, McBride argues, small startups would suffer. "You don't want to heavily tax investment, because you're taxing the thing that creates long-term economic growth," he says.
- Rep. Dave Camp deserves credit for introducing dynamic macroeconomic analysis into the tax reform discussion by requesting a dynamic score of his plan from the Joint Committee on Taxation (JCT).
- According to...
Pro-Growth Tax Reform in the Cornhusker State
Testimony before the Nebraska Revenue Committee
February 13, 2014...
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