Driving home the point of this post, the WSJ reports that the recently passed “health reform” bill is chock full of new taxes, including a gigantic increase in the capital gains tax:
This thing has economic booby traps everywhere, such as favors for the tort bar and the largest capital gains tax increase in at least a half-century … That’s a 69% increase, overnight.
Read the WSJ piece for the gory details, but the point is (as Reagan might have put it) “there they go again.” What Obama, Pelosi, Baucus, et al, call “health care reform” is nothing but a tax increase.
It shouldn’t be a surprise. Every time the voters are foolish enough to put the Dems in power, we immediately get tax increases. Here’s a graph showing the history of the tax burden since the late 1960s:
You will note that the big tax spikes occurred during the Carter and Clinton presidencies. This is the perfect graphical representation of the Democrat governing philosophy.
Raising capital gains taxes is the worst policy imaginable when we already have double-digit unemployment. Ironically, as John Goodman points out, it will REDUCE revenue to the Treasury.
[HT Morrissey]
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