Tax increases, naturally – from The New Editor:
Some Democrats and their key allies are pushing another old, discredited idea in order to raise more tax revenue for the federal government. According to The Hill, the AFL-CIO and some Democrats are pushing a new tax to be placed on every stock transaction.
AFL-CIO policy director Thea Lee is quoted by The Hill as saying of the proposed tax, “It would have two benefits, raise a lot of revenue and discourage speculative financial activity.”
It wouldn’t curtail speculative activity – the returns speculators are looking for are so high that whatever the transaction fee is, they’ll still do it. What it will do is push money out of the stock market and in to the bond market – making it easier for Uncle Sam to go further in to debt, but not doing much for the productive economy. Look, Democrats, we can’t tax our way to wealth – it really does have to be earned and the sooner we start earning it, the better off we’ll be. Schemes to prop up liberalism with another round of taxation will just bury us further.
It is like talking to a brick wall when we’re dealing with Democrats – doesn’t matter how many times we demonstrate conclusively the superiority or lower taxes, our Democrats always find a tax hike they can love. Ah, well – let them try. With Bush’s tax cuts set to expire, we’ll gladly accept yet another issue to hammer the Democrats on in 2010.
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