Timely story in today’s Barron’s outlining Senator Barack Obama’s position on tax policy, based on an interview with Austan Goolsbee, a University of Chicago professor who advises Obama on the economy. Goolsbee says Obama would raise most rates on dividends and capital gains from their current top of 15 percent to between 24 percent and 25 percent with the goal of generating new revenue and paying for middle-class tax simplification.
TO INSURE AGAINST A NEGATIVE impact on innovation and new business formation, Obama would have a zero rate on capital gains for entrepreneurs, venture capitalists and small-business owners forming new enterprises.
“He is being careful not to disturb innovation,” said Goolsbee. Most of the highest taxes, he says, would fall on “gains from the past.”
Because innovation comes only from only entrepreneurs, venture capitalists and small-business owners?
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