Tax Increases: The Roster of Revenue Foolishness

By July 31, 2007Taxation

The Wall Street Journal’s lead editorial today provides a useful point-by-point summary of the tax increases being pushed in Congress. There’s the 61 cents a pack tobacco increase, the tax on private equity partnerships, a boost to the tax on “carried interest” of hedge funds and private equity (15 to 35 percent), the out-of-nowhere higher withholding tax on U.S. subsidiaries of foreign companies, a capital gains increase, new energy taxes, and….phew, out of breath.

We’re probably overlooking some other tax increase proposals, and some of the above will be blocked this year by President Bush’s veto pen. But this kind of manic Congressional grasping at any and every revenue idea hasn’t been seen since the first days of the Clinton Presidency.

So many proposals, in fact, that you can’t fit the entire list on a wallet-sized card. But still a reader service.

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